PMLP.L vs. XLES.L

Last updated Jun 4, 2026

PMLP.L (HANetf Alerian Midstream Energy Dividend UCITS ETF) and XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) are both Energy Equities funds - PMLP.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 5 years, PMLP.L returned 19.87%/yr vs 21.37%/yr for XLES.L. A 0.69 correlation means they provide meaningful diversification when combined. PMLP.L charges 0.40%/yr vs 0.14%/yr for XLES.L.

Performance

PMLP.L vs. XLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.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.

Different Trading Currencies

PMLP.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

In the year-to-date period, PMLP.L achieves a 26.71% return, which is significantly lower than XLES.L's 32.00% return.

PMLP.L

• 1D: 1.96%
• 1M: 1.75%
• YTD: 26.71%
• 6M: 26.31%
• 1Y: 28.41%
• 3Y*: 22.73%
• 5Y*: 19.87%
• 10Y*: —

XLES.L

• 1D: 2.58%
• 1M: 1.22%
• YTD: 32.00%
• 6M: 29.70%
• 1Y: 44.97%
• 3Y*: 14.29%
• 5Y*: 21.37%
• 10Y*: 10.50%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMLP.L HANetf Alerian Midstream Energy Dividend UCITS ETF	26.71%	-1.40%	35.81%	7.61%	35.33%	34.88%	8.45%
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	32.00%	1.00%	5.10%	-4.65%	81.11%	53.54%	5.73%

Correlation

The correlation between PMLP.L and XLES.L is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 3, 2020	0.69

The correlation between PMLP.L and XLES.L has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

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

Sectors	PMLP.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

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

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

PMLP.L

PMLP.L Risk / Return Rank: 44
PMLP.L Sharpe Ratio Rank: 42
PMLP.L Sortino Ratio Rank: 39
PMLP.L Omega Ratio Rank: 39
PMLP.L Calmar Ratio Rank: 53
PMLP.L Martin Ratio Rank: 46

XLES.L

XLES.L Risk / Return Rank: 59
XLES.L Sharpe Ratio Rank: 61
XLES.L Sortino Ratio Rank: 54
XLES.L Omega Ratio Rank: 56
XLES.L Calmar Ratio Rank: 65
XLES.L Martin Ratio Rank: 58

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.

PMLP.L vs. XLES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.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.

	PMLP.L	XLES.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.97	-0.46
Sortino ratio: Return per unit of downside risk	2.03	2.46	-0.44
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.61	2.85	-0.23
Martin ratio: Return relative to average drawdown	7.58	8.91	-1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PMLP.L Sharpe Ratio is 1.50, which is comparable to the XLES.L Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of PMLP.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

	PMLP.L	XLES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.97	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.81	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.34	+0.93

Drawdowns

PMLP.L vs. XLES.L - Drawdown Comparison

The maximum PMLP.L drawdown since its inception was -20.50%, smaller than the maximum XLES.L drawdown of -63.08%. Use the drawdown chart below to compare losses from any high point for PMLP.L and XLES.L.

Drawdown Indicators

	PMLP.L	XLES.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-63.08%	+42.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.82%	-15.71%	+4.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.50%	-24.42%	+3.92%
Max Drawdown (5Y) Largest decline over 5 years	-20.50%	-24.42%	+3.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.08%	—
Current Drawdown Current decline from peak	-4.31%	-7.71%	+3.40%
Average Drawdown Average peak-to-trough decline	-5.88%	-15.44%	+9.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	5.03%	-1.30%

Volatility

PMLP.L vs. XLES.L - Volatility Comparison

The current volatility for HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.L) is 7.40%, while Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) has a volatility of 8.75%. This indicates that PMLP.L experiences smaller price fluctuations and is considered to be less risky than XLES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMLP.L	XLES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	8.75%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	15.48%	19.06%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	22.87%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	26.71%	-6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.34%	28.56%	-7.22%

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

PMLP.L has a 0.40% expense ratio, which is higher than XLES.L's 0.14% expense ratio.

Dividends

PMLP.L vs. XLES.L - Dividend Comparison

PMLP.L's dividend yield for the trailing twelve months is around 2.74%, while XLES.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
PMLP.L HANetf Alerian Midstream Energy Dividend UCITS ETF	2.74%	3.31%	3.37%	6.48%	6.12%	6.57%	4.17%
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PMLP.L and XLES.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XLES.L is cheaper with a 0.14% expense ratio, compared with 0.40% for PMLP.L.

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

PMLP.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: HANetf and Invesco. Their fees differ too: 0.40% for PMLP.L and 0.14% for XLES.L.