GXLE.L vs. XLEP.L

Last updated Jun 5, 2026

GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) and XLEP.L (Invesco US Energy Sector UCITS ETF) are both Energy Equities funds tracking the MSCI World/Energy NR USD, from State Street and Invesco respectively. Both are passively managed. Over the past 3 years, GXLE.L returned 14.18%/yr vs 14.05%/yr for XLEP.L. With a 0.99 correlation, they move nearly in lockstep. GXLE.L charges 0.15%/yr vs 0.14%/yr for XLEP.L.

Performance

GXLE.L vs. XLEP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) and Invesco US Energy Sector UCITS ETF (XLEP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GXLE.L is traded in GBP, while XLEP.L is traded in GBp. To make them comparable, the XLEP.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 XLEP.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*: —

XLEP.L

• 1D: -0.21%
• 1M: -0.08%
• YTD: 31.41%
• 6M: 28.36%
• 1Y: 47.38%
• 3Y*: 14.05%
• 5Y*: 21.30%
• 10Y*: 10.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GXLE.L vs. XLEP.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%
XLEP.L Invesco US Energy Sector UCITS ETF	31.41%	1.41%	4.85%	-5.07%	25.66%

Correlation

The correlation between GXLE.L and XLEP.L is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.99

The correlation between GXLE.L and XLEP.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

GXLE.L vs. XLEP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GXLE.L

GXLE.L Risk / Return Rank: 56
GXLE.L Sharpe Ratio Rank: 61
GXLE.L Sortino Ratio Rank: 51
GXLE.L Omega Ratio Rank: 59
GXLE.L Calmar Ratio Rank: 58
GXLE.L Martin Ratio Rank: 53

XLEP.L

XLEP.L Risk / Return Rank: 57
XLEP.L Sharpe Ratio Rank: 61
XLEP.L Sortino Ratio Rank: 52
XLEP.L Omega Ratio Rank: 58
XLEP.L Calmar Ratio Rank: 60
XLEP.L Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GXLE.L vs. XLEP.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 Invesco US Energy Sector UCITS ETF (XLEP.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	XLEP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.02	-0.02
Sortino ratio: Return per unit of downside risk	2.45	2.49	-0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	2.85	2.92	-0.07
Martin ratio: Return relative to average drawdown	9.07	9.27	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXLE.L vs. XLEP.L - Sharpe Ratio Comparison

The current GXLE.L Sharpe Ratio is 2.00, which is comparable to the XLEP.L Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of GXLE.L and XLEP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GXLE.L	XLEP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.02	-0.02
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	0.25	+0.28

Drawdowns

GXLE.L vs. XLEP.L - Drawdown Comparison

The maximum GXLE.L drawdown since its inception was -23.60%, smaller than the maximum XLEP.L drawdown of -63.35%. Use the drawdown chart below to compare losses from any high point for GXLE.L and XLEP.L.

Drawdown Indicators

	GXLE.L	XLEP.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.60%	-63.35%	+39.75%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-16.17%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-23.60%	-24.06%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.35%	—
Current Drawdown Current decline from peak	-8.95%	-8.08%	-0.87%
Average Drawdown Average peak-to-trough decline	-10.77%	-16.96%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	5.10%	+0.14%

Volatility

GXLE.L vs. XLEP.L - Volatility Comparison

SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) and Invesco US Energy Sector UCITS ETF (XLEP.L) have volatilities of 9.27% and 8.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXLE.L	XLEP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	8.92%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	20.29%	19.87%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	23.44%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	26.28%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.52%	28.14%	-2.62%

GXLE.L vs. XLEP.L - Expense Ratio Comparison

GXLE.L has a 0.15% expense ratio, which is higher than XLEP.L's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GXLE.L vs. XLEP.L - Dividend Comparison

Neither GXLE.L nor XLEP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GXLE.L and XLEP.L in my portfolio?

With a correlation of 0.98, GXLE.L and XLEP.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.

Which ETF is better, GXLE.L or XLEP.L?

On fees, XLEP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXLE.L or XLEP.L?

XLEP.L is cheaper with a 0.14% expense ratio, compared with 0.15% for GXLE.L.

What is the main difference between GXLE.L and XLEP.L?

Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.15% for GXLE.L and 0.14% for XLEP.L.