IUES.L vs. XLES.L

Last updated Jun 5, 2026

IUES.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 - IUES.L tracks the MSCI World/Energy NR USD while XLES.L tracks the S&P® Select Sector Capped 20% Energy Index. Both are passively managed. Over the past 10 years, IUES.L returned 9.21%/yr vs 9.33%/yr for XLES.L. With a 0.99 correlation, they move nearly in lockstep. IUES.L charges 0.15%/yr vs 0.14%/yr for XLES.L.

Performance

IUES.L vs. XLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L). 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 IUES.L having a 30.45% return and XLES.L slightly higher at 31.08%. Both investments have delivered pretty close results over the past 10 years, with IUES.L having a 9.21% annualized return and XLES.L not far ahead at 9.33%.

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%

XLES.L

• 1D: -0.33%
• 1M: -1.17%
• YTD: 31.08%
• 6M: 29.05%
• 1Y: 45.84%
• 3Y*: 17.04%
• 5Y*: 20.00%
• 10Y*: 9.33%

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

IUES.L vs. XLES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	30.45%	9.82%	3.87%	-0.63%	63.84%	51.95%	-33.35%	8.81%	-18.12%	-1.19%
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	31.08%	8.75%	3.30%	0.37%	61.87%	52.10%	-33.17%	10.10%	-17.97%	-1.57%

Correlation

The correlation between IUES.L and XLES.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 25, 2015	0.99

The correlation between IUES.L and XLES.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

IUES.L vs. XLES.L - Sectors Allocation Comparison

Sectors	IUES.L	XLES.L
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IUES.L vs. XLES.L — Risk / Return Rank

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

IUES.L

IUES.L Risk / Return Rank: 60
IUES.L Sharpe Ratio Rank: 65
IUES.L Sortino Ratio Rank: 56
IUES.L Omega Ratio Rank: 59
IUES.L Calmar Ratio Rank: 65
IUES.L Martin Ratio Rank: 57

XLES.L

XLES.L Risk / Return Rank: 62
XLES.L Sharpe Ratio Rank: 65
XLES.L Sortino Ratio Rank: 57
XLES.L Omega Ratio Rank: 59
XLES.L Calmar Ratio Rank: 68
XLES.L Martin Ratio Rank: 60

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.

IUES.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) (IUES.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.

	IUES.L	XLES.L	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.13	-0.01
Sortino ratio: Return per unit of downside risk	2.64	2.68	-0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	3.18	3.36	-0.18
Martin ratio: Return relative to average drawdown	9.97	10.46	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUES.L vs. XLES.L - Sharpe Ratio Comparison

The current IUES.L Sharpe Ratio is 2.12, which is comparable to the XLES.L Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of IUES.L and XLES.L, 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

	IUES.L	XLES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.13	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.75	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.33	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.28	+0.03

Drawdowns

IUES.L vs. XLES.L - Drawdown Comparison

The maximum IUES.L drawdown since its inception was -66.78%, smaller than the maximum XLES.L drawdown of -72.10%. Use the drawdown chart below to compare losses from any high point for IUES.L and XLES.L.

Drawdown Indicators

	IUES.L	XLES.L	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-72.10%	+5.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-13.59%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-21.36%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.98%	-28.55%	+0.57%
Max Drawdown (10Y) Largest decline over 10 years	-66.78%	-67.55%	+0.77%
Current Drawdown Current decline from peak	-7.45%	-6.34%	-1.11%
Average Drawdown Average peak-to-trough decline	-14.21%	-20.42%	+6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	4.37%	+0.26%

Volatility

IUES.L vs. XLES.L - Volatility Comparison

iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) have volatilities of 8.13% and 8.15%, 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.

Volatility by Period

	IUES.L	XLES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	8.15%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	18.58%	18.13%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.81%	21.51%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.72%	26.88%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.49%	28.92%	-0.43%

IUES.L vs. XLES.L - Expense Ratio Comparison

IUES.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

IUES.L vs. XLES.L - Dividend Comparison

Neither IUES.L nor XLES.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IUES.L and XLES.L in my portfolio?

With a correlation of 0.99, IUES.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.

Which ETF is better, IUES.L or XLES.L?

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.

Which ETF is cheaper, IUES.L or XLES.L?

XLES.L is cheaper with a 0.14% expense ratio, compared with 0.15% for IUES.L.

What is the main difference between IUES.L and XLES.L?

IUES.L tracks MSCI World/Energy NR USD, 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 IUES.L and 0.14% for XLES.L.