IESU.L vs. GXLE.L
IESU.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) are both Energy Equities funds - IESU.L tracks the S&P 500 Capped 35/20 Energy Index NTR while GXLE.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, IESU.L returned 8.52%/yr vs 5.59%/yr for GXLE.L. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.
Performance
IESU.L vs. GXLE.L - Performance Comparison
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Different Trading Currencies
IESU.L is traded in GBp, while GXLE.L is traded in GBP. To make them comparable, the GXLE.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IESU.L achieves a 27.25% return, which is significantly higher than GXLE.L's 24.36% return. Over the past 10 years, IESU.L has outperformed GXLE.L with an annualized return of 8.52%, while GXLE.L has yielded a comparatively lower 5.59% annualized return.
IESU.L
- 1D
- 2.33%
- 1M
- 3.67%
- 6M
- 18.53%
- YTD
- 27.25%
- 1Y
- 35.48%
- 3Y*
- 13.78%
- 5Y*
- 22.56%
- 10Y*
- 8.52%
GXLE.L
- 1D
- 0.00%
- 1M
- 1.41%
- 6M
- 16.03%
- YTD
- 24.36%
- 1Y
- 32.57%
- 3Y*
- 13.11%
- 5Y*
- 14.80%
- 10Y*
- 5.59%
IESU.L vs. GXLE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IESU.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 27.25% | 2.26% | 5.45% | -5.96% | 83.53% | 53.82% | -35.62% | 5.37% | -13.39% | -10.01% |
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF | 24.36% | 2.22% | 5.51% | -5.03% | 34.51% | 52.53% | -32.89% | 11.49% | -18.52% | -1.49% |
Correlation
The correlation between IESU.L and GXLE.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 | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2015 | 0.77 |
Over the past year, IESU.L and GXLE.L have become more correlated (0.98) than their long-term average of 0.77, meaning their price movements have been converging.
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Return for Risk
IESU.L vs. GXLE.L — Risk / Return Rank
IESU.L
GXLE.L
IESU.L vs. GXLE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) and SPDR S&P US Energy Select Sector UCITS ETF (GXLE.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.
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.
| IESU.L | GXLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 1.93 | +0.10 |
| Martin ratioReturn relative to average drawdown | 4.96 | 4.65 | +0.31 |
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Drawdowns
IESU.L vs. GXLE.L - Drawdown Comparison
The maximum IESU.L drawdown since its inception was -63.88%, smaller than the maximum GXLE.L drawdown of -67.36%. Use the drawdown chart below to compare losses from any high point for IESU.L and GXLE.L.
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Drawdown Indicators
| IESU.L | GXLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.88% | -67.36% | +3.48% |
Max Drawdown (1Y)Largest decline over 1 year | -17.34% | -16.93% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -23.60% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -28.25% | +1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -62.16% | -67.36% | +5.20% |
Current DrawdownCurrent decline from peak | -11.59% | -13.33% | +1.74% |
Average DrawdownAverage peak-to-trough decline | -20.51% | -15.77% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.13% | 7.03% | +0.10% |
Volatility
IESU.L vs. GXLE.L - Volatility Comparison
iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) has a higher volatility of 7.73% compared to SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) at 7.06%. This indicates that IESU.L's price experiences larger fluctuations and is considered to be riskier than GXLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IESU.L | GXLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.73% | 7.06% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 21.73% | 21.26% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.62% | 24.44% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.09% | 28.24% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.16% | 30.77% | -1.61% |
IESU.L vs. GXLE.L - Expense Ratio Comparison
Both IESU.L and GXLE.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
IESU.L vs. GXLE.L - Dividend Comparison
Neither IESU.L nor GXLE.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, IESU.L and GXLE.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.
IESU.L and GXLE.L have the same expense ratio: 0.15% per year.
IESU.L tracks S&P 500 Capped 35/20 Energy Index NTR, while GXLE.L tracks MSCI World/Energy NR USD. They also come from different issuers: iShares and State Street.
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