XLES.L vs. SXLE.L

Last updated Jun 5, 2026

XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) and SXLE.L (State Street SPDR S&P U.S. Energy Select Sector UCITS ETF) are both Energy Equities funds - XLES.L tracks the S&P® Select Sector Capped 20% Energy Index while SXLE.L tracks the S&P Energy Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 10 years, XLES.L returned 9.33%/yr vs 9.59%/yr for SXLE.L. With a 0.99 correlation, they move nearly in lockstep. XLES.L charges 0.14%/yr vs 0.15%/yr for SXLE.L.

Performance

XLES.L vs. SXLE.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 State Street SPDR S&P U.S. Energy Select Sector UCITS ETF (SXLE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XLES.L having a 31.08% return and SXLE.L slightly lower at 30.51%. Both investments have delivered pretty close results over the past 10 years, with XLES.L having a 9.33% annualized return and SXLE.L not far ahead at 9.59%.

XLES.L

• 1D: -0.33%
• 1M: -1.17%
• YTD: 31.08%
• 6M: 29.05%
• 1Y: 45.84%
• 3Y*: 17.04%
• 5Y*: 20.00%
• 10Y*: 9.33%

SXLE.L

• 1D: -0.28%
• 1M: -1.01%
• YTD: 30.51%
• 6M: 29.43%
• 1Y: 46.36%
• 3Y*: 17.26%
• 5Y*: 20.21%
• 10Y*: 9.59%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	31.08%	8.75%	3.30%	0.37%	61.87%	52.10%	-33.17%	10.10%	-17.97%	-1.57%
SXLE.L State Street SPDR S&P U.S. Energy Select Sector UCITS ETF	30.51%	9.74%	3.75%	0.62%	62.75%	50.77%	-31.89%	9.19%	-18.13%	-1.18%

Correlation

The correlation between XLES.L and SXLE.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 15, 2015	0.99

The correlation between XLES.L and SXLE.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

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

Sectors	XLES.L	SXLE.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. SXLE.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: 62
XLES.L Sharpe Ratio Rank: 65
XLES.L Sortino Ratio Rank: 57
XLES.L Omega Ratio Rank: 59
XLES.L Calmar Ratio Rank: 68
XLES.L Martin Ratio Rank: 60

SXLE.L

SXLE.L Risk / Return Rank: 60
SXLE.L Sharpe Ratio Rank: 64
SXLE.L Sortino Ratio Rank: 56
SXLE.L Omega Ratio Rank: 58
SXLE.L Calmar Ratio Rank: 65
SXLE.L Martin Ratio Rank: 57

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. SXLE.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 State Street SPDR S&P U.S. Energy Select Sector UCITS ETF (SXLE.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.

	XLES.L	SXLE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.12	+0.01
Sortino ratio: Return per unit of downside risk	2.68	2.64	+0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	3.36	3.17	+0.19
Martin ratio: Return relative to average drawdown	10.46	9.94	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XLES.L Sharpe Ratio is 2.13, which is comparable to the SXLE.L Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of XLES.L and SXLE.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.

Sharpe Ratios by Period

	XLES.L	SXLE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.12	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.76	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.33	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.35	-0.07

Drawdowns

XLES.L vs. SXLE.L - Drawdown Comparison

The maximum XLES.L drawdown since its inception was -72.10%, which is greater than SXLE.L's maximum drawdown of -66.60%. Use the drawdown chart below to compare losses from any high point for XLES.L and SXLE.L.

Drawdown Indicators

	XLES.L	SXLE.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.10%	-66.60%	-5.50%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-14.55%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.36%	-20.90%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-28.55%	-27.87%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	-66.60%	-0.95%
Current Drawdown Current decline from peak	-6.34%	-7.44%	+1.10%
Average Drawdown Average peak-to-trough decline	-20.42%	-13.96%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	4.65%	-0.28%

Volatility

XLES.L vs. SXLE.L - Volatility Comparison

Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) and State Street SPDR S&P U.S. Energy Select Sector UCITS ETF (SXLE.L) have volatilities of 8.15% and 8.15%, 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.

Volatility by Period

	XLES.L	SXLE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	8.15%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	18.13%	18.52%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	21.87%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.88%	26.65%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.92%	28.66%	+0.26%

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

XLES.L has a 0.14% expense ratio, which is lower than SXLE.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLES.L vs. SXLE.L - Dividend Comparison

Neither XLES.L nor SXLE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.99, XLES.L and SXLE.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.

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

XLES.L is cheaper with a 0.14% expense ratio, compared with 0.15% for SXLE.L.

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

XLES.L tracks S&P® Select Sector Capped 20% Energy Index, while SXLE.L tracks S&P Energy Select Sector Daily Capped 35/20 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.14% for XLES.L and 0.15% for SXLE.L.