IUES.L vs. GXLE.L
IUES.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 tracking the MSCI World/Energy NR USD, from iShares and State Street respectively. Both are passively managed. Over the past 3 years, IUES.L returned 16.84%/yr vs 17.12%/yr for GXLE.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
IUES.L vs. GXLE.L - Performance Comparison
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Different Trading Currencies
IUES.L is traded in USD, while GXLE.L is traded in GBP. To make them comparable, the GXLE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with IUES.L having a 30.45% return and GXLE.L slightly lower at 30.33%.
IUES.L
- 1D
- -0.36%
- 1M
- -1.09%
- YTD
- 30.45%
- 6M
- 29.22%
- 1Y
- 46.28%
- 3Y*
- 16.84%
- 5Y*
- 20.33%
- 10Y*
- 9.21%
GXLE.L
- 1D
- -0.43%
- 1M
- -0.98%
- YTD
- 30.33%
- 6M
- 29.35%
- 1Y
- 46.25%
- 3Y*
- 17.12%
- 5Y*
- —
- 10Y*
- —
IUES.L vs. GXLE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 30.45% | 9.82% | 3.87% | -0.63% | 16.85% |
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF | 30.33% | 9.94% | 3.75% | -0.02% | 16.57% |
Correlation
The correlation between IUES.L and GXLE.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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.96 |
The correlation between IUES.L and GXLE.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
IUES.L vs. GXLE.L — Risk / Return Rank
IUES.L
GXLE.L
IUES.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) (IUES.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.
| IUES.L | GXLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 3.16 | +0.02 |
| Martin ratioReturn relative to average drawdown | 9.97 | 10.18 | -0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IUES.L | GXLE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 2.01 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.54 | -0.23 |
Drawdowns
IUES.L vs. GXLE.L - Drawdown Comparison
The maximum IUES.L drawdown since its inception was -66.78%, which is greater than GXLE.L's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for IUES.L and GXLE.L.
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Drawdown Indicators
| IUES.L | GXLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.78% | -27.58% | -39.20% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -14.58% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -20.63% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -27.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.78% | — | — |
Current DrawdownCurrent decline from peak | -7.45% | -7.32% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -14.21% | -7.70% | -6.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.63% | 4.53% | +0.10% |
Volatility
IUES.L vs. GXLE.L - Volatility Comparison
The current volatility for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) is 8.13%, while SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) has a volatility of 8.86%. This indicates that IUES.L experiences smaller price fluctuations and is considered to be less risky 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
| IUES.L | GXLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 8.86% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 18.58% | 19.74% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.81% | 22.92% | -1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.72% | 25.98% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.49% | 25.98% | +2.51% |
IUES.L vs. GXLE.L - Expense Ratio Comparison
Both IUES.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
IUES.L vs. GXLE.L - Dividend Comparison
Neither IUES.L nor GXLE.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, IUES.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.
IUES.L and GXLE.L have the same expense ratio: 0.15% per year.
Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: iShares and State Street.
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