SETM vs. XME

Last updated Aug 2, 2026

SETM (Sprott Critical Materials ETF) and XME (SPDR S&P Metals & Mining ETF) are both Materials funds - SETM tracks the Nasdaq Sprott Critical Materials Index while XME tracks the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 3 years, SETM returned 18.39%/yr vs 24.33%/yr for XME. Their 0.79 correlation means they have sometimes moved together and sometimes differently. SETM charges 0.65%/yr vs 0.35%/yr for XME.

Performance

SETM vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Critical Materials ETF (SETM) and SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SETM achieves a -1.66% return, which is significantly higher than XME's -2.73% return.

SETM

• 1D: -2.30%
• 1M: -8.93%
• 6M: -18.02%
• YTD: -1.66%
• 1Y: 55.17%
• 3Y*: 18.39%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.18%

XME

• 1D: -1.19%
• 1M: -4.26%
• 6M: -15.11%
• YTD: -2.73%
• 1Y: 39.51%
• 3Y*: 24.33%
• 5Y*: 18.53%
• 10Y*: 14.85%
• ALL TIME*: 5.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SETM Sprott Critical Materials ETF	$3.56M	$4.68M	$7.65M
XME SPDR S&P Metals & Mining ETF	$205.06M	$204.83M	$245.34M

SETM vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETM Sprott Critical Materials ETF	-1.66%	95.27%	-13.24%	-13.11%
XME SPDR S&P Metals & Mining ETF	-2.73%	83.47%	-4.54%	4.05%

Correlation

The correlation between SETM and XME is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.79

The correlation between SETM and XME has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

SETM vs. XME - Sectors Allocation Comparison

Sectors	SETM	XME
Basic Materials	74.1%	75.3%
Energy	25.1%	23.5%
Industrials	0.8%	0.4%
Technology	0.1%	2.2%
Consumer Defensive	0.1%	0.8%
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SETM vs. XME — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SETM

SETM Risk / Return Rank: 49
SETM Sharpe Ratio Rank: 50
SETM Sortino Ratio Rank: 48
SETM Omega Ratio Rank: 48
SETM Calmar Ratio Rank: 54
SETM Martin Ratio Rank: 43

XME

XME Risk / Return Rank: 39
XME Sharpe Ratio Rank: 42
XME Sortino Ratio Rank: 41
XME Omega Ratio Rank: 40
XME Calmar Ratio Rank: 41
XME Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SETM vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Critical Materials ETF (SETM) and SPDR S&P Metals & Mining ETF (XME). 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.

	SETM	XME	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.03	+0.20
Sortino ratio: Return per unit of downside risk	1.71	1.52	+0.19
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.03
Calmar ratio: Return relative to maximum drawdown	1.91	1.43	+0.48
Martin ratio: Return relative to average drawdown	4.72	3.22	+1.50

SETM vs. XME - Sharpe Ratio Comparison

The current SETM Sharpe Ratio is 1.23, which is comparable to the XME Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of SETM and XME, 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

SETM vs. XME - Drawdown Comparison

The maximum SETM drawdown since its inception was -42.81%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for SETM and XME.

Drawdown Indicators

	SETM	XME	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-85.89%	+43.08%
Max Drawdown (1Y) Largest decline over 1 year	-30.05%	-26.49%	-3.56%
Max Drawdown (3Y) Largest decline over 3 years	-42.81%	-30.47%	-12.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-28.34%	-24.17%	-4.17%
Average Drawdown Average peak-to-trough decline	-15.34%	-43.93%	+28.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.14%	11.77%	+0.37%

Volatility

SETM vs. XME - Volatility Comparison

Sprott Critical Materials ETF (SETM) has a higher volatility of 12.15% compared to SPDR S&P Metals & Mining ETF (XME) at 10.33%. This indicates that SETM's price experiences larger fluctuations and is considered to be riskier than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SETM	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.15%	10.33%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	37.35%	28.52%	+8.83%
Volatility (1Y) Calculated over the trailing 1-year period	46.79%	36.88%	+9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.25%	32.70%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.25%	32.88%	+4.37%

SETM vs. XME - Expense Ratio Comparison

SETM has a 0.65% expense ratio, which is higher than XME's 0.35% expense ratio.

Dividends

SETM vs. XME - Dividend Comparison

SETM's dividend yield for the trailing twelve months is around 1.59%, more than XME's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SETM Sprott Critical Materials ETF	1.59%	1.56%	2.07%	2.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XME SPDR S&P Metals & Mining ETF	0.37%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both SETM and XME in my portfolio?

SETM and XME have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETM or XME?

SETM has higher volatility (12.15%) compared to XME (10.33%). In terms of maximum drawdown, SETM dropped -42.81% vs XME's -85.89%.

Which ETF is better, SETM or XME?

On 3-year performance, XME leads with 24.33% vs 18.39% for SETM. On fees, XME is cheaper at 0.35% per year. On volatility, XME has been the lower-risk option at 10.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETM or XME?

Over the 3-year period, XME has performed better with a 24.33% return vs 18.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETM or XME?

XME is cheaper with a 0.35% expense ratio, compared with 0.65% for SETM.

Which ETF pays a higher dividend yield, SETM or XME?

SETM has the higher dividend yield at 1.59%, compared with 0.37% for XME.

What is the main difference between SETM and XME?

SETM tracks Nasdaq Sprott Critical Materials Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: Sprott and State Street. Their fees differ too: 0.65% for SETM and 0.35% for XME.

Which has better risk-adjusted returns?

SETM currently has the higher Sharpe Ratio (1.23 vs 1.03), 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.