XLE vs. OILU

Last updated Aug 6, 2026

XLE (State Street Energy Select Sector SPDR ETF) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index. Both are passively managed. Over the past 3 years, XLE returned 13.23%/yr vs -2.72%/yr for OILU. Their 0.98 correlation means they have historically moved very closely together. XLE charges 0.08%/yr vs 0.95%/yr for OILU.

Performance

XLE vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLE achieves a 29.95% return, which is significantly lower than OILU's 71.73% return.

XLE

• 1D: -2.07%
• 1M: 7.87%
• 6M: 9.98%
• YTD: 29.95%
• 1Y: 38.22%
• 3Y*: 13.23%
• 5Y*: 22.66%
• 10Y*: 9.80%
• ALL TIME*: 8.71%

OILU

• 1D: -6.98%
• 1M: 22.67%
• 6M: 11.63%
• YTD: 71.73%
• 1Y: 83.19%
• 3Y*: -2.72%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	$7.83M	$7.76M	$7.68M
XLE State Street Energy Select Sector SPDR ETF	$1.81B	$1.78B	$1.93B

XLE vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XLE State Street Energy Select Sector SPDR ETF	29.95%	7.88%	5.56%	-0.63%	64.32%	-4.37%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	71.73%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%

Correlation

The correlation between XLE and OILU is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.99

The correlation between XLE and OILU has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

XLE vs. OILU - Sectors Allocation Comparison

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

Return for Risk

XLE vs. OILU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLE

XLE Risk / Return Rank: 61
XLE Sharpe Ratio Rank: 69
XLE Sortino Ratio Rank: 62
XLE Omega Ratio Rank: 59
XLE Calmar Ratio Rank: 64
XLE Martin Ratio Rank: 52

OILU

OILU Risk / Return Rank: 42
OILU Sharpe Ratio Rank: 45
OILU Sortino Ratio Rank: 43
OILU Omega Ratio Rank: 41
OILU Calmar Ratio Rank: 44
OILU Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XLE vs. OILU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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	OILU	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.29	+0.52
Sortino ratio: Return per unit of downside risk	2.38	1.80	+0.58
Omega ratio: Gain probability vs. loss probability	1.30	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.56	1.80	+0.76
Martin ratio: Return relative to average drawdown	6.80	4.38	+2.42

XLE vs. OILU - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.82, which is higher than the OILU Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of XLE and OILU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XLE vs. OILU - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum OILU drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for XLE and OILU.

Drawdown Indicators

	XLE	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-81.00%	+9.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.98%	-46.49%	+31.51%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-69.09%	+48.95%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	—	—
Current Drawdown Current decline from peak	-7.73%	-53.81%	+46.08%
Average Drawdown Average peak-to-trough decline	-17.93%	-50.69%	+32.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	19.07%	-13.43%

Volatility

XLE vs. OILU - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 6.16%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 20.53%. This indicates that XLE experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLE	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	20.53%	-14.37%
Volatility (6M) Calculated over the trailing 6-month period	16.48%	51.48%	-35.00%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	64.61%	-43.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.76%	80.79%	-55.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	80.79%	-51.21%

XLE vs. OILU - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

XLE vs. OILU - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.65%, while OILU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	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	2.65%	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 OILU in my portfolio?

With a correlation of 0.99, XLE and OILU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XLE or OILU?

OILU has higher volatility (20.53%) compared to XLE (6.16%). In terms of maximum drawdown, XLE dropped -71.26% vs OILU's -81.00%.

Which ETF is better, XLE or OILU?

On 3-year performance, XLE leads with 13.23% vs -2.72% for OILU. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 6.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or OILU?

Over the 3-year period, XLE has performed better with a 13.23% return vs -2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or OILU?

XLE is cheaper with a 0.08% expense ratio, compared with 0.95% for OILU.

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

XLE has the higher dividend yield at 2.65%, compared with 0.00% for OILU.

What is the main difference between XLE and OILU?

XLE is categorized as Energy Equities, while OILU is Leveraged Equities. XLE tracks Energy Select Sector Index, while OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index. They also come from different issuers: State Street and BMO. Their fees differ too: 0.08% for XLE and 0.95% for OILU.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.82 vs 1.29), 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.