XLE vs. NBCM
XLE (State Street Energy Select Sector SPDR ETF) and NBCM (Neuberger Berman Commodity Strategy ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while NBCM is a Commodities fund actively managed by Neuberger Berman. XLE is passively managed, while NBCM is actively managed. Over the past 3 years, XLE returned 14.62%/yr vs 14.54%/yr for NBCM. Their 0.55 correlation means they have sometimes moved together and sometimes differently. XLE charges 0.08%/yr vs 0.66%/yr for NBCM.
Performance
XLE vs. NBCM - Performance Comparison
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Returns By Period
In the year-to-date period, XLE achieves a 35.03% return, which is significantly higher than NBCM's 26.45% 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%
NBCM
- 1D
- 0.07%
- 1M
- 8.17%
- 6M
- 15.69%
- YTD
- 26.45%
- 1Y
- 38.83%
- 3Y*
- 14.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.21M | $2.59M | $2.25M | |
| $1.70B | $1.73B | $1.97B |
XLE vs. NBCM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XLE State Street Energy Select Sector SPDR ETF | 35.03% | 7.88% | 5.56% | -0.63% | 1.66% |
NBCM Neuberger Berman Commodity Strategy ETF | 26.45% | 17.45% | 6.55% | -6.41% | 5.39% |
Correlation
The correlation between XLE and NBCM is 0.54, 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. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.55 |
The correlation between XLE and NBCM has been stable across timeframes, ranging from 0.52 to 0.55 - a consistent structural relationship.
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Return for Risk
XLE vs. NBCM — Risk / Return Rank
XLE
NBCM
XLE vs. NBCM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and Neuberger Berman Commodity Strategy ETF (NBCM). 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 | NBCM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.64 | +0.10 |
| Martin ratioReturn relative to average drawdown | 7.32 | 8.37 | -1.05 |
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Drawdowns
XLE vs. NBCM - Drawdown Comparison
The maximum XLE drawdown since its inception was -71.26%, which is greater than NBCM's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for XLE and NBCM.
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Drawdown Indicators
| XLE | NBCM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.26% | -14.78% | -56.48% |
Max Drawdown (1Y)Largest decline over 1 year | -14.98% | -14.78% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -14.78% | -5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.81% | — | — |
Current DrawdownCurrent decline from peak | -4.13% | -6.98% | +2.85% |
Average DrawdownAverage peak-to-trough decline | -17.93% | -4.40% | -13.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.62% | 4.65% | +0.97% |
Volatility
XLE vs. NBCM - Volatility Comparison
State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 5.85% compared to Neuberger Berman Commodity Strategy ETF (NBCM) at 4.62%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier than NBCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLE | NBCM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 4.62% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 16.71% | 15.33% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.05% | 18.09% | +2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.77% | 15.00% | +10.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.57% | 15.00% | +14.57% |
XLE vs. NBCM - Expense Ratio Comparison
XLE has a 0.08% expense ratio, which is lower than NBCM's 0.66% expense ratio.
Dividends
XLE vs. NBCM - Dividend Comparison
XLE's dividend yield for the trailing twelve months is around 2.55%, less than NBCM's 6.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NBCM Neuberger Berman Commodity Strategy ETF | 6.69% | 8.46% | 5.22% | 4.37% | 0.80% | 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 NBCM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (5.85%) compared to NBCM (4.62%). In terms of maximum drawdown, XLE dropped -71.26% vs NBCM's -14.78%.
On 3-year performance, XLE leads with 14.62% vs 14.54% for NBCM. On fees, XLE is cheaper at 0.08% per year. On volatility, NBCM has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XLE has performed better with a 14.62% return vs 14.54%. 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 0.66% for NBCM.
NBCM has the higher dividend yield at 6.69%, compared with 2.55% for XLE.
XLE is categorized as Energy Equities, while NBCM is Commodities. They also come from different issuers: State Street and Neuberger Berman. Their fees differ too: 0.08% for XLE and 0.66% for NBCM.
NBCM currently has the higher Sharpe Ratio (2.16 vs 1.95), 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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