HXE.TO vs. NRGY.TO

Last updated Jun 24, 2026

HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class ETF) and NRGY.TO (Global X Equal Weight Canadian Oil & Gas Index ETF) are both Energy Equities funds from Global X - HXE.TO tracks the S&P/TSX Capped Energy Index (Total Return) while NRGY.TO tracks the Mirae Asset Equal Weight Canadian Oil & Gas Index. Both are passively managed. Over the past year, HXE.TO returned 43.04% vs 44.35% for NRGY.TO. A 0.79 correlation means they provide meaningful diversification when combined. HXE.TO charges 0.27%/yr vs 0.49%/yr for NRGY.TO.

Performance

HXE.TO vs. NRGY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) and Global X Equal Weight Canadian Oil & Gas Index ETF (NRGY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HXE.TO having a 30.57% return and NRGY.TO slightly higher at 32.04%.

HXE.TO

• 1D: 0.72%
• 1M: -10.95%
• YTD: 30.57%
• 6M: 33.27%
• 1Y: 43.04%
• 3Y*: 26.13%
• 5Y*: 26.83%
• 10Y*: 11.20%

NRGY.TO

• 1D: 1.13%
• 1M: -5.98%
• YTD: 32.04%
• 6M: 33.33%
• 1Y: 44.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HXE.TO vs. NRGY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	30.57%	17.30%	-3.40%
NRGY.TO Global X Equal Weight Canadian Oil & Gas Index ETF	32.04%	14.36%	-2.64%

Correlation

The correlation between HXE.TO and NRGY.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.79

The correlation between HXE.TO and NRGY.TO has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

HXE.TO vs. NRGY.TO - Sectors Allocation Comparison

Sectors	HXE.TO	NRGY.TO
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HXE.TO vs. NRGY.TO — Risk / Return Rank

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

HXE.TO

HXE.TO Risk / Return Rank: 56
HXE.TO Sharpe Ratio Rank: 56
HXE.TO Sortino Ratio Rank: 50
HXE.TO Omega Ratio Rank: 51
HXE.TO Calmar Ratio Rank: 61
HXE.TO Martin Ratio Rank: 61

NRGY.TO

NRGY.TO Risk / Return Rank: 84
NRGY.TO Sharpe Ratio Rank: 86
NRGY.TO Sortino Ratio Rank: 83
NRGY.TO Omega Ratio Rank: 81
NRGY.TO Calmar Ratio Rank: 88
NRGY.TO Martin Ratio Rank: 81

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.

HXE.TO vs. NRGY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) and Global X Equal Weight Canadian Oil & Gas Index ETF (NRGY.TO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HXE.TO	NRGY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.60	-0.81
Sortino ratio: Return per unit of downside risk	2.30	3.38	-1.08
Omega ratio: Gain probability vs. loss probability	1.31	1.44	-0.13
Calmar ratio: Return relative to maximum drawdown	2.82	4.74	-1.92
Martin ratio: Return relative to average drawdown	10.40	14.81	-4.41

HXE.TO vs. NRGY.TO - Sharpe Ratio Comparison

The current HXE.TO Sharpe Ratio is 1.79, which is lower than the NRGY.TO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of HXE.TO and NRGY.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HXE.TO vs. NRGY.TO - Drawdown Comparison

The maximum HXE.TO drawdown since its inception was -85.92%, which is greater than NRGY.TO's maximum drawdown of -16.59%. Use the drawdown chart below to compare losses from any high point for HXE.TO and NRGY.TO.

Drawdown Indicators

	HXE.TO	NRGY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-85.92%	-16.59%	-69.33%
Max Drawdown (1Y) Largest decline over 1 year	-15.35%	-9.49%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.40%	—	—
Current Drawdown Current decline from peak	-13.02%	-6.86%	-6.16%
Average Drawdown Average peak-to-trough decline	-30.71%	-3.63%	-27.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.16%	+1.19%

Volatility

HXE.TO vs. NRGY.TO - Volatility Comparison

Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) has a higher volatility of 9.00% compared to Global X Equal Weight Canadian Oil & Gas Index ETF (NRGY.TO) at 6.29%. This indicates that HXE.TO's price experiences larger fluctuations and is considered to be riskier than NRGY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXE.TO	NRGY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	6.29%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	14.57%	+5.39%
Volatility (1Y) Calculated over the trailing 1-year period	24.17%	17.47%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.33%	19.66%	+9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.78%	19.66%	+14.12%

HXE.TO vs. NRGY.TO - Expense Ratio Comparison

HXE.TO has a 0.27% expense ratio, which is lower than NRGY.TO's 0.49% expense ratio.

Dividends

HXE.TO vs. NRGY.TO - Dividend Comparison

HXE.TO has not paid dividends to shareholders, while NRGY.TO's dividend yield for the trailing twelve months is around 3.20%.

Position	TTM	2025	2024
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	0.00%	0.00%	0.00%
NRGY.TO Global X Equal Weight Canadian Oil & Gas Index ETF	3.20%	3.87%	0.56%

Frequently Asked Questions

Can I hold both HXE.TO and NRGY.TO in my portfolio?

HXE.TO and NRGY.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXE.TO or NRGY.TO?

On fees, HXE.TO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXE.TO or NRGY.TO?

HXE.TO is cheaper with a 0.27% expense ratio, compared with 0.49% for NRGY.TO.

What is the main difference between HXE.TO and NRGY.TO?

HXE.TO tracks S&P/TSX Capped Energy Index (Total Return), while NRGY.TO tracks Mirae Asset Equal Weight Canadian Oil & Gas Index. Their fees differ too: 0.27% for HXE.TO and 0.49% for NRGY.TO.