IESU.L vs. XLES.L
IESU.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) are both Energy Equities funds - IESU.L tracks the S&P 500 Capped 35/20 Energy Index NTR while XLES.L tracks the S&P® Select Sector Capped 20% Energy Index. Both are passively managed. Over the past 10 years, IESU.L returned 8.50%/yr vs 8.64%/yr for XLES.L. With a 0.96 correlation, they move nearly in lockstep. IESU.L charges 0.15%/yr vs 0.14%/yr for XLES.L.
Performance
IESU.L vs. XLES.L - Performance Comparison
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Different Trading Currencies
IESU.L is traded in GBp, while XLES.L is traded in USD. To make them comparable, the XLES.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 IESU.L having a 28.61% return and XLES.L slightly higher at 29.54%. Both investments have delivered pretty close results over the past 10 years, with IESU.L having a 8.50% annualized return and XLES.L not far ahead at 8.64%.
IESU.L
- 1D
- 1.07%
- 1M
- 4.80%
- 6M
- 20.56%
- YTD
- 28.61%
- 1Y
- 35.99%
- 3Y*
- 13.44%
- 5Y*
- 22.82%
- 10Y*
- 8.50%
XLES.L
- 1D
- 0.85%
- 1M
- 3.97%
- 6M
- 21.32%
- YTD
- 29.54%
- 1Y
- 36.52%
- 3Y*
- 13.16%
- 5Y*
- 22.64%
- 10Y*
- 8.64%
IESU.L vs. XLES.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) | 28.61% | 2.26% | 5.45% | -5.96% | 83.53% | 53.82% | -35.62% | 5.37% | -13.39% | -10.01% |
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc | 29.54% | 1.00% | 5.10% | -4.65% | 81.11% | 53.54% | -34.70% | 5.20% | -13.10% | -10.08% |
Correlation
The correlation between IESU.L and XLES.L is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2015 | 0.96 |
The correlation between IESU.L and XLES.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
IESU.L vs. XLES.L — Risk / Return Rank
IESU.L
XLES.L
IESU.L vs. XLES.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 Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.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 | XLES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.30 | -0.24 |
| Martin ratioReturn relative to average drawdown | 5.01 | 5.48 | -0.47 |
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Drawdowns
IESU.L vs. XLES.L - Drawdown Comparison
The maximum IESU.L drawdown since its inception was -63.88%, roughly equal to the maximum XLES.L drawdown of -63.08%. Use the drawdown chart below to compare losses from any high point for IESU.L and XLES.L.
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Drawdown Indicators
| IESU.L | XLES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.88% | -63.08% | -0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -17.34% | -15.79% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -24.42% | -1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -24.42% | -1.94% |
Max Drawdown (10Y)Largest decline over 10 years | -62.16% | -63.08% | +0.92% |
Current DrawdownCurrent decline from peak | -10.65% | -9.43% | -1.22% |
Average DrawdownAverage peak-to-trough decline | -20.50% | -14.17% | -6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 6.65% | +0.51% |
Volatility
IESU.L vs. XLES.L - Volatility Comparison
iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) and Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) have volatilities of 7.50% and 7.34%, 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.
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Volatility by Period
| IESU.L | XLES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.50% | 7.34% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 21.74% | 20.24% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.54% | 23.44% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.08% | 26.71% | +2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.16% | 28.53% | +0.63% |
IESU.L vs. XLES.L - Expense Ratio Comparison
IESU.L has a 0.15% expense ratio, which is higher than XLES.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
IESU.L vs. XLES.L - Dividend Comparison
Neither IESU.L nor XLES.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, IESU.L and XLES.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.
On fees, XLES.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLES.L is cheaper with a 0.14% expense ratio, compared with 0.15% for IESU.L.
IESU.L tracks S&P 500 Capped 35/20 Energy Index NTR, while XLES.L tracks S&P® Select Sector Capped 20% Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for IESU.L and 0.14% for XLES.L.
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