XBM.TO vs. XLE

Last updated Jun 14, 2026

XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both Energy Equities funds - XBM.TO tracks the Morningstar Can Natural Resource NR CAD while XLE tracks the Energy Select Sector Index. Both are passively managed. Over the past 10 years, XBM.TO returned 19.65%/yr vs 10.85%/yr for XLE. At a 0.43 correlation, their price movements are largely independent. XBM.TO charges 0.60%/yr vs 0.08%/yr for XLE.

Performance

XBM.TO vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XBM.TO is traded in CAD, while XLE is traded in USD. To make them comparable, the XLE values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with XBM.TO having a 31.10% return and XLE slightly higher at 32.19%. Over the past 10 years, XBM.TO has outperformed XLE with an annualized return of 19.65%, while XLE has yielded a comparatively lower 10.85% annualized return.

XBM.TO

• 1D: 2.73%
• 1M: 6.67%
• YTD: 31.10%
• 6M: 38.65%
• 1Y: 104.78%
• 3Y*: 26.59%
• 5Y*: 17.84%
• 10Y*: 19.65%

XLE

• 1D: 0.94%
• 1M: 1.04%
• YTD: 32.19%
• 6M: 30.20%
• 1Y: 38.57%
• 3Y*: 17.92%
• 5Y*: 23.64%
• 10Y*: 10.85%

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

XBM.TO vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	31.10%	50.69%	5.96%	2.84%	3.63%	27.94%	31.53%	9.95%	-22.42%	32.48%
XLE State Street Energy Select Sector SPDR ETF	32.19%	2.95%	14.50%	-2.99%	74.74%	53.20%	-34.27%	7.14%	-11.34%	-7.60%

Correlation

The correlation between XBM.TO and XLE is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011	0.43

Over the past year, the correlation between XBM.TO and XLE has dropped to 0.04 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

XBM.TO vs. XLE - Sectors Allocation Comparison

Sectors	XBM.TO	XLE
Basic Materials	99.8%	-
Industrials	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XBM.TO vs. XLE — Risk / Return Rank

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

XBM.TO

XBM.TO Risk / Return Rank: 85
XBM.TO Sharpe Ratio Rank: 91
XBM.TO Sortino Ratio Rank: 80
XBM.TO Omega Ratio Rank: 81
XBM.TO Calmar Ratio Rank: 87
XBM.TO Martin Ratio Rank: 87

XLE

XLE Risk / Return Rank: 61
XLE Sharpe Ratio Rank: 64
XLE Sortino Ratio Rank: 58
XLE Omega Ratio Rank: 54
XLE Calmar Ratio Rank: 71
XLE Martin Ratio Rank: 56

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.

XBM.TO vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) 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.

	XBM.TO	XLE	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.93	+0.83
Sortino ratio: Return per unit of downside risk	3.09	2.56	+0.53
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	4.35	3.11	+1.24
Martin ratio: Return relative to average drawdown	16.08	8.94	+7.14

XBM.TO vs. XLE - Sharpe Ratio Comparison

The current XBM.TO Sharpe Ratio is 2.76, which is higher than the XLE Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of XBM.TO 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

XBM.TO vs. XLE - Drawdown Comparison

The maximum XBM.TO drawdown since its inception was -67.53%, which is greater than XLE's maximum drawdown of -63.49%. Use the drawdown chart below to compare losses from any high point for XBM.TO and XLE.

Drawdown Indicators

	XBM.TO	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-67.53%	-63.49%	-4.04%
Max Drawdown (1Y) Largest decline over 1 year	-23.88%	-13.01%	-10.87%
Max Drawdown (3Y) Largest decline over 3 years	-37.45%	-19.75%	-17.70%
Max Drawdown (5Y) Largest decline over 5 years	-40.57%	-23.40%	-17.17%
Max Drawdown (10Y) Largest decline over 10 years	-57.25%	-63.49%	+6.24%
Current Drawdown Current decline from peak	-8.34%	-7.21%	-1.13%
Average Drawdown Average peak-to-trough decline	-26.09%	-13.65%	-12.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.46%	4.52%	+1.94%

Volatility

XBM.TO vs. XLE - Volatility Comparison

iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a higher volatility of 17.03% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.50%. This indicates that XBM.TO's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBM.TO	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.03%	7.50%	+9.53%
Volatility (6M) Calculated over the trailing 6-month period	32.15%	17.34%	+14.81%
Volatility (1Y) Calculated over the trailing 1-year period	37.63%	20.96%	+16.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.55%	26.59%	+6.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.88%	30.10%	+2.78%

XBM.TO vs. XLE - Expense Ratio Comparison

XBM.TO has a 0.60% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

XBM.TO vs. XLE - Dividend Comparison

XBM.TO's dividend yield for the trailing twelve months is around 0.65%, less than XLE's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	0.65%	0.86%	1.25%	2.09%	4.78%	3.05%	1.81%	3.73%	3.38%	1.65%	2.41%	5.75%
XLE State Street Energy Select Sector SPDR ETF	2.59%	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 XBM.TO and XLE in my portfolio?

XBM.TO and XLE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBM.TO or XLE?

On fees, XLE is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBM.TO or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.60% for XBM.TO.

What is the main difference between XBM.TO and XLE?

XBM.TO tracks Morningstar Can Natural Resource NR CAD, while XLE tracks Energy Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.60% for XBM.TO and 0.08% for XLE.