HXE.TO vs. OILU

Last updated Jun 4, 2026

HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class ETF) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - HXE.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index (Total Return), while OILU is a Leveraged Commodities fund managed by BMO. Over the past 3 years, HXE.TO returned 28.47%/yr vs 11.89%/yr for OILU. A 0.73 correlation means they provide meaningful diversification when combined. HXE.TO charges 0.27%/yr vs 0.95%/yr for OILU.

Performance

HXE.TO vs. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HXE.TO is traded in CAD, while OILU is traded in USD. To make them comparable, the OILU values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HXE.TO achieves a 44.48% return, which is significantly lower than OILU's 99.03% return.

HXE.TO

• 1D: 1.90%
• 1M: 0.21%
• YTD: 44.48%
• 6M: 43.26%
• 1Y: 70.96%
• 3Y*: 28.47%
• 5Y*: 29.94%
• 10Y*: 12.22%

OILU

• 1D: 4.07%
• 1M: -9.06%
• YTD: 99.03%
• 6M: 76.80%
• 1Y: 118.62%
• 3Y*: 11.89%
• 5Y*: —
• 10Y*: —

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

HXE.TO vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	44.48%	17.30%	14.39%	3.95%	53.52%	-2.34%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	99.03%	-20.33%	-14.92%	-33.99%	168.98%	-16.51%

Correlation

The correlation between HXE.TO and OILU is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.73

The correlation between HXE.TO and OILU shifts across timeframes, from 0.57 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

HXE.TO vs. OILU - Sectors Allocation Comparison

Sectors	HXE.TO	OILU
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. OILU — 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: 86
HXE.TO Sharpe Ratio Rank: 89
HXE.TO Sortino Ratio Rank: 81
HXE.TO Omega Ratio Rank: 82
HXE.TO Calmar Ratio Rank: 93
HXE.TO Martin Ratio Rank: 87

OILU

OILU Risk / Return Rank: 52
OILU Sharpe Ratio Rank: 54
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 69
OILU Martin Ratio Rank: 51

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. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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.

	HXE.TO	OILU	Difference
Sharpe ratio: Return per unit of total volatility	3.07	1.92	+1.15
Sortino ratio: Return per unit of downside risk	3.64	2.28	+1.36
Omega ratio: Gain probability vs. loss probability	1.50	1.28	+0.22
Calmar ratio: Return relative to maximum drawdown	6.55	3.46	+3.09
Martin ratio: Return relative to average drawdown	18.78	8.79	+9.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HXE.TO vs. OILU - Sharpe Ratio Comparison

The current HXE.TO Sharpe Ratio is 3.07, which is higher than the OILU Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of HXE.TO and OILU, 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

	HXE.TO	OILU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	1.92	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.21	+0.01

Drawdowns

HXE.TO vs. OILU - Drawdown Comparison

The maximum HXE.TO drawdown since its inception was -85.92%, which is greater than OILU's maximum drawdown of -78.80%. Use the drawdown chart below to compare losses from any high point for HXE.TO and OILU.

Drawdown Indicators

	HXE.TO	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-85.92%	-78.80%	-7.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-34.48%	+23.60%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	-68.21%	+42.87%
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	-3.75%	-41.38%	+37.63%
Average Drawdown Average peak-to-trough decline	-30.81%	-47.25%	+16.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	13.56%	-9.77%

Volatility

HXE.TO vs. OILU - Volatility Comparison

The current volatility for Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) is 9.76%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 25.31%. This indicates that HXE.TO experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXE.TO	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	25.31%	-15.55%
Volatility (6M) Calculated over the trailing 6-month period	18.90%	50.31%	-31.41%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	62.36%	-39.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.24%	79.09%	-49.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.75%	79.09%	-45.34%

HXE.TO vs. OILU - Expense Ratio Comparison

HXE.TO has a 0.27% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

HXE.TO vs. OILU - Dividend Comparison

Neither HXE.TO nor OILU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

HXE.TO and OILU have a correlation of 0.57, 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 OILU?

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 OILU?

HXE.TO is cheaper with a 0.27% expense ratio, compared with 0.95% for OILU.

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

HXE.TO is categorized as Energy Equities, while OILU is Leveraged Commodities. They also come from different issuers: Global X and BMO. Their fees differ too: 0.27% for HXE.TO and 0.95% for OILU.