XLE vs. PIPE

Last updated Jul 17, 2026

XLE (State Street Energy Select Sector SPDR ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. XLE is passively managed, while PIPE is actively managed. Over the past year, XLE returned 36.53% vs 35.38% for PIPE. A 0.68 correlation means they provide meaningful diversification when combined. XLE charges 0.08%/yr vs 0.75%/yr for PIPE.

Performance

XLE vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLE achieves a 29.29% return, which is significantly lower than PIPE's 30.99% return.

XLE

• 1D: 0.92%
• 1M: 3.74%
• 6M: 21.42%
• YTD: 29.29%
• 1Y: 36.53%
• 3Y*: 15.59%
• 5Y*: 22.95%
• 10Y*: 9.47%

PIPE

• 1D: 1.09%
• 1M: 5.61%
• 6M: 29.27%
• YTD: 30.99%
• 1Y: 35.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XLE vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
XLE State Street Energy Select Sector SPDR ETF	29.29%	0.42%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	30.99%	0.14%

Correlation

The correlation between XLE and PIPE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.68

The correlation between XLE and PIPE has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.

XLE vs. PIPE - Sectors Allocation Comparison

Sectors	XLE	PIPE
Energy	100.0%	88.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	1.9%

Return for Risk

XLE vs. PIPE — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 59
XLE Sharpe Ratio Rank: 67
XLE Sortino Ratio Rank: 61
XLE Omega Ratio Rank: 57
XLE Calmar Ratio Rank: 61
XLE Martin Ratio Rank: 49

PIPE

PIPE Risk / Return Rank: 87
PIPE Sharpe Ratio Rank: 90
PIPE Sortino Ratio Rank: 88
PIPE Omega Ratio Rank: 85
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 78

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. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.39	-0.64
Sortino ratio: Return per unit of downside risk	2.32	3.23	-0.90
Omega ratio: Gain probability vs. loss probability	1.29	1.41	-0.12
Calmar ratio: Return relative to maximum drawdown	2.45	4.85	-2.40
Martin ratio: Return relative to average drawdown	6.58	11.69	-5.11

XLE vs. PIPE - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.75, which is comparable to the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of XLE and PIPE, 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. PIPE - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for XLE and PIPE.

Drawdown Indicators

	XLE	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-15.69%	-55.57%
Max Drawdown (1Y) Largest decline over 1 year	-14.98%	-7.33%	-7.65%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	—	—
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	-8.20%	-1.32%	-6.88%
Average Drawdown Average peak-to-trough decline	-17.95%	-4.00%	-13.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.57%	3.03%	+2.54%

Volatility

XLE vs. PIPE - Volatility Comparison

State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 6.10% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.48%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLE	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	5.48%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	16.65%	11.69%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	20.96%	14.88%	+6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.87%	18.68%	+7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	18.68%	+10.90%

XLE vs. PIPE - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

XLE vs. PIPE - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.66%, less than PIPE's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.63%	3.74%	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	2.66%	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 PIPE in my portfolio?

XLE and PIPE have a correlation of 0.68, 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 PIPE?

XLE has higher volatility (6.10%) compared to PIPE (5.48%). In terms of maximum drawdown, XLE dropped -71.26% vs PIPE's -15.69%.

Which ETF is better, XLE or PIPE?

On 1-year performance, XLE leads with 36.53% vs 35.38% for PIPE. On fees, XLE is cheaper at 0.08% per year. On volatility, PIPE has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or PIPE?

Over the 1-year period, XLE has performed better with a 36.53% return vs 35.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or PIPE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.63%, compared with 2.66% for XLE.

What is the main difference between XLE and PIPE?

They also come from different issuers: State Street and Invesco. Their fees differ too: 0.08% for XLE and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 1.75), 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.