XLE vs. SPDN
XLE (State Street Energy Select Sector SPDR ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLE returned 10.02%/yr vs -12.43%/yr for SPDN. At a correlation of -0.44, they often move in opposite directions. XLE charges 0.08%/yr vs 0.50%/yr for SPDN.
Performance
XLE vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, XLE achieves a 31.32% return, which is significantly higher than SPDN's -5.89% return. Over the past 10 years, XLE has outperformed SPDN with an annualized return of 10.02%, while SPDN has yielded a comparatively lower -12.43% annualized return.
XLE
- 1D
- 1.14%
- 1M
- 4.72%
- YTD
- 31.32%
- 6M
- 30.37%
- 1Y
- 44.35%
- 3Y*
- 16.51%
- 5Y*
- 20.33%
- 10Y*
- 10.02%
SPDN
- 1D
- -0.11%
- 1M
- 0.11%
- YTD
- -5.89%
- 6M
- -5.63%
- 1Y
- -14.82%
- 3Y*
- -12.12%
- 5Y*
- -8.55%
- 10Y*
- -12.43%
XLE vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLE State Street Energy Select Sector SPDR ETF | 31.32% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.89% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between XLE and SPDN is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.44 |
The correlation between XLE and SPDN shifts across timeframes, from -0.44 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XLE vs. SPDN — Risk / Return Rank
XLE
SPDN
XLE vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.39 | ||
| Sortino ratioReturn per unit of downside risk | +4.55 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.81 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | -0.84 | +4.54 |
| Martin ratioReturn relative to average drawdown | 10.59 | -1.53 | +12.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XLE | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | -1.21 | +3.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | -0.51 | +1.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | -0.69 | +1.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.69 | +0.99 |
Drawdowns
XLE vs. SPDN - Drawdown Comparison
The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for XLE and SPDN.
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Drawdown Indicators
| XLE | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.26% | -75.31% | +4.05% |
Max Drawdown (1Y)Largest decline over 1 year | -12.05% | -17.73% | +5.68% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -38.24% | +18.10% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -43.85% | +17.81% |
Max Drawdown (10Y)Largest decline over 10 years | -66.81% | -75.31% | +8.50% |
Current DrawdownCurrent decline from peak | -6.76% | -74.65% | +67.89% |
Average DrawdownAverage peak-to-trough decline | -17.98% | -48.57% | +30.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.20% | 9.71% | -5.51% |
Volatility
XLE vs. SPDN - Volatility Comparison
State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 7.07% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLE | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 3.55% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 9.44% | +7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.48% | 12.33% | +8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.03% | 16.90% | +9.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.58% | 18.05% | +11.53% |
XLE vs. SPDN - Expense Ratio Comparison
XLE has a 0.08% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
XLE vs. SPDN - Dividend Comparison
XLE's dividend yield for the trailing twelve months is around 2.56%, less than SPDN's 4.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.01% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% | 0.00% |
XLE State Street Energy Select Sector SPDR ETF | 2.56% | 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 SPDN have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (7.07%) compared to SPDN (3.55%). In terms of maximum drawdown, XLE dropped -71.26% vs SPDN's -75.31%.
On 10-year performance, XLE leads with 10.02% vs -12.43% for SPDN. On fees, XLE is cheaper at 0.08% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 10.02% return vs -12.43%. 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 0.50% for SPDN.
SPDN has the higher dividend yield at 4.01%, compared with 2.56% for XLE.
XLE is categorized as Energy Equities, while SPDN is Inverse Equities. XLE tracks Energy Select Sector Index, while SPDN tracks S&P 500 Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.08% for XLE and 0.50% for SPDN.
XLE currently has the higher Sharpe Ratio (2.18 vs -1.21), 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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