ZBRA vs. XLE

Last updated Aug 1, 2026

ZBRA (Zebra Technologies Corporation) is a stock, while XLE (State Street Energy Select Sector SPDR ETF) is Energy Equities fund tracking the Energy Select Sector Index. Over the past 10 years, ZBRA returned 18.79%/yr vs 10.52%/yr for XLE. Their 0.33 correlation means their historical movements had little consistent relationship.

Performance

ZBRA vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zebra Technologies Corporation (ZBRA) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZBRA achieves a 21.00% return, which is significantly lower than XLE's 35.03% return. Over the past 10 years, ZBRA has outperformed XLE with an annualized return of 18.79%, while XLE has yielded a comparatively lower 10.52% annualized return.

ZBRA

• 1D: 1.82%
• 1M: 9.97%
• 6M: 25.04%
• YTD: 21.00%
• 1Y: -12.36%
• 3Y*: 4.87%
• 5Y*: -11.86%
• 10Y*: 18.79%
• ALL TIME*: 13.17%

XLE

• 1D: 1.00%
• 1M: 11.89%
• 6M: 18.26%
• YTD: 35.03%
• 1Y: 43.49%
• 3Y*: 14.62%
• 5Y*: 23.67%
• 10Y*: 10.52%
• ALL TIME*: 8.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XLE State Street Energy Select Sector SPDR ETF	$1.70B	$1.73B	$1.97B
ZBRA Zebra Technologies Corporation	$214.87M	$186.10M	$241.29M

ZBRA vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZBRA Zebra Technologies Corporation	21.00%	-37.13%	41.30%	6.60%	-56.92%	54.87%	50.46%	60.42%	53.40%	21.04%
XLE State Street Energy Select Sector SPDR ETF	35.03%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between ZBRA and XLE is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.33

The correlation between ZBRA and XLE shifts across timeframes, from -0.02 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZBRA vs. XLE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZBRA

ZBRA Risk / Return Rank: 32
ZBRA Sharpe Ratio Rank: 31
ZBRA Sortino Ratio Rank: 29
ZBRA Omega Ratio Rank: 29
ZBRA Calmar Ratio Rank: 33
ZBRA Martin Ratio Rank: 35

XLE

XLE Risk / Return Rank: 76
XLE Sharpe Ratio Rank: 84
XLE Sortino Ratio Rank: 79
XLE Omega Ratio Rank: 76
XLE Calmar Ratio Rank: 78
XLE Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZBRA vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zebra Technologies Corporation (ZBRA) 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.

	ZBRA	XLE	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	1.95	-2.25
Sortino ratio: Return per unit of downside risk	-0.15	2.53	-2.67
Omega ratio: Gain probability vs. loss probability	0.98	1.32	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.32	2.74	-3.06
Martin ratio: Return relative to average drawdown	-0.52	7.32	-7.83

ZBRA vs. XLE - Sharpe Ratio Comparison

The current ZBRA Sharpe Ratio is -0.30, which is lower than the XLE Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of ZBRA 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.

Drawdowns

ZBRA vs. XLE - Drawdown Comparison

The maximum ZBRA drawdown since its inception was -73.42%, roughly equal to the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for ZBRA and XLE.

Drawdown Indicators

	ZBRA	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-73.42%	-71.26%	-2.16%
Max Drawdown (1Y) Largest decline over 1 year	-41.62%	-14.98%	-26.64%
Max Drawdown (3Y) Largest decline over 3 years	-52.67%	-20.14%	-32.53%
Max Drawdown (5Y) Largest decline over 5 years	-67.78%	-26.04%	-41.74%
Max Drawdown (10Y) Largest decline over 10 years	-67.78%	-66.81%	-0.97%
Current Drawdown Current decline from peak	-52.19%	-4.13%	-48.06%
Average Drawdown Average peak-to-trough decline	-27.82%	-17.93%	-9.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.86%	5.62%	+20.24%

Volatility

ZBRA vs. XLE - Volatility Comparison

Zebra Technologies Corporation (ZBRA) has a higher volatility of 10.84% compared to State Street Energy Select Sector SPDR ETF (XLE) at 5.85%. This indicates that ZBRA'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.

Volatility by Period

	ZBRA	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	5.85%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	32.77%	16.71%	+16.06%
Volatility (1Y) Calculated over the trailing 1-year period	43.95%	21.05%	+22.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.89%	25.77%	+15.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.39%	29.57%	+9.82%

Dividends

ZBRA vs. XLE - Dividend Comparison

ZBRA has not paid dividends to shareholders, while XLE's dividend yield for the trailing twelve months is around 2.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLE State Street Energy Select Sector SPDR ETF	2.55%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%
ZBRA Zebra Technologies Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZBRA and XLE in my portfolio?

ZBRA and XLE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZBRA or XLE?

ZBRA has higher volatility (10.84%) compared to XLE (5.85%). In terms of maximum drawdown, ZBRA dropped -73.42% vs XLE's -71.26%.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.95 vs -0.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.