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XLE vs. XMA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLE vs. XMA.TO

Last updated Jun 14, 2026

XLE (State Street Energy Select Sector SPDR ETF) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while XMA.TO is a Materials fund tracking the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 10 years, XLE returned 9.91%/yr vs 12.52%/yr for XMA.TO. At a 0.38 correlation, their price movements are largely independent. XLE charges 0.08%/yr vs 0.60%/yr for XMA.TO.

Performance

XLE vs. XMA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XLE is traded in USD, while XMA.TO is traded in CAD. To make them comparable, the XMA.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLE achieves a 29.56% return, which is significantly higher than XMA.TO's -0.05% return. Over the past 10 years, XLE has underperformed XMA.TO with an annualized return of 9.91%, while XMA.TO has yielded a comparatively higher 12.52% annualized return.

XLE

1D
0.75%
1M
-0.90%
YTD
29.56%
6M
28.37%
1Y
34.84%
3Y*
16.18%
5Y*
20.12%
10Y*
9.91%

XMA.TO

1D
2.84%
1M
-6.22%
YTD
-0.05%
6M
1.92%
1Y
49.51%
3Y*
31.32%
5Y*
15.40%
10Y*
12.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLE vs. XMA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLE
State Street Energy Select Sector SPDR ETF		29.56%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		-0.05%108.74%11.29%0.35%-4.69%3.37%22.64%30.00%-17.38%14.90%

Correlation

The correlation between XLE and XMA.TO is 0.01, 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

0.01

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.38

Over the past year, the correlation between XLE and XMA.TO has dropped to 0.01 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

XLE vs. XMA.TO - Sectors Allocation Comparison

Sectors
XLE
XMA.TO

Energy

100.0%

-

Basic Materials

-

98.1%

Communication Services

-

-

Consumer Cyclical

-

1.6%

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

0.0%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

XLE
100.0%
XMA.TO

-

Basic Materials

XLE

-

XMA.TO
98.1%

Communication Services

XLE

-

XMA.TO

-

Consumer Cyclical

XLE

-

XMA.TO
1.6%

Consumer Defensive

XLE

-

XMA.TO

-

Financial Services

XLE

-

XMA.TO

-

Healthcare

XLE

-

XMA.TO

-

Industrials

XLE

-

XMA.TO
0.0%

Real Estate

XLE

-

XMA.TO

-

Technology

XLE

-

XMA.TO

-

Utilities

XLE

-

XMA.TO

-

Compare stocks, funds, or ETFs

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State Street Energy Select Sector SPDR ETF

iShares S&P/TSX Capped Materials Index ETF

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Often compared with XMA.TO:
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Return for Risk

XLE vs. XMA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLE
XLE Risk / Return Rank: 6161
Overall Rank
XLE Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 5858
Sortino Ratio Rank
XLE Omega Ratio Rank: 5454
Omega Ratio Rank
XLE Calmar Ratio Rank: 7171
Calmar Ratio Rank
XLE Martin Ratio Rank: 5656
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4444
Overall Rank
XMA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 3838
Martin Ratio Rank
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. XMA.TO - 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/TSX Capped Materials Index ETF (XMA.TO). 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.

XLEXMA.TODifference
Sharpe ratioReturn per unit of total volatility
1.82
1.35

+0.46

Sortino ratioReturn per unit of downside risk
2.40
1.74

+0.66

Omega ratioGain probability vs. loss probability

1.30

1.25

+0.05

Calmar ratioReturn relative to maximum drawdown

3.10

1.76

+1.34

Martin ratioReturn relative to average drawdown

8.63

4.94

+3.70

XLE vs. XMA.TO - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.82, which is higher than the XMA.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of XLE and XMA.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XLE vs. XMA.TO - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum XMA.TO drawdown of -76.39%. Use the drawdown chart below to compare losses from any high point for XLE and XMA.TO.

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Drawdown Indicators

XLEXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-71.26%

-76.39%

+5.13%

Max Drawdown (1Y)

Largest decline over 1 year

-12.05%

-29.93%

+17.88%

Max Drawdown (3Y)

Largest decline over 3 years

-20.14%

-29.93%

+9.79%

Max Drawdown (5Y)

Largest decline over 5 years

-26.04%

-37.18%

+11.14%

Max Drawdown (10Y)

Largest decline over 10 years

-66.81%

-37.18%

-29.63%

Current Drawdown

Current decline from peak

-8.01%

-24.63%

+16.62%

Average Drawdown

Average peak-to-trough decline

-17.97%

-37.72%

+19.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.32%

10.66%

-6.34%

Volatility

XLE vs. XMA.TO - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 7.26%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 15.40%. This indicates that XLE experiences smaller price fluctuations and is considered to be less risky than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLEXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.26%

15.40%

-8.14%

Volatility (6M)

Calculated over the trailing 6-month period

16.79%

32.78%

-15.99%

Volatility (1Y)

Calculated over the trailing 1-year period

20.57%

38.99%

-18.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.05%

28.82%

-2.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.58%

27.56%

+2.02%

XLE vs. XMA.TO - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than XMA.TO's 0.60% expense ratio.

Dividends

XLE vs. XMA.TO - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.59%, more than XMA.TO's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
XLE
State Street Energy Select Sector SPDR ETF		2.59%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.39%0.41%0.83%1.26%1.24%0.87%0.63%0.64%0.75%0.47%0.82%1.87%

Frequently Asked Questions

XLE and XMA.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLE is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLE is cheaper with a 0.08% expense ratio, compared with 0.60% for XMA.TO.

XLE is categorized as Energy Equities, while XMA.TO is Materials. XLE tracks Energy Select Sector Index, while XMA.TO tracks S&P/TSX Capped Materials TR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLE and 0.60% for XMA.TO.

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