XLE vs. GLDM

Last updated Jun 5, 2026

XLE (State Street Energy Select Sector SPDR ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, XLE returned 20.45%/yr vs 18.69%/yr for GLDM. At a 0.07 correlation, their price movements are largely independent. XLE charges 0.08%/yr vs 0.10%/yr for GLDM.

Performance

XLE vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLE achieves a 32.26% return, which is significantly higher than GLDM's 3.87% return.

XLE

• 1D: 0.07%
• 1M: -1.18%
• YTD: 32.26%
• 6M: 29.34%
• 1Y: 47.98%
• 3Y*: 17.74%
• 5Y*: 20.45%
• 10Y*: 9.99%

GLDM

• 1D: 0.84%
• 1M: -1.62%
• YTD: 3.87%
• 6M: 6.41%
• 1Y: 32.70%
• 3Y*: 31.59%
• 5Y*: 18.69%
• 10Y*: —

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

XLE vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XLE State Street Energy Select Sector SPDR ETF	32.26%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-21.84%
GLDM SPDR Gold MiniShares Trust	3.87%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%

Correlation

The correlation between XLE and GLDM is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.07

The correlation between XLE and GLDM shifts across timeframes, from 0.00 (1 year) to 0.14 (5 years), reflecting how their relationship changes across market environments.

XLE vs. GLDM - Sectors Allocation Comparison

Sectors	XLE	GLDM
Energy	100.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XLE vs. GLDM — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 70
XLE Sharpe Ratio Rank: 74
XLE Sortino Ratio Rank: 67
XLE Omega Ratio Rank: 64
XLE Calmar Ratio Rank: 79
XLE Martin Ratio Rank: 65

GLDM

GLDM Risk / Return Rank: 34
GLDM Sharpe Ratio Rank: 36
GLDM Sortino Ratio Rank: 32
GLDM Omega Ratio Rank: 39
GLDM Calmar Ratio Rank: 35
GLDM Martin Ratio Rank: 30

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and SPDR Gold MiniShares Trust (GLDM). 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.

	XLE	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.25	+1.12
Sortino ratio: Return per unit of downside risk	3.01	1.64	+1.37
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio: Return relative to maximum drawdown	4.00	1.72	+2.28
Martin ratio: Return relative to average drawdown	11.60	4.23	+7.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLE vs. GLDM - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 2.36, which is higher than the GLDM Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of XLE and GLDM, 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

	XLE	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	1.25	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.05	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.02	-0.71

Drawdowns

XLE vs. GLDM - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for XLE and GLDM.

Drawdown Indicators

	XLE	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-21.63%	-49.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.05%	-19.14%	+7.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-19.14%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-20.92%	-5.12%
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	—	—
Current Drawdown Current decline from peak	-6.09%	-16.95%	+10.86%
Average Drawdown Average peak-to-trough decline	-17.98%	-6.22%	-11.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	7.76%	-3.61%

Volatility

XLE vs. GLDM - Volatility Comparison

State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 8.25% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLE	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	5.47%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	16.51%	23.00%	-6.49%
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	26.38%	-5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.01%	17.90%	+8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	16.85%	+12.73%

XLE vs. GLDM - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than GLDM's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLE vs. GLDM - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.54%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	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	2.54%	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 XLE and GLDM in my portfolio?

XLE and GLDM have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLE or GLDM?

XLE has higher volatility (8.25%) compared to GLDM (5.47%). In terms of maximum drawdown, XLE dropped -71.26% vs GLDM's -21.63%.

Which ETF is better, XLE or GLDM?

On 5-year performance, XLE leads with 20.45% vs 18.69% for GLDM. On fees, XLE is cheaper at 0.08% per year. On volatility, GLDM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or GLDM?

Over the 5-year period, XLE has performed better with a 20.45% return vs 18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or GLDM?

XLE is cheaper with a 0.08% expense ratio, compared with 0.10% for GLDM.

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

XLE has the higher dividend yield at 2.54%, compared with 0.00% for GLDM.

What is the main difference between XLE and GLDM?

XLE is categorized as Energy Equities, while GLDM is Gold. XLE tracks Energy Select Sector Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.08% for XLE and 0.10% for GLDM.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (2.36 vs 1.25), 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.