SLX vs. XME

Last updated Jun 24, 2026

SLX (VanEck Vectors Steel ETF) and XME (SPDR S&P Metals & Mining ETF) are both Materials funds - SLX tracks the NYSE Arca Steel Index while XME tracks the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, SLX returned 18.83%/yr vs 18.52%/yr for XME. Their correlation of 0.88 suggests significant overlap in exposure. SLX charges 0.56%/yr vs 0.35%/yr for XME.

Performance

SLX vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Steel ETF (SLX) 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, SLX achieves a 19.94% return, which is significantly higher than XME's 7.18% return. Both investments have delivered pretty close results over the past 10 years, with SLX having a 18.83% annualized return and XME not far behind at 18.52%.

SLX

• 1D: -2.86%
• 1M: -4.58%
• YTD: 19.94%
• 6M: 19.56%
• 1Y: 60.79%
• 3Y*: 21.27%
• 5Y*: 14.70%
• 10Y*: 18.83%

XME

• 1D: -3.75%
• 1M: -5.21%
• YTD: 7.18%
• 6M: 2.81%
• 1Y: 68.16%
• 3Y*: 32.34%
• 5Y*: 21.39%
• 10Y*: 18.52%

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

SLX vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLX VanEck Vectors Steel ETF	19.94%	47.45%	-17.94%	31.25%	14.28%	27.69%	20.57%	12.01%	-19.27%	24.59%
XME SPDR S&P Metals & Mining ETF	7.18%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%

Correlation

The correlation between SLX and XME is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 17, 2006	0.88

The correlation between SLX and XME shifts across timeframes, from 0.73 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

SLX vs. XME - Sectors Allocation Comparison

Sectors	SLX	XME
Basic Materials	93.2%	76.3%
Energy	3.5%	22.5%
Industrials	3.3%	0.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.8%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	2.2%
Utilities	-	-

Return for Risk

SLX vs. XME — Risk / Return Rank

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

SLX

SLX Risk / Return Rank: 75
SLX Sharpe Ratio Rank: 81
SLX Sortino Ratio Rank: 75
SLX Omega Ratio Rank: 71
SLX Calmar Ratio Rank: 76
SLX Martin Ratio Rank: 71

XME

XME Risk / Return Rank: 54
XME Sharpe Ratio Rank: 58
XME Sortino Ratio Rank: 51
XME Omega Ratio Rank: 50
XME Calmar Ratio Rank: 64
XME Martin Ratio Rank: 46

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.

SLX vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) 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.

	SLX	XME	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.89	+0.54
Sortino ratio: Return per unit of downside risk	3.15	2.40	+0.75
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.09
Calmar ratio: Return relative to maximum drawdown	3.74	3.03	+0.71
Martin ratio: Return relative to average drawdown	12.59	7.40	+5.19

SLX vs. XME - Sharpe Ratio Comparison

The current SLX Sharpe Ratio is 2.43, which is comparable to the XME Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SLX 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

SLX vs. XME - Drawdown Comparison

The maximum SLX drawdown since its inception was -82.14%, roughly equal to the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for SLX and XME.

Drawdown Indicators

	SLX	XME	Difference
Max Drawdown Largest peak-to-trough decline	-82.14%	-85.89%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-16.35%	-22.60%	+6.25%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-30.47%	+3.08%
Max Drawdown (5Y) Largest decline over 5 years	-33.62%	-37.27%	+3.65%
Max Drawdown (10Y) Largest decline over 10 years	-61.64%	-61.69%	+0.05%
Current Drawdown Current decline from peak	-10.38%	-16.45%	+6.07%
Average Drawdown Average peak-to-trough decline	-38.63%	-44.05%	+5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	9.24%	-4.40%

Volatility

SLX vs. XME - Volatility Comparison

The current volatility for VanEck Vectors Steel ETF (SLX) is 9.40%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 14.26%. This indicates that SLX experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLX	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	14.26%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	19.29%	28.34%	-9.05%
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	36.35%	-11.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.84%	32.76%	-4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.90%	32.91%	-2.01%

SLX vs. XME - Expense Ratio Comparison

SLX has a 0.56% expense ratio, which is higher than XME's 0.35% expense ratio.

Dividends

SLX vs. XME - Dividend Comparison

SLX's dividend yield for the trailing twelve months is around 1.29%, more than XME's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLX VanEck Vectors Steel ETF	1.29%	1.55%	3.56%	2.80%	4.97%	7.07%	1.87%	3.44%	6.26%	2.50%	1.06%	5.35%
XME SPDR S&P Metals & Mining ETF	0.34%	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 SLX and XME in my portfolio?

SLX and XME have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLX or XME?

XME has higher volatility (14.26%) compared to SLX (9.40%). In terms of maximum drawdown, SLX dropped -82.14% vs XME's -85.89%.

Which ETF is better, SLX or XME?

On 10-year performance, SLX leads with 18.83% vs 18.52% for XME. On fees, XME is cheaper at 0.35% per year. On volatility, SLX has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLX or XME?

Over the 10-year period, SLX has performed better with a 18.83% return vs 18.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLX or XME?

XME is cheaper with a 0.35% expense ratio, compared with 0.56% for SLX.

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

SLX has the higher dividend yield at 1.29%, compared with 0.34% for XME.

What is the main difference between SLX and XME?

SLX tracks NYSE Arca Steel Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.56% for SLX and 0.35% for XME.

Which has better risk-adjusted returns?

SLX currently has the higher Sharpe Ratio (2.43 vs 1.89), 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.