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XMA.TO vs. XLE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMA.TO vs. XLE

Last updated Jun 14, 2026

XMA.TO (iShares S&P/TSX Capped Materials Index ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - XMA.TO is a Materials fund tracking the S&P/TSX Capped Materials TR, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, XMA.TO returned 13.48%/yr vs 10.85%/yr for XLE. At a 0.35 correlation, their price movements are largely independent. XMA.TO charges 0.60%/yr vs 0.08%/yr for XLE.

Performance

XMA.TO vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Materials Index ETF (XMA.TO) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XMA.TO is traded in CAD, while XLE is traded in USD. To make them comparable, the XLE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMA.TO achieves a 1.98% return, which is significantly lower than XLE's 32.19% return. Over the past 10 years, XMA.TO has outperformed XLE with an annualized return of 13.48%, while XLE has yielded a comparatively lower 10.85% annualized return.

XMA.TO

1D
3.03%
1M
-10.24%
YTD
1.98%
6M
3.38%
1Y
53.64%
3Y*
33.28%
5Y*
18.78%
10Y*
13.48%

XLE

1D
0.94%
1M
1.04%
YTD
32.19%
6M
30.20%
1Y
38.57%
3Y*
17.92%
5Y*
23.64%
10Y*
10.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMA.TO vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		1.98%99.21%20.72%-2.04%1.35%3.32%19.73%24.64%-10.44%7.12%
XLE
State Street Energy Select Sector SPDR ETF		32.19%2.95%14.50%-2.99%74.74%53.20%-34.27%7.14%-11.34%-7.60%

Correlation

The correlation between XMA.TO and XLE is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.35

Over the past year, the correlation between XMA.TO and XLE has dropped to 0.00 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

XMA.TO vs. XLE - Sectors Allocation Comparison

Sectors
XMA.TO
XLE

Basic Materials

98.1%

-

Consumer Cyclical

1.6%

-

Industrials

0.0%

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

100.0%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

XMA.TO
98.1%
XLE

-

Consumer Cyclical

XMA.TO
1.6%
XLE

-

Industrials

XMA.TO
0.0%
XLE

-

Communication Services

XMA.TO

-

XLE

-

Consumer Defensive

XMA.TO

-

XLE

-

Energy

XMA.TO

-

XLE
100.0%

Financial Services

XMA.TO

-

XLE

-

Healthcare

XMA.TO

-

XLE

-

Real Estate

XMA.TO

-

XLE

-

Technology

XMA.TO

-

XLE

-

Utilities

XMA.TO

-

XLE

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Capped Materials Index ETF

State Street Energy Select Sector SPDR ETF

Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TO
Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

Return for Risk

XMA.TO vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMA.TO
XMA.TO Risk / Return Rank: 4444
Overall Rank
XMA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 3838
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 6161
Overall Rank
XLE Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 5858
Sortino Ratio Rank
XLE Omega Ratio Rank: 5454
Omega Ratio Rank
XLE Calmar Ratio Rank: 7171
Calmar Ratio Rank
XLE Martin Ratio Rank: 5656
Martin Ratio Rank
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.

XMA.TO vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Materials Index ETF (XMA.TO) and State Street Energy Select Sector SPDR ETF (XLE). 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.

XMA.TOXLEDifference
Sharpe ratioReturn per unit of total volatility
1.46
1.93

-0.47

Sortino ratioReturn per unit of downside risk
1.83
2.56

-0.73

Omega ratioGain probability vs. loss probability

1.27

1.32

-0.05

Calmar ratioReturn relative to maximum drawdown

1.97

3.11

-1.14

Martin ratioReturn relative to average drawdown

5.39

8.94

-3.55

XMA.TO vs. XLE - Sharpe Ratio Comparison

The current XMA.TO Sharpe Ratio is 1.46, which is comparable to the XLE Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of XMA.TO and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XMA.TO vs. XLE - Drawdown Comparison

The maximum XMA.TO drawdown since its inception was -64.42%, roughly equal to the maximum XLE drawdown of -63.49%. Use the drawdown chart below to compare losses from any high point for XMA.TO and XLE.

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Drawdown Indicators

XMA.TOXLEDifference

Max Drawdown

Largest peak-to-trough decline

-64.42%

-63.49%

-0.93%

Max Drawdown (1Y)

Largest decline over 1 year

-28.51%

-13.01%

-15.50%

Max Drawdown (3Y)

Largest decline over 3 years

-28.51%

-19.75%

-8.76%

Max Drawdown (5Y)

Largest decline over 5 years

-33.06%

-23.40%

-9.66%

Max Drawdown (10Y)

Largest decline over 10 years

-33.06%

-63.49%

+30.43%

Current Drawdown

Current decline from peak

-23.00%

-7.21%

-15.79%

Average Drawdown

Average peak-to-trough decline

-27.07%

-13.65%

-13.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.41%

4.52%

+5.89%

Volatility

XMA.TO vs. XLE - Volatility Comparison

iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a higher volatility of 15.41% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.50%. This indicates that XMA.TO's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMA.TOXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.41%

7.50%

+7.91%

Volatility (6M)

Calculated over the trailing 6-month period

32.63%

17.34%

+15.29%

Volatility (1Y)

Calculated over the trailing 1-year period

38.59%

20.96%

+17.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.96%

26.59%

+1.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.78%

30.10%

-3.32%

XMA.TO vs. XLE - Expense Ratio Comparison

XMA.TO has a 0.60% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

XMA.TO vs. XLE - Dividend Comparison

XMA.TO's dividend yield for the trailing twelve months is around 0.39%, less than XLE's 2.59% yield.

PositionTTM20252024202320222021202020192018201720162015
XLE
State Street Energy Select Sector SPDR ETF		2.59%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.39%0.41%0.83%1.26%1.24%0.87%0.63%0.64%0.75%0.47%0.82%1.87%

Frequently Asked Questions

XMA.TO and XLE have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLE is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLE is cheaper with a 0.08% expense ratio, compared with 0.60% for XMA.TO.

XMA.TO is categorized as Materials, while XLE is Energy Equities. XMA.TO tracks S&P/TSX Capped Materials TR, while XLE tracks Energy Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.60% for XMA.TO and 0.08% for XLE.

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