XHE vs. XLE

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Health Care Equipment ETF (XHE) and State Street Energy Select Sector SPDR ETF (XLE).

XHE and XLE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XHE is a passively managed fund by State Street that tracks the performance of the S&P Health Care Equipment Select Industry Index. It was launched on Jan 26, 2011. XLE is a passively managed fund by State Street that tracks the performance of the Energy Select Sector Index. It was launched on Dec 16, 1998. Both XHE and XLE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XHE vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Equipment ETF (XHE) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

XHE vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHE SPDR S&P Health Care Equipment ETF	-11.32%	-0.23%	5.08%	-6.23%	-23.34%	3.04%	32.91%	22.30%	8.90%	30.51%
XLE State Street Energy Select Sector SPDR ETF	37.91%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Returns By Period

In the year-to-date period, XHE achieves a -11.32% return, which is significantly lower than XLE's 37.91% return. Over the past 10 years, XHE has underperformed XLE with an annualized return of 6.47%, while XLE has yielded a comparatively higher 11.65% annualized return.

XHE

• 1D: 2.61%
• 1M: -11.49%
• YTD: -11.32%
• 6M: -0.63%
• 1Y: -4.73%
• 3Y*: -5.75%
• 5Y*: -8.14%
• 10Y*: 6.47%

XLE

• 1D: -1.13%
• 1M: 10.27%
• YTD: 37.91%
• 6M: 39.21%
• 1Y: 35.32%
• 3Y*: 17.71%
• 5Y*: 23.99%
• 10Y*: 11.65%

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

XHE vs. XLE - Expense Ratio Comparison

XHE has a 0.35% expense ratio, which is higher than XLE's 0.08% expense ratio.

XHE

SPDR S&P Health Care Equipment ETF

XLE

State Street Energy Select Sector SPDR ETF

Return for Risk

XHE vs. XLE — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 8
XHE Sharpe Ratio Rank: 8
XHE Sortino Ratio Rank: 8
XHE Omega Ratio Rank: 8
XHE Calmar Ratio Rank: 8
XHE Martin Ratio Rank: 7

XLE

XLE Risk / Return Rank: 73
XLE Sharpe Ratio Rank: 79
XLE Sortino Ratio Rank: 76
XLE Omega Ratio Rank: 77
XLE Calmar Ratio Rank: 78
XLE 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.

XHE vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) 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.

	XHE	XLE	Difference
Sharpe ratio Return per unit of total volatility	-0.20	1.42	-1.62
Sortino ratio Return per unit of downside risk	-0.12	1.84	-1.96
Omega ratio Gain probability vs. loss probability	0.99	1.28	-0.29
Calmar ratio Return relative to maximum drawdown	-0.24	1.96	-2.20
Martin ratio Return relative to average drawdown	-0.70	5.16	-5.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHE vs. XLE - Sharpe Ratio Comparison

The current XHE Sharpe Ratio is -0.20, which is lower than the XLE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of XHE and XLE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XHE	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	1.42	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	0.93	-1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.40	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.32	+0.09

Correlation

The correlation between XHE and XLE is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XHE vs. XLE - Dividend Comparison

XHE's dividend yield for the trailing twelve months is around 0.09%, less than XLE's 2.44% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHE SPDR S&P Health Care Equipment ETF	0.09%	0.08%	0.04%	0.03%	0.04%	0.00%	0.00%	0.05%	0.09%	0.78%	0.17%	7.22%
XLE State Street Energy Select Sector SPDR ETF	2.44%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Drawdowns

XHE vs. XLE - Drawdown Comparison

The maximum XHE drawdown since its inception was -49.92%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for XHE and XLE.

Drawdown Indicators

	XHE	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-71.26%	+21.34%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-18.79%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-49.92%	-26.04%	-23.88%
Max Drawdown (10Y) Largest decline over 10 years	-49.92%	-66.81%	+16.89%
Current Drawdown Current decline from peak	-41.21%	-2.08%	-39.13%
Average Drawdown Average peak-to-trough decline	-12.96%	-18.05%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	7.14%	-0.98%

Volatility

XHE vs. XLE - Volatility Comparison

SPDR S&P Health Care Equipment ETF (XHE) has a higher volatility of 7.05% compared to State Street Energy Select Sector SPDR ETF (XLE) at 5.05%. This indicates that XHE'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

	XHE	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	5.05%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	14.87%	13.94%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	23.86%	24.93%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.25%	26.06%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.82%	29.48%	-6.66%