XLES.L vs. PMLP.L

Last updated Jul 18, 2026

XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) and PMLP.L (HANetf Alerian Midstream Energy Dividend UCITS ETF) are both Energy Equities funds - XLES.L tracks the S&P® Select Sector Capped 20% Energy Index while PMLP.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 5 years, XLES.L returned 22.08%/yr vs 20.37%/yr for PMLP.L. A 0.75 correlation means they provide meaningful diversification when combined. XLES.L charges 0.14%/yr vs 0.40%/yr for PMLP.L.

Performance

XLES.L vs. PMLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) and HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLES.L is traded in USD, while PMLP.L is traded in GBp. To make them comparable, the PMLP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLES.L achieves a 29.36% return, which is significantly lower than PMLP.L's 31.46% return.

XLES.L

• 1D: 0.68%
• 1M: 5.27%
• 6M: 22.03%
• YTD: 29.36%
• 1Y: 36.90%
• 3Y*: 14.35%
• 5Y*: 22.08%
• 10Y*: 8.93%

PMLP.L

• 1D: 0.45%
• 1M: 7.70%
• 6M: 29.13%
• YTD: 31.46%
• 1Y: 37.12%
• 3Y*: 25.92%
• 5Y*: 20.37%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XLES.L vs. PMLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	29.36%	8.75%	3.30%	0.37%	61.87%	52.10%	5.05%
PMLP.L HANetf Alerian Midstream Energy Dividend UCITS ETF	31.46%	6.05%	33.55%	13.28%	20.86%	33.63%	-12.97%

Correlation

The correlation between XLES.L and PMLP.L is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 27, 2020	0.75

The correlation between XLES.L and PMLP.L has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

XLES.L vs. PMLP.L - Sectors Allocation Comparison

Sectors	XLES.L	PMLP.L
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XLES.L vs. PMLP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XLES.L

XLES.L Risk / Return Rank: 58
XLES.L Sharpe Ratio Rank: 65
XLES.L Sortino Ratio Rank: 58
XLES.L Omega Ratio Rank: 59
XLES.L Calmar Ratio Rank: 63
XLES.L Martin Ratio Rank: 48

PMLP.L

PMLP.L Risk / Return Rank: 72
PMLP.L Sharpe Ratio Rank: 75
PMLP.L Sortino Ratio Rank: 68
PMLP.L Omega Ratio Rank: 67
PMLP.L Calmar Ratio Rank: 82
PMLP.L Martin Ratio Rank: 67

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.

XLES.L vs. PMLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) and HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.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.

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.

	XLES.L	PMLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.97	-0.33
Sortino ratio: Return per unit of downside risk	2.16	2.63	-0.47
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.41	3.80	-1.39
Martin ratio: Return relative to average drawdown	6.24	9.61	-3.38

XLES.L vs. PMLP.L - Sharpe Ratio Comparison

The current XLES.L Sharpe Ratio is 1.64, which is comparable to the PMLP.L Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of XLES.L and PMLP.L, 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

XLES.L vs. PMLP.L - Drawdown Comparison

The maximum XLES.L drawdown since its inception was -72.10%, which is greater than PMLP.L's maximum drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for XLES.L and PMLP.L.

Drawdown Indicators

	XLES.L	PMLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.10%	-32.91%	-39.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.25%	-9.73%	-5.52%
Max Drawdown (3Y) Largest decline over 3 years	-21.36%	-17.48%	-3.88%
Max Drawdown (5Y) Largest decline over 5 years	-28.55%	-19.85%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	—	—
Current Drawdown Current decline from peak	-7.57%	-0.54%	-7.03%
Average Drawdown Average peak-to-trough decline	-18.44%	-5.93%	-12.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.90%	3.84%	+2.06%

Volatility

XLES.L vs. PMLP.L - Volatility Comparison

Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) has a higher volatility of 6.74% compared to HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.L) at 5.33%. This indicates that XLES.L's price experiences larger fluctuations and is considered to be riskier than PMLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLES.L	PMLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	5.33%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	15.88%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	22.45%	18.79%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.82%	20.57%	+6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.87%	23.86%	+5.01%

XLES.L vs. PMLP.L - Expense Ratio Comparison

XLES.L has a 0.14% expense ratio, which is lower than PMLP.L's 0.40% expense ratio.

Dividends

XLES.L vs. PMLP.L - Dividend Comparison

XLES.L has not paid dividends to shareholders, while PMLP.L's dividend yield for the trailing twelve months is around 2.76%.

Position	TTM	2025	2024	2023	2022	2021	2020
PMLP.L HANetf Alerian Midstream Energy Dividend UCITS ETF	2.76%	3.31%	3.37%	6.48%	6.12%	6.58%	4.17%
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLES.L and PMLP.L in my portfolio?

XLES.L and PMLP.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLES.L or PMLP.L?

On fees, XLES.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLES.L or PMLP.L?

XLES.L is cheaper with a 0.14% expense ratio, compared with 0.40% for PMLP.L.

What is the main difference between XLES.L and PMLP.L?

XLES.L tracks S&P® Select Sector Capped 20% Energy Index, while PMLP.L tracks MSCI World/Energy NR USD. They also come from different issuers: Invesco and HANetf. Their fees differ too: 0.14% for XLES.L and 0.40% for PMLP.L.