XCNY vs. XLE

Last updated Jun 6, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - XCNY is a Emerging Markets Diversified fund tracking the S&P Emerging ex-China BMI, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past year, XCNY returned 30.73% vs 45.41% for XLE. At a 0.06 correlation, their price movements are largely independent. XCNY charges 0.15%/yr vs 0.08%/yr for XLE.

Performance

XCNY vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) 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, XCNY achieves a 14.37% return, which is significantly lower than XLE's 29.83% return.

XCNY

• 1D: -4.45%
• 1M: -3.03%
• YTD: 14.37%
• 6M: 17.01%
• 1Y: 30.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XLE

• 1D: -1.84%
• 1M: 1.18%
• YTD: 29.83%
• 6M: 27.49%
• 1Y: 45.41%
• 3Y*: 16.70%
• 5Y*: 20.01%
• 10Y*: 9.54%

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

XCNY vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	14.37%	20.42%	-3.51%
XLE State Street Energy Select Sector SPDR ETF	29.83%	7.88%	-0.01%

Correlation

The correlation between XCNY and XLE is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.06

The correlation between XCNY and XLE shifts across timeframes, from -0.08 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

XCNY vs. XLE - Sectors Allocation Comparison

Sectors	XCNY	XLE
Technology	36.1%	-
Financial Services	21.7%	-
Basic Materials	8.7%	-
Industrials	7.7%	-
Consumer Cyclical	5.6%	-
Energy	4.9%	100.0%
Consumer Defensive	3.6%	-
Communication Services	3.5%	-
Utilities	3.3%	-
Healthcare	2.7%	-
Real Estate	2.3%	-

Return for Risk

XCNY vs. XLE — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 57
XCNY Sharpe Ratio Rank: 57
XCNY Sortino Ratio Rank: 56
XCNY Omega Ratio Rank: 59
XCNY Calmar Ratio Rank: 56
XCNY Martin Ratio Rank: 59

XLE

XLE Risk / Return Rank: 66
XLE Sharpe Ratio Rank: 69
XLE Sortino Ratio Rank: 62
XLE Omega Ratio Rank: 60
XLE Calmar Ratio Rank: 76
XLE Martin Ratio Rank: 62

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.

XCNY vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) 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.

	XCNY	XLE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.23	-0.43
Sortino ratio: Return per unit of downside risk	2.47	2.86	-0.40
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	2.60	3.79	-1.18
Martin ratio: Return relative to average drawdown	9.94	10.90	-0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. XLE - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.79, which is comparable to the XLE Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XCNY 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

	XCNY	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.23	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.31	+0.68

Drawdowns

XCNY vs. XLE - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for XCNY and XLE.

Drawdown Indicators

	XCNY	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-71.26%	+51.56%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-12.05%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.81%	—
Current Drawdown Current decline from peak	-5.49%	-7.82%	+2.33%
Average Drawdown Average peak-to-trough decline	-4.14%	-17.98%	+13.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	4.18%	-1.08%

Volatility

XCNY vs. XLE - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) and State Street Energy Select Sector SPDR ETF (XLE) have volatilities of 7.62% and 7.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	7.29%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	16.56%	-1.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	20.49%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	26.02%	-7.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	29.58%	-11.54%

XCNY vs. XLE - Expense Ratio Comparison

XCNY has a 0.15% 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

XCNY vs. XLE - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.35%, less than XLE's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XCNY SPDR S&P Emerging Markets ex-China ETF	2.35%	2.68%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 XCNY and XLE in my portfolio?

XCNY and XLE have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or XLE?

XCNY has higher volatility (7.62%) compared to XLE (7.29%). In terms of maximum drawdown, XCNY dropped -19.70% vs XLE's -71.26%.

Which ETF is better, XCNY or XLE?

On 1-year performance, XLE leads with 45.41% vs 30.73% for XCNY. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or XLE?

Over the 1-year period, XLE has performed better with a 45.41% return vs 30.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.15% for XCNY.

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

XLE has the higher dividend yield at 2.59%, compared with 2.35% for XCNY.

What is the main difference between XCNY and XLE?

XCNY is categorized as Emerging Markets Diversified, while XLE is Energy Equities. XCNY tracks S&P Emerging ex-China BMI, while XLE tracks Energy Select Sector Index. Their fees differ too: 0.15% for XCNY and 0.08% for XLE.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (2.23 vs 1.79), 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.