XLEP.L vs. ENGW.L
XLEP.L (Invesco US Energy Sector UCITS ETF) and ENGW.L (SPDR MSCI World Energy UCITS ETF) are both Energy Equities funds tracking the MSCI World/Energy NR USD, from Invesco and State Street respectively. Both are passively managed. Over the past 3 years, XLEP.L returned 14.05%/yr vs 15.70%/yr for ENGW.L. With a 0.98 correlation, they move nearly in lockstep. XLEP.L charges 0.14%/yr vs 0.30%/yr for ENGW.L.
Performance
XLEP.L vs. ENGW.L - Performance Comparison
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Different Trading Currencies
XLEP.L is traded in GBp, while ENGW.L is traded in GBP. To make them comparable, the ENGW.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with XLEP.L having a 31.41% return and ENGW.L slightly lower at 30.79%.
XLEP.L
- 1D
- -0.21%
- 1M
- -0.08%
- YTD
- 31.41%
- 6M
- 28.36%
- 1Y
- 47.38%
- 3Y*
- 14.05%
- 5Y*
- 21.30%
- 10Y*
- 10.15%
ENGW.L
- 1D
- -0.52%
- 1M
- -0.82%
- YTD
- 30.79%
- 6M
- 28.06%
- 1Y
- 48.84%
- 3Y*
- 15.70%
- 5Y*
- —
- 10Y*
- —
XLEP.L vs. ENGW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XLEP.L Invesco US Energy Sector UCITS ETF | 31.41% | 1.41% | 4.85% | -5.07% | 25.66% |
ENGW.L SPDR MSCI World Energy UCITS ETF | 30.79% | 7.20% | 3.55% | -2.06% | 20.65% |
Correlation
The correlation between XLEP.L and ENGW.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.98 |
The correlation between XLEP.L and ENGW.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
XLEP.L vs. ENGW.L — Risk / Return Rank
XLEP.L
ENGW.L
XLEP.L vs. ENGW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Energy Sector UCITS ETF (XLEP.L) and SPDR MSCI World Energy UCITS ETF (ENGW.L). 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.
| XLEP.L | ENGW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 3.34 | -0.42 |
| Martin ratioReturn relative to average drawdown | 9.27 | 11.05 | -1.78 |
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
| XLEP.L | ENGW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 2.30 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.61 | -0.36 |
Drawdowns
XLEP.L vs. ENGW.L - Drawdown Comparison
The maximum XLEP.L drawdown since its inception was -63.35%, which is greater than ENGW.L's maximum drawdown of -21.65%. Use the drawdown chart below to compare losses from any high point for XLEP.L and ENGW.L.
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Drawdown Indicators
| XLEP.L | ENGW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.35% | -21.65% | -41.70% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -14.56% | -1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -24.06% | -21.40% | -2.66% |
Max Drawdown (5Y)Largest decline over 5 years | -24.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -63.35% | — | — |
Current DrawdownCurrent decline from peak | -8.08% | -7.57% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -16.96% | -8.76% | -8.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.10% | 4.41% | +0.69% |
Volatility
XLEP.L vs. ENGW.L - Volatility Comparison
Invesco US Energy Sector UCITS ETF (XLEP.L) has a higher volatility of 8.92% compared to SPDR MSCI World Energy UCITS ETF (ENGW.L) at 8.05%. This indicates that XLEP.L's price experiences larger fluctuations and is considered to be riskier than ENGW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLEP.L | ENGW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.92% | 8.05% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 19.87% | 18.04% | +1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.44% | 21.21% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.28% | 22.79% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.14% | 22.79% | +5.35% |
XLEP.L vs. ENGW.L - Expense Ratio Comparison
XLEP.L has a 0.14% expense ratio, which is lower than ENGW.L's 0.30% expense ratio.
Dividends
XLEP.L vs. ENGW.L - Dividend Comparison
Neither XLEP.L nor ENGW.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, XLEP.L and ENGW.L 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.
On fees, XLEP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLEP.L is cheaper with a 0.14% expense ratio, compared with 0.30% for ENGW.L.
Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.14% for XLEP.L and 0.30% for ENGW.L.
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