MXMVX vs. XLE

Last updated Jun 24, 2026

MXMVX (Great-West Mid Cap Value Fund) and XLE (State Street Energy Select Sector SPDR ETF) are both funds - MXMVX is a Mid Cap Value Equities fund managed by Great-West, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Over the past 10 years, MXMVX returned 8.16%/yr vs 9.37%/yr for XLE. A 0.64 correlation means they provide meaningful diversification when combined. MXMVX charges 1.15%/yr vs 0.08%/yr for XLE.

Performance

MXMVX vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West Mid Cap Value Fund (MXMVX) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXMVX achieves a 15.07% return, which is significantly lower than XLE's 23.49% return. Over the past 10 years, MXMVX has underperformed XLE with an annualized return of 8.16%, while XLE has yielded a comparatively higher 9.37% annualized return.

MXMVX

• 1D: 0.37%
• 1M: 3.45%
• YTD: 15.07%
• 6M: 13.83%
• 1Y: 24.56%
• 3Y*: 16.89%
• 5Y*: 5.92%
• 10Y*: 8.16%

XLE

• 1D: 0.74%
• 1M: -7.80%
• YTD: 23.49%
• 6M: 24.07%
• 1Y: 30.55%
• 3Y*: 15.73%
• 5Y*: 18.87%
• 10Y*: 9.37%

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

MXMVX vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXMVX Great-West Mid Cap Value Fund	15.07%	8.32%	15.59%	15.15%	-27.98%	34.87%	-0.99%	20.49%	-13.76%	16.62%
XLE State Street Energy Select Sector SPDR ETF	23.49%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between MXMVX and XLE is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 16, 2008	0.64

Over the past year, the correlation between MXMVX and XLE has dropped to 0.12 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

MXMVX vs. XLE — Risk / Return Rank

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

MXMVX

MXMVX Risk / Return Rank: 62
MXMVX Sharpe Ratio Rank: 54
MXMVX Sortino Ratio Rank: 55
MXMVX Omega Ratio Rank: 48
MXMVX Calmar Ratio Rank: 82
MXMVX Martin Ratio Rank: 70

XLE

XLE Risk / Return Rank: 42
XLE Sharpe Ratio Rank: 44
XLE Sortino Ratio Rank: 41
XLE Omega Ratio Rank: 39
XLE Calmar Ratio Rank: 45
XLE Martin Ratio Rank: 42

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.

MXMVX vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West Mid Cap Value Fund (MXMVX) and State Street Energy Select Sector SPDR ETF (XLE). 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.

	MXMVX	XLE	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.48	+0.52
Sortino ratio: Return per unit of downside risk	2.86	2.00	+0.86
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	3.59	2.18	+1.41
Martin ratio: Return relative to average drawdown	12.67	6.53	+6.14

MXMVX vs. XLE - Sharpe Ratio Comparison

The current MXMVX Sharpe Ratio is 2.00, which is higher than the XLE Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of MXMVX and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MXMVX vs. XLE - Drawdown Comparison

The maximum MXMVX drawdown since its inception was -57.13%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for MXMVX and XLE.

Drawdown Indicators

	MXMVX	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-57.13%	-71.26%	+14.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-14.05%	+6.60%
Max Drawdown (3Y) Largest decline over 3 years	-20.78%	-20.14%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	-26.04%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-45.46%	-66.81%	+21.35%
Current Drawdown Current decline from peak	-0.25%	-12.32%	+12.07%
Average Drawdown Average peak-to-trough decline	-12.47%	-17.96%	+5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.69%	-2.60%

Volatility

MXMVX vs. XLE - Volatility Comparison

The current volatility for Great-West Mid Cap Value Fund (MXMVX) is 4.29%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.12%. This indicates that MXMVX experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXMVX	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	7.12%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	16.82%	-6.90%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	20.93%	-7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	25.98%	-6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	29.60%	-9.00%

MXMVX vs. XLE - Expense Ratio Comparison

MXMVX has a 1.15% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

MXMVX vs. XLE - Dividend Comparison

MXMVX's dividend yield for the trailing twelve months is around 5.20%, more than XLE's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXMVX Great-West Mid Cap Value Fund	5.20%	5.98%	9.03%	0.49%	2.55%	3.29%	0.71%	0.17%	7.06%	12.00%	0.00%	0.00%
XLE State Street Energy Select Sector SPDR ETF	2.79%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both MXMVX and XLE in my portfolio?

MXMVX and XLE have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXMVX or XLE?

XLE has higher volatility (7.12%) compared to MXMVX (4.29%). In terms of maximum drawdown, MXMVX dropped -57.13% vs XLE's -71.26%.

Which has better risk-adjusted returns?

MXMVX currently has the higher Sharpe Ratio (2.00 vs 1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.