XLE vs. GSG
XLE (State Street Energy Select Sector SPDR ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, XLE returned 10.52%/yr vs 8.91%/yr for GSG. Their 0.64 correlation means they have sometimes moved together and sometimes differently. XLE charges 0.08%/yr vs 0.75%/yr for GSG.
Performance
XLE vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, XLE achieves a 35.03% return, which is significantly lower than GSG's 38.94% return. Over the past 10 years, XLE has outperformed GSG with an annualized return of 10.52%, while GSG has yielded a comparatively lower 8.91% annualized return.
XLE
- 1D
- 1.00%
- 1M
- 12.76%
- 6M
- 18.26%
- YTD
- 35.03%
- 1Y
- 40.82%
- 3Y*
- 14.62%
- 5Y*
- 23.67%
- 10Y*
- 10.52%
- ALL TIME*
- 8.87%
GSG
- 1D
- 0.28%
- 1M
- 13.10%
- 6M
- 25.75%
- YTD
- 38.94%
- 1Y
- 40.53%
- 3Y*
- 14.13%
- 5Y*
- 14.47%
- 10Y*
- 8.91%
- ALL TIME*
- -2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.60M | $17.31M | $26.52M | |
| $1.70B | $1.73B | $1.97B |
XLE vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLE State Street Energy Select Sector SPDR ETF | 35.03% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 38.94% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between XLE and GSG is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.64 |
The correlation between XLE and GSG has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.
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Return for Risk
XLE vs. GSG — Risk / Return Rank
XLE
GSG
XLE vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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.
| XLE | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.16 | +0.57 |
| Martin ratioReturn relative to average drawdown | 7.32 | 6.99 | +0.33 |
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Drawdowns
XLE vs. GSG - Drawdown Comparison
The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XLE and GSG.
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Drawdown Indicators
| XLE | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.26% | -89.62% | +18.36% |
Max Drawdown (1Y)Largest decline over 1 year | -14.98% | -18.81% | +3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -18.81% | -1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -29.12% | +3.08% |
Max Drawdown (10Y)Largest decline over 10 years | -66.81% | -57.64% | -9.17% |
Current DrawdownCurrent decline from peak | -4.13% | -58.05% | +53.92% |
Average DrawdownAverage peak-to-trough decline | -17.93% | -63.67% | +45.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.62% | 5.84% | -0.22% |
Volatility
XLE vs. GSG - Volatility Comparison
The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 5.85%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.11%. This indicates that XLE experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLE | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 8.11% | -2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 16.71% | 22.18% | -5.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.05% | 24.23% | -3.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.77% | 22.86% | +2.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.57% | 22.06% | +7.51% |
XLE vs. GSG - Expense Ratio Comparison
XLE has a 0.08% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
XLE vs. GSG - Dividend Comparison
XLE's dividend yield for the trailing twelve months is around 2.55%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed 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 | 2.55% | 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 GSG have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.11%) compared to XLE (5.85%). In terms of maximum drawdown, XLE dropped -71.26% vs GSG's -89.62%.
On 10-year performance, XLE leads with 10.52% vs 8.91% for GSG. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLE has performed better with a 10.52% return vs 8.91%. 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 0.75% for GSG.
XLE has the higher dividend yield at 2.55%, compared with 0.00% for GSG.
XLE is categorized as Energy Equities, while GSG is Commodities. XLE tracks Energy Select Sector Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLE and 0.75% for GSG.
XLE currently has the higher Sharpe Ratio (1.95 vs 1.68), 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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