GXLE.L vs. IUES.L
GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) and IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) are both Energy Equities funds tracking the MSCI World/Energy NR USD, from State Street and iShares respectively. Both are passively managed. Over the past 3 years, GXLE.L returned 14.18%/yr vs 14.03%/yr for IUES.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
GXLE.L vs. IUES.L - Performance Comparison
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Different Trading Currencies
GXLE.L is traded in GBP, while IUES.L is traded in USD. To make them comparable, the IUES.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with GXLE.L having a 30.65% return and IUES.L slightly higher at 31.41%.
GXLE.L
- 1D
- -0.48%
- 1M
- -0.13%
- YTD
- 30.65%
- 6M
- 28.41%
- 1Y
- 47.66%
- 3Y*
- 14.18%
- 5Y*
- —
- 10Y*
- —
IUES.L
- 1D
- 0.00%
- 1M
- 0.15%
- YTD
- 31.41%
- 6M
- 28.75%
- 1Y
- 48.19%
- 3Y*
- 14.03%
- 5Y*
- 21.71%
- 10Y*
- 10.07%
GXLE.L vs. IUES.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% |
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 30.98% | 1.99% | 5.69% | -5.60% | 26.70% |
Correlation
The correlation between GXLE.L and IUES.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 | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.96 |
The correlation between GXLE.L and IUES.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. IUES.L — Risk / Return Rank
GXLE.L
IUES.L
GXLE.L vs. IUES.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 iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.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 | IUES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.36 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.89 | -0.04 |
| Martin ratioReturn relative to average drawdown | 9.07 | 8.95 | +0.13 |
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 | IUES.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.08 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.81 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.36 | +0.17 |
Drawdowns
GXLE.L vs. IUES.L - Drawdown Comparison
The maximum GXLE.L drawdown since its inception was -23.60%, smaller than the maximum IUES.L drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for GXLE.L and IUES.L.
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Drawdown Indicators
| GXLE.L | IUES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.60% | -62.40% | +38.80% |
Max Drawdown (1Y)Largest decline over 1 year | -16.63% | -16.59% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -23.60% | -23.92% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.92% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.40% | — |
Current DrawdownCurrent decline from peak | -8.95% | -8.77% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -10.77% | -16.00% | +5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.24% | 5.37% | -0.13% |
Volatility
GXLE.L vs. IUES.L - Volatility Comparison
SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) has a higher volatility of 9.27% compared to iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) at 8.73%. This indicates that GXLE.L's price experiences larger fluctuations and is considered to be riskier than IUES.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 | IUES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 8.73% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 20.29% | 19.54% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.82% | 23.12% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.52% | 26.63% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.52% | 28.23% | -2.71% |
GXLE.L vs. IUES.L - Expense Ratio Comparison
Both GXLE.L and IUES.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GXLE.L vs. IUES.L - Dividend Comparison
Neither GXLE.L nor IUES.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, GXLE.L and IUES.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.
Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GXLE.L and IUES.L have the same expense ratio: 0.15% per year.
Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: State Street and iShares.
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