GXLE.L vs. ENGW.L
GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) and ENGW.L (SPDR MSCI World Energy UCITS ETF) are both Energy Equities funds from State Street tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 3 years, GXLE.L returned 14.18%/yr vs 15.70%/yr for ENGW.L. With a 0.97 correlation, they move nearly in lockstep. GXLE.L charges 0.15%/yr vs 0.30%/yr for ENGW.L.
Performance
GXLE.L vs. ENGW.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GXLE.L having a 30.65% return and ENGW.L slightly higher at 30.79%.
GXLE.L
- 1D
- -0.48%
- 1M
- -0.13%
- YTD
- 30.65%
- 6M
- 28.41%
- 1Y
- 47.66%
- 3Y*
- 14.18%
- 5Y*
- —
- 10Y*
- —
ENGW.L
- 1D
- -0.52%
- 1M
- -0.82%
- YTD
- 30.79%
- 6M
- 28.06%
- 1Y
- 48.84%
- 3Y*
- 15.70%
- 5Y*
- —
- 10Y*
- —
GXLE.L vs. ENGW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF | 30.65% | 2.22% | 5.51% | -5.03% | 26.48% |
ENGW.L SPDR MSCI World Energy UCITS ETF | 30.79% | 7.20% | 3.55% | -2.06% | 20.65% |
Correlation
The correlation between GXLE.L and ENGW.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.97 |
The correlation between GXLE.L and ENGW.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
GXLE.L vs. ENGW.L — Risk / Return Rank
GXLE.L
ENGW.L
GXLE.L vs. ENGW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) and SPDR MSCI World Energy UCITS ETF (ENGW.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| GXLE.L | ENGW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 3.34 | -0.49 |
| Martin ratioReturn relative to average drawdown | 9.07 | 11.05 | -1.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GXLE.L | ENGW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.30 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.61 | -0.08 |
Drawdowns
GXLE.L vs. ENGW.L - Drawdown Comparison
The maximum GXLE.L drawdown since its inception was -23.60%, which is greater than ENGW.L's maximum drawdown of -21.65%. Use the drawdown chart below to compare losses from any high point for GXLE.L and ENGW.L.
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Drawdown Indicators
| GXLE.L | ENGW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.60% | -21.65% | -1.95% |
Max Drawdown (1Y)Largest decline over 1 year | -16.63% | -14.56% | -2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -23.60% | -21.40% | -2.20% |
Current DrawdownCurrent decline from peak | -8.95% | -7.57% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -10.77% | -8.76% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.24% | 4.41% | +0.83% |
Volatility
GXLE.L vs. ENGW.L - Volatility Comparison
SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) has a higher volatility of 9.27% compared to SPDR MSCI World Energy UCITS ETF (ENGW.L) at 8.05%. This indicates that GXLE.L's price experiences larger fluctuations and is considered to be riskier than ENGW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GXLE.L | ENGW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 8.05% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 20.29% | 18.04% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.82% | 21.21% | +2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.52% | 22.79% | +2.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.52% | 22.79% | +2.73% |
GXLE.L vs. ENGW.L - Expense Ratio Comparison
GXLE.L has a 0.15% expense ratio, which is lower than ENGW.L's 0.30% expense ratio.
Dividends
GXLE.L vs. ENGW.L - Dividend Comparison
Neither GXLE.L nor ENGW.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, GXLE.L and ENGW.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GXLE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GXLE.L is cheaper with a 0.15% expense ratio, compared with 0.30% for ENGW.L.
Both ETFs track MSCI World/Energy NR USD. Their fees differ too: 0.15% for GXLE.L and 0.30% for ENGW.L.
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