XLEI vs. VTEB

Last updated Aug 2, 2026

XLEI (State Street Energy Select Sector SPDR Premium Income ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - XLEI is a Energy Equities fund tracking the S&P Energy Select Sector, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, XLEI returned 35.36% vs 4.77% for VTEB. Their -0.31 correlation means they have often moved in opposite directions in the past. XLEI charges 0.35%/yr vs 0.03%/yr for VTEB.

Performance

XLEI vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR Premium Income ETF (XLEI) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLEI achieves a 24.56% return, which is significantly higher than VTEB's 0.31% return.

XLEI

• 1D: 0.78%
• 1M: 10.90%
• 6M: 15.89%
• YTD: 24.56%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.17%

VTEB

• 1D: -0.10%
• 1M: -1.84%
• 6M: -0.23%
• YTD: 0.31%
• 1Y: 4.77%
• 3Y*: 2.92%
• 5Y*: 0.53%
• 10Y*: 1.88%
• ALL TIME*: 2.28%

*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)
VTEB Vanguard Tax-Exempt Bond ETF	$377.87M	$352.76M	$360.69M
XLEI State Street Energy Select Sector SPDR Premium Income ETF	$1.55M	$1.39M	$1.31M

XLEI vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025
XLEI State Street Energy Select Sector SPDR Premium Income ETF	24.56%	6.17%
VTEB Vanguard Tax-Exempt Bond ETF	0.31%	5.07%

Correlation

The correlation between XLEI and VTEB is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.31
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	-0.31

Return for Risk

XLEI vs. VTEB — Risk / Return Rank

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

XLEI

XLEI Risk / Return Rank: 89
XLEI Sharpe Ratio Rank: 92
XLEI Sortino Ratio Rank: 88
XLEI Omega Ratio Rank: 89
XLEI Calmar Ratio Rank: 91
XLEI Martin Ratio Rank: 86

VTEB

VTEB Risk / Return Rank: 74
VTEB Sharpe Ratio Rank: 84
VTEB Sortino Ratio Rank: 85
VTEB Omega Ratio Rank: 89
VTEB Calmar Ratio Rank: 57
VTEB Martin Ratio Rank: 56

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.

XLEI vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR Premium Income ETF (XLEI) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.

	XLEI	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.95	+0.45
Sortino ratio: Return per unit of downside risk	3.00	2.79	+0.21
Omega ratio: Gain probability vs. loss probability	1.41	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	4.11	2.00	+2.11
Martin ratio: Return relative to average drawdown	12.37	6.62	+5.75

XLEI vs. VTEB - Sharpe Ratio Comparison

The current XLEI Sharpe Ratio is 2.40, which is comparable to the VTEB Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XLEI and VTEB, 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

XLEI vs. VTEB - Drawdown Comparison

The maximum XLEI drawdown since its inception was -8.19%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for XLEI and VTEB.

Drawdown Indicators

	XLEI	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-8.19%	-17.00%	+8.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.19%	-2.71%	-5.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	0.00%	-1.86%	+1.86%
Average Drawdown Average peak-to-trough decline	-1.84%	-2.30%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	0.82%	+1.92%

Volatility

XLEI vs. VTEB - Volatility Comparison

State Street Energy Select Sector SPDR Premium Income ETF (XLEI) has a higher volatility of 3.96% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.88%. This indicates that XLEI's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLEI	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	0.88%	+3.08%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	2.22%	+9.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.03%	2.79%	+11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.02%	3.92%	+10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.02%	5.25%	+8.77%

XLEI vs. VTEB - Expense Ratio Comparison

XLEI has a 0.35% expense ratio, which is higher than VTEB's 0.03% expense ratio.

Dividends

XLEI vs. VTEB - Dividend Comparison

XLEI's dividend yield for the trailing twelve months is around 18.37%, more than VTEB's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTEB Vanguard Tax-Exempt Bond ETF	3.14%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%
XLEI State Street Energy Select Sector SPDR Premium Income ETF	18.37%	10.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLEI and VTEB in my portfolio?

XLEI and VTEB have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLEI or VTEB?

XLEI has higher volatility (3.96%) compared to VTEB (0.88%). In terms of maximum drawdown, XLEI dropped -8.19% vs VTEB's -17.00%.

Which ETF is better, XLEI or VTEB?

On 1-year performance, XLEI leads with 35.36% vs 4.77% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLEI or VTEB?

Over the 1-year period, XLEI has performed better with a 35.36% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLEI or VTEB?

VTEB is cheaper with a 0.03% expense ratio, compared with 0.35% for XLEI.

Which ETF pays a higher dividend yield, XLEI or VTEB?

XLEI has the higher dividend yield at 18.37%, compared with 3.14% for VTEB.

What is the main difference between XLEI and VTEB?

XLEI is categorized as Energy Equities, while VTEB is Municipal Bonds. XLEI tracks S&P Energy Select Sector, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for XLEI and 0.03% for VTEB.

Which has better risk-adjusted returns?

XLEI currently has the higher Sharpe Ratio (2.40 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.