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XLE vs. EMXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLE vs. EMXC

Last updated Jun 13, 2026

XLE (State Street Energy Select Sector SPDR ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, XLE returned 20.12%/yr vs 12.14%/yr for EMXC. At a 0.38 correlation, their price movements are largely independent. XLE charges 0.08%/yr vs 0.49%/yr for EMXC.

Performance

XLE vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLE achieves a 29.56% return, which is significantly lower than EMXC's 37.25% return.

XLE

1D
0.75%
1M
-0.90%
YTD
29.56%
6M
28.37%
1Y
34.84%
3Y*
16.18%
5Y*
20.12%
10Y*
9.91%

EMXC

1D
0.55%
1M
2.60%
YTD
37.25%
6M
42.23%
1Y
67.80%
3Y*
26.47%
5Y*
12.14%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLE vs. EMXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLE
State Street Energy Select Sector SPDR ETF		29.56%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%11.99%
EMXC
iShares MSCI Emerging Markets ex China ETF		37.25%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%

Correlation

The correlation between XLE and EMXC is -0.05, 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

-0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2017

0.38

The correlation between XLE and EMXC shifts across timeframes, from -0.05 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

XLE vs. EMXC - Sectors Allocation Comparison

Sectors
XLE
EMXC

Energy

100.0%
4.2%

Basic Materials

-

6.8%

Communication Services

-

3.4%

Consumer Cyclical

-

4.5%

Consumer Defensive

-

2.9%

Financial Services

-

19.6%

Healthcare

-

2.2%

Industrials

-

8.3%

Real Estate

-

1.0%

Technology

-

45.0%

Utilities

-

2.3%

Energy

XLE
100.0%
EMXC
4.2%

Basic Materials

XLE

-

EMXC
6.8%

Communication Services

XLE

-

EMXC
3.4%

Consumer Cyclical

XLE

-

EMXC
4.5%

Consumer Defensive

XLE

-

EMXC
2.9%

Financial Services

XLE

-

EMXC
19.6%

Healthcare

XLE

-

EMXC
2.2%

Industrials

XLE

-

EMXC
8.3%

Real Estate

XLE

-

EMXC
1.0%

Technology

XLE

-

EMXC
45.0%

Utilities

XLE

-

EMXC
2.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Energy Select Sector SPDR ETF

iShares MSCI Emerging Markets ex China ETF

Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY
Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VNM

Return for Risk

XLE vs. EMXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLE
XLE Risk / Return Rank: 6161
Overall Rank
XLE Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 5858
Sortino Ratio Rank
XLE Omega Ratio Rank: 5454
Omega Ratio Rank
XLE Calmar Ratio Rank: 7171
Calmar Ratio Rank
XLE Martin Ratio Rank: 5656
Martin Ratio Rank
EMXC
EMXC Risk / Return Rank: 8989
Overall Rank
EMXC Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 8686
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9090
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8888
Calmar Ratio Rank
EMXC Martin Ratio Rank: 8989
Martin Ratio Rank
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.

XLE vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.

XLEEMXCDifference
Sharpe ratioReturn per unit of total volatility
1.82
2.74

-0.93

Sortino ratioReturn per unit of downside risk
2.40
3.35

-0.95

Omega ratioGain probability vs. loss probability

1.30

1.50

-0.21

Calmar ratioReturn relative to maximum drawdown

3.10

4.55

-1.45

Martin ratioReturn relative to average drawdown

8.63

17.51

-8.88

XLE vs. EMXC - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.82, which is lower than the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of XLE and EMXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XLE vs. EMXC - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for XLE and EMXC.

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Drawdown Indicators

XLEEMXCDifference

Max Drawdown

Largest peak-to-trough decline

-71.26%

-42.81%

-28.45%

Max Drawdown (1Y)

Largest decline over 1 year

-12.05%

-14.41%

+2.36%

Max Drawdown (3Y)

Largest decline over 3 years

-20.14%

-19.12%

-1.02%

Max Drawdown (5Y)

Largest decline over 5 years

-26.04%

-28.91%

+2.87%

Max Drawdown (10Y)

Largest decline over 10 years

-66.81%

—

—

Current Drawdown

Current decline from peak

-8.01%

-4.12%

-3.89%

Average Drawdown

Average peak-to-trough decline

-17.97%

-10.17%

-7.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.32%

3.74%

+0.58%

Volatility

XLE vs. EMXC - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 7.26%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that XLE experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLEEMXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.26%

12.83%

-5.57%

Volatility (6M)

Calculated over the trailing 6-month period

16.79%

21.90%

-5.11%

Volatility (1Y)

Calculated over the trailing 1-year period

20.57%

23.90%

-3.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.05%

18.00%

+8.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.58%

20.07%

+9.51%

XLE vs. EMXC - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

XLE vs. EMXC - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.59%, more than EMXC's 2.05% yield.

PositionTTM20252024202320222021202020192018201720162015
EMXC
iShares MSCI Emerging Markets ex China ETF		2.05%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%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

XLE and EMXC have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (12.83%) compared to XLE (7.26%). In terms of maximum drawdown, XLE dropped -71.26% vs EMXC's -42.81%.

On 5-year performance, XLE leads with 20.12% vs 12.14% for EMXC. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, XLE has performed better with a 20.12% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 0.49% for EMXC.

XLE has the higher dividend yield at 2.59%, compared with 2.05% for EMXC.

XLE is categorized as Energy Equities, while EMXC is Emerging Markets Equities. XLE tracks Energy Select Sector Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLE and 0.49% for EMXC.

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.82), 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.

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