ONEO vs. XLE

Last updated Jun 4, 2026

ONEO (SPDR Russell 1000 Momentum Focus ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - ONEO is a Momentum fund tracking the Russell 1000 Momentum Focused Factor Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, ONEO returned 11.94%/yr vs 10.22%/yr for XLE. A 0.52 correlation means they provide meaningful diversification when combined. ONEO charges 0.20%/yr vs 0.08%/yr for XLE.

Performance

ONEO vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Momentum Focus ETF (ONEO) 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, ONEO achieves a 17.85% return, which is significantly lower than XLE's 32.17% return. Over the past 10 years, ONEO has outperformed XLE with an annualized return of 11.94%, while XLE has yielded a comparatively lower 10.22% annualized return.

ONEO

• 1D: 0.19%
• 1M: 6.36%
• YTD: 17.85%
• 6M: 18.38%
• 1Y: 27.50%
• 3Y*: 19.36%
• 5Y*: 10.50%
• 10Y*: 11.94%

XLE

• 1D: 1.29%
• 1M: -1.14%
• YTD: 32.17%
• 6M: 29.80%
• 1Y: 45.00%
• 3Y*: 17.46%
• 5Y*: 20.44%
• 10Y*: 10.22%

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

ONEO vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEO SPDR Russell 1000 Momentum Focus ETF	17.85%	10.61%	15.01%	15.64%	-12.01%	26.72%	10.76%	26.53%	-12.41%	21.16%
XLE State Street Energy Select Sector SPDR ETF	32.17%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between ONEO and XLE is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.52

Over the past year, the correlation between ONEO and XLE has dropped to 0.10 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

ONEO vs. XLE - Sectors Allocation Comparison

Sectors	ONEO	XLE
Technology	21.9%	-
Industrials	18.0%	-
Consumer Cyclical	11.6%	-
Healthcare	9.5%	-
Financial Services	9.4%	-
Energy	7.3%	100.0%
Utilities	5.8%	-
Consumer Defensive	5.4%	-
Basic Materials	4.7%	-
Communication Services	3.6%	-
Real Estate	2.9%	-

Return for Risk

ONEO vs. XLE — Risk / Return Rank

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

ONEO

ONEO Risk / Return Rank: 69
ONEO Sharpe Ratio Rank: 64
ONEO Sortino Ratio Rank: 66
ONEO Omega Ratio Rank: 61
ONEO Calmar Ratio Rank: 75
ONEO Martin Ratio Rank: 77

XLE

XLE Risk / Return Rank: 63
XLE Sharpe Ratio Rank: 65
XLE Sortino Ratio Rank: 59
XLE Omega Ratio Rank: 56
XLE Calmar Ratio Rank: 73
XLE 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.

ONEO vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) 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.

	ONEO	XLE	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.21	-0.05
Sortino ratio: Return per unit of downside risk	3.09	2.84	+0.25
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.75	3.75	0.00
Martin ratio: Return relative to average drawdown	14.86	10.92	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEO vs. XLE - Sharpe Ratio Comparison

The current ONEO Sharpe Ratio is 2.16, which is comparable to the XLE Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ONEO 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.

Sharpe Ratios by Period

	ONEO	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.21	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.79	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.35	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.31	+0.32

Drawdowns

ONEO vs. XLE - Drawdown Comparison

The maximum ONEO drawdown since its inception was -40.86%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for ONEO and XLE.

Drawdown Indicators

	ONEO	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-71.26%	+30.40%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-12.05%	+4.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-20.14%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-26.04%	+3.65%
Max Drawdown (10Y) Largest decline over 10 years	-40.86%	-66.81%	+25.95%
Current Drawdown Current decline from peak	0.00%	-6.15%	+6.15%
Average Drawdown Average peak-to-trough decline	-5.00%	-17.98%	+12.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	4.14%	-2.28%

Volatility

ONEO vs. XLE - Volatility Comparison

The current volatility for SPDR Russell 1000 Momentum Focus ETF (ONEO) is 3.77%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.25%. This indicates that ONEO 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

	ONEO	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	8.25%	-4.48%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	16.58%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	20.53%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	26.02%	-8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	29.59%	-10.93%

ONEO vs. XLE - Expense Ratio Comparison

ONEO has a 0.20% expense ratio, which is higher than XLE's 0.08% 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

ONEO vs. XLE - Dividend Comparison

ONEO's dividend yield for the trailing twelve months is around 1.16%, less than XLE's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEO SPDR Russell 1000 Momentum Focus ETF	1.16%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%
XLE State Street Energy Select Sector SPDR ETF	2.54%	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 ONEO and XLE in my portfolio?

ONEO and XLE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEO or XLE?

XLE has higher volatility (8.25%) compared to ONEO (3.77%). In terms of maximum drawdown, ONEO dropped -40.86% vs XLE's -71.26%.

Which ETF is better, ONEO or XLE?

On 10-year performance, ONEO leads with 11.94% vs 10.22% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, ONEO has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEO or XLE?

Over the 10-year period, ONEO has performed better with a 11.94% return vs 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEO or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.20% for ONEO.

Which ETF pays a higher dividend yield, ONEO or XLE?

XLE has the higher dividend yield at 2.54%, compared with 1.16% for ONEO.

What is the main difference between ONEO and XLE?

ONEO is categorized as Momentum, while XLE is Energy Equities. ONEO tracks Russell 1000 Momentum Focused Factor Index, while XLE tracks Energy Select Sector Index. Their fees differ too: 0.20% for ONEO and 0.08% for XLE.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (2.21 vs 2.16), 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.