XLEP.L vs. XLES.L
XLEP.L (Invesco US Energy Sector UCITS ETF) and XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) are both Energy Equities funds from Invesco - XLEP.L tracks the MSCI World/Energy NR USD while XLES.L tracks the S&P® Select Sector Capped 20% Energy Index. Both are passively managed. Over the past 10 years, XLEP.L returned 10.50%/yr vs 10.50%/yr for XLES.L. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.14% expense ratio.
Performance
XLEP.L vs. XLES.L - Performance Comparison
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Different Trading Currencies
XLEP.L is traded in GBp, while XLES.L is traded in USD. To make them comparable, the XLES.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with XLEP.L having a 31.69% return and XLES.L slightly higher at 32.00%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: XLEP.L at 10.50% and XLES.L at 10.50%.
XLEP.L
- 1D
- 2.49%
- 1M
- 1.47%
- YTD
- 31.69%
- 6M
- 29.43%
- 1Y
- 44.82%
- 3Y*
- 14.32%
- 5Y*
- 21.35%
- 10Y*
- 10.50%
XLES.L
- 1D
- 2.58%
- 1M
- 1.22%
- YTD
- 32.00%
- 6M
- 29.70%
- 1Y
- 44.97%
- 3Y*
- 14.29%
- 5Y*
- 21.37%
- 10Y*
- 10.50%
XLEP.L vs. XLES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLEP.L Invesco US Energy Sector UCITS ETF | 31.69% | 1.41% | 4.85% | -5.07% | 81.43% | 53.83% | -35.01% | 5.84% | -13.66% | -9.87% |
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc | 32.00% | 1.00% | 5.10% | -4.65% | 81.11% | 53.54% | -35.86% | 7.12% | -13.56% | -9.61% |
Correlation
The correlation between XLEP.L and XLES.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 (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.97 |
The correlation between XLEP.L and XLES.L has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
XLEP.L vs. XLES.L - Sectors Allocation Comparison
Sectors
XLEP.L
XLES.L
Energy
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Financial Services
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Healthcare
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Industrials
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Real Estate
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Technology
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Utilities
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Energy
XLEP.L
XLES.L
Basic Materials
XLEP.L
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XLES.L
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Communication Services
XLEP.L
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XLES.L
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Consumer Cyclical
XLEP.L
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XLES.L
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Consumer Defensive
XLEP.L
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XLES.L
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Financial Services
XLEP.L
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XLES.L
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Healthcare
XLEP.L
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XLES.L
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Industrials
XLEP.L
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XLES.L
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Real Estate
XLEP.L
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XLES.L
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Technology
XLEP.L
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XLES.L
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Utilities
XLEP.L
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XLES.L
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Return for Risk
XLEP.L vs. XLES.L — Risk / Return Rank
XLEP.L
XLES.L
XLEP.L vs. XLES.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 Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.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 | XLES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 2.85 | -0.09 |
| Martin ratioReturn relative to average drawdown | 8.81 | 8.91 | -0.10 |
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 | XLES.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 1.97 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 0.81 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.37 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.34 | -0.10 |
Drawdowns
XLEP.L vs. XLES.L - Drawdown Comparison
The maximum XLEP.L drawdown since its inception was -63.35%, roughly equal to the maximum XLES.L drawdown of -63.08%. Use the drawdown chart below to compare losses from any high point for XLEP.L and XLES.L.
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Drawdown Indicators
| XLEP.L | XLES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.35% | -63.08% | -0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -15.71% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -24.06% | -24.42% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -24.16% | -24.42% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -63.35% | -63.08% | -0.27% |
Current DrawdownCurrent decline from peak | -7.88% | -7.71% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -16.97% | -15.44% | -1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 5.03% | +0.04% |
Volatility
XLEP.L vs. XLES.L - Volatility Comparison
Invesco US Energy Sector UCITS ETF (XLEP.L) and Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) have volatilities of 9.02% and 8.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLEP.L | XLES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.02% | 8.75% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 19.87% | 19.06% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.54% | 22.87% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.28% | 26.71% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.15% | 28.56% | -0.41% |
XLEP.L vs. XLES.L - Expense Ratio Comparison
Both XLEP.L and XLES.L have an expense ratio of 0.14%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
XLEP.L vs. XLES.L - Dividend Comparison
Neither XLEP.L nor XLES.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, XLEP.L and XLES.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.
Both ETFs have the same 0.14% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XLEP.L and XLES.L have the same expense ratio: 0.14% per year.
XLEP.L tracks MSCI World/Energy NR USD, while XLES.L tracks S&P® Select Sector Capped 20% Energy Index.
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