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Relative Intelligence · Energy Equity

How State Street Energy Select Sector SPDR ETF (XLE) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on XLE alone. It places XLE (State Street Energy Select Sector SPDR ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where XLE stands in the market, and of the alternatives worth a closer look.

Period covered: XLE's full trading record, from December 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against XLE →Chart XLE vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in XLE have grown?

This chart tracks a hypothetical $10,000 investment in XLE over the past 24 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of XLE over the same span and XLE's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 24 years rather than XLE's full 27 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2002 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 640 of the 1,370 stocks and funds worth at least $500 million that traded the whole period ended ahead of XLE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2002200620102014201820222026$10,000$100,000$1M20022008201420202026
  • WMB$3M+29,250% total · +26.7% a year
  • GWW$431,509+4,215% total · +17.0% a year
  • WELL$280,457+2,705% total · +14.9% a year
  • COR$234,223+2,242% total · +14.0% a year
  • NHC$219,973+2,100% total · +13.7% a year
  • SPY (S&P 500)$144,215+1,342% total · +11.8% a year
  • XLE$111,825+1,018% total · +10.6% a year
  • XLB$92,414+824% total · +9.7% a year
  • IXP$86,960+770% total · +9.4% a year
  • IXC$79,459+695% total · +9.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 392 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of XLE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • CAH$49,682+397% total · +37.8% a year
  • NHC$35,792+258% total · +29.0% a year
  • GWW$33,303+233% total · +27.2% a year
  • DXJ$32,976+230% total · +27.0% a year
  • XOM$32,965+230% total · +26.9% a year
  • XLE$28,160+182% total · +23.0% a year
  • USO$27,713+177% total · +22.6% a year
  • IEO$26,205+162% total · +21.2% a year
  • ENFR$24,434+144% total · +19.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

XLE at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The fund

Issuer
SPDR
Began trading
December 1998
Expense ratio
0.08%per year
Assets
$44B
Category
Energy

Returns

Past 1 year
+60.9%total return
Past 3 years
+65.6%+18.3% a year
Past 5 years
+177%+22.6% a year
Past 10 years
+189%+11.2% a year
Best calendar year
+64.4%2022
Worst calendar year
−38.9%2008
Losing years
9 of 27full calendar years

Risk

Volatility
25.5%typical yearly swing, 5 years
Sharpe ratio
0.93return per unit of risk, 5 years
Worst decline ever
−71.3%Jun 2014 to Mar 2020
From its all-time high
At its highwithin 1%

XLE against the whole market

Where XLE ranks among every stock and fund, and what across the market has done better.

How does XLE rank among all ETFs?

This section ranks XLE on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how XLE stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureXLERankStanding
1-year return+60.9%31 of 2,485top 1%
3-year return+65.6%875 of 1,949top 45%
5-year return+177%20 of 1,560top 1%
10-year return+189%325 of 958top 34%
Volatility, 5 years25.5%1,380 of 1,560bottom 13%
Sharpe ratio, 5 years0.93175 of 1,560top 11%
Worst decline, past 10 years−66.8%902 of 951bottom 6%

What has beaten XLE on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). XLE sits where the dashed lines cross. Anything in the green box above and to the left earned more than XLE with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to XLE; faint dots are 3 more of the 5 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

16.0%18.0%20.0%22.0%24.0%26.0%28.0%30.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than XLEABBV: +26.1% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%WMB: +24.6% a year, volatility 24.0%XLE: +22.6% a year, volatility 25.5%SPY (S&P 500): +12.7% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%XOM: +27.1% a year, volatility 26.5%DXJ: +26.6% a year, volatility 19.1%NHC: +32.0% a year, volatility 28.5%GWW: +26.3% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%VOO: +12.8% a year, volatility 16.9%XLESPY (S&P 500)CORCAHXOMDXJNHCGWWMPLXVOO15.0%20.0%25.0%30.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than XLEABBV: +26.1% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%WMB: +24.6% a year, volatility 24.0%XLE: +22.6% a year, volatility 25.5%SPY (S&P 500): +12.7% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%XOM: +27.1% a year, volatility 26.5%DXJ: +26.6% a year, volatility 19.1%NHC: +32.0% a year, volatility 28.5%GWW: +26.3% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%VOO: +12.8% a year, volatility 16.9%XLESPY (S&P 500)CORCAHXOMDXJNHCGWWMPLXVOO
  • The whole market
  • Others in the green region

Is there a better investment than XLE?

Investments that beat XLE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat XLE over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks XLE's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than XLE follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than XLE's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× XLE's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than XLE's.

Screen the whole market against XLE for any period in BetterThanSPYOpen these 9 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with XLE?lower diversifies moreExpenseper year
XLEState Street Energy Select Sector SPDR ETF · this page
+22.6%25.5%0.93−66.8%+189%1.000.08%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.290.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 262 of 3,614 passed at least one test.
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+24.2%22.8%1.07−32.4%+406%0.42—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+42.1%24.7%1.55−46.1%+349%0.17—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+27.1%26.5%1.04−61.0%+214%0.92—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.250.48%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.04—
GWWW.W. Grainger, Inc. · Industrial Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.3%24.9%1.07−41.6%+654%0.30—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierSimilar return, lower volatility+23.5%18.8%1.22−75.2%+350%0.68—
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Smaller losses in recent crashes+12.8%16.9%0.80−34.0%+324%0.290.03%
What these numbers mean for XLE
Annual return
XLE returned 22.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $27,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
XLE's volatility over the past 5 years was 25.5%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XLE's return lands within 25.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
XLE's Sharpe ratio over the past 5 years was 0.93, against 0.79 for the S&P 500, so XLE earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
XLE's worst fall from a peak to a low over the past 10 years was 66.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 66.8% fall takes a 202% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, XLE's monthly returns had a correlation of 0.29 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against XLE instead: the lower it is, the more that option would diversify a XLE holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than XLE with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with XLEExpense
1
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.42—
2
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.16—
3
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.250.48%
4
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.20—
5
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.68—

XLE against its popular alternatives

The investments people most often weigh against XLE, compared period by period and year by year.

How do XLE's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at XLE, which divides the map into what did better or worse on each measure.

Green points earned more than XLE with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityXLE: 22.6% a year, volatility 25.5%SPY (S&P 500): 12.7% a year, volatility 17.1%IEO: 21.5% a year, volatility 29.9%USO: 22.5% a year, volatility 37.7%XOP: 15.9% a year, volatility 32.9%VDE: 22.0% a year, volatility 25.8%RSPG: 21.6% a year, volatility 27.4%FXN: 16.4% a year, volatility 28.5%IEZ: 13.1% a year, volatility 35.4%OIH: 12.7% a year, volatility 35.9%XES: 12.7% a year, volatility 38.0%UNG: −32.1% a year, volatility 63.2%ENFR: 18.4% a year, volatility 19.1%IXC: 20.7% a year, volatility 23.2%IWC: 5.1% a year, volatility 24.4%IXP: 8.0% a year, volatility 19.3%AMZA: 19.7% a year, volatility 24.8%XLB: 5.8% a year, volatility 19.1%IYE: 21.1% a year, volatility 25.2%PDBC: 11.7% a year, volatility 19.3%XLU: 7.8% a year, volatility 17.4%AMLP: 16.1% a year, volatility 18.9%MLPA: 15.2% a year, volatility 17.2%XLESPY (S&P 500)IEOUSOXOPVDEFXNIEZOIHXESUNGENFRIXCIWCIXPAMZAXLBAMLP10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityXLE: 22.6% a year, volatility 25.5%SPY (S&P 500): 12.7% a year, volatility 17.1%IEO: 21.5% a year, volatility 29.9%USO: 22.5% a year, volatility 37.7%XOP: 15.9% a year, volatility 32.9%VDE: 22.0% a year, volatility 25.8%RSPG: 21.6% a year, volatility 27.4%FXN: 16.4% a year, volatility 28.5%IEZ: 13.1% a year, volatility 35.4%OIH: 12.7% a year, volatility 35.9%XES: 12.7% a year, volatility 38.0%UNG: −32.1% a year, volatility 63.2%ENFR: 18.4% a year, volatility 19.1%IXC: 20.7% a year, volatility 23.2%IWC: 5.1% a year, volatility 24.4%IXP: 8.0% a year, volatility 19.3%AMZA: 19.7% a year, volatility 24.8%XLB: 5.8% a year, volatility 19.1%IYE: 21.1% a year, volatility 25.2%PDBC: 11.7% a year, volatility 19.3%XLU: 7.8% a year, volatility 17.4%AMLP: 16.1% a year, volatility 18.9%MLPA: 15.2% a year, volatility 17.2%XLESPY (S&P 500)IEOUSOXOPVDEFXNOIHUNGENFRIWCIXPXLBPDBCAMLP
All figures
InvestmentAnnual returnVolatility
XLE This pageState Street Energy Select Sector SPDR ETF+22.6%25.5%
USO United States Oil Fund, LP+22.5%37.7%
VDE Vanguard Energy ETF+22.0%25.8%
RSPG Invesco S&P 500 Equal Weight Energy ETF+21.6%27.4%
IEO iShares U.S. Oil & Gas Exploration & Production ETF+21.5%29.9%
IYE iShares U.S. Energy ETF+21.1%25.2%
IXC iShares Global Energy ETF+20.7%23.2%
AMZA InfraCap MLP ETF+19.7%24.8%
ENFR Alerian Energy Infrastructure ETF+18.4%19.1%
FXN First Trust Energy AlphaDEX Fund+16.4%28.5%
AMLP Alerian MLP ETF+16.1%18.9%
XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF+15.9%32.9%
MLPA Global X - MLP ETF+15.2%17.2%
IEZ iShares U.S. Oil Equipment & Services ETF+13.1%35.4%
XES State Street SPDR S&P Oil & Gas Equipment & Services ETF+12.7%38.0%
OIH VanEck Oil Services ETF+12.7%35.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF+11.7%19.3%
IXP iShares Global Comm Services ETF+8.0%19.3%
XLU State Street Utilities Select Sector SPDR ETF+7.8%17.4%
XLB State Street Materials Select Sector SPDR ETF+5.8%19.1%
IWC iShares Micro-Cap ETF+5.1%24.4%
UNG United States Natural Gas Fund LP−32.1%63.2%
Open these 23 in EasyCompare

Has XLE consistently beaten its popular alternatives?

This section compares XLE with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than XLE helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than XLE over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
XLE State Street Energy Select Sector SPDR ETF (this page)—+8.8%+18.0%+25.1%+51.9%+60.9%+65.6%+177%+189%25.5%0.93−66.8%0.08%$44B—
IEO Broad MarketiShares U.S. Oil & Gas Exploration & Production ETF5/5 short1/3 long+11.0%+24.0%+36.4%+67.4%+73.9%+61.3%+165%+217%29.9%0.80−75.0%0.37%$915M—
USO CommoditiesUnited States Oil Fund, LP4/5 short1/3 long+8.4%+28.0%+32.4%+133%+137%+99.0%+176%+75.6%37.7%0.73−86.8%0.86%$1.9B—
ENFR Broad MarketAlerian Energy Infrastructure ETF0/5 short1/3 long−0.7%−3.0%+8.1%+25.2%+31.5%+99.2%+133%+183%19.1%0.98−62.6%0.35%$543M—
IXC InternationaliShares Global Energy ETF0/5 short1/3 long+8.7%+16.8%+20.3%+48.2%+58.8%+69.1%+156%+183%23.2%0.93−64.2%0.37%$3.3B—
IWC Broad MarketiShares Micro-Cap ETF0/5 short1/3 long−6.8%−6.0%−1.8%+12.6%+13.8%+97.3%+28.0%+161%24.4%0.33−47.2%0.60%$1.2B5%
IXP CommunicationiShares Global Comm Services ETF0/5 short1/3 long−5.2%−0.5%−4.9%−3.1%−3.6%+79.8%+47.2%+143%19.3%0.50−43.9%0.37%$601M0%
AMZA AlternativesInfraCap MLP ETF0/5 short1/3 long−3.0%+0.1%+12.1%+27.5%+34.1%+72.8%+146%+53.1%24.8%0.85−87.8%1.72%$470M100%
XOP EnergyState Street SPDR S&P Oil & Gas Exploration & Production ETF2/5 short0/3 long+8.3%+18.1%+25.3%+57.1%+62.9%+42.9%+109%+59.3%32.9%0.61−82.6%0.35%$4.3B96%
VDE EnergyVanguard Energy ETF0/5 short0/3 long+8.1%+16.4%+22.5%+49.8%+58.4%+63.8%+171%+174%25.8%0.90−69.3%0.09%$13B100%
FENY EnergyFidelity MSCI Energy Index ETF0/5 short0/3 long+8.1%+16.5%+22.6%+50.0%+58.6%+63.9%+171%+171%25.9%0.90−69.1%0.08%$2.1B100%
XLB MaterialsState Street Materials Select Sector SPDR ETF0/5 short0/3 long+3.1%+2.9%−1.1%+12.5%+17.3%+44.1%+32.8%+166%19.1%0.39−37.3%0.08%$8.0B0%
IYE Broad MarketiShares U.S. Energy ETF0/5 short0/3 long+8.5%+16.8%+23.6%+49.5%+58.3%+63.5%+161%+159%25.2%0.89−68.6%0.37%$1.8B—
RSPG EnergyInvesco S&P 500 Equal Weight Energy ETF0/5 short0/3 long+6.0%+13.7%+20.5%+47.9%+58.3%+62.4%+165%+158%27.4%0.85−73.2%0.40%$663M100%
PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF0/5 short0/3 long+3.0%+15.2%+17.1%+50.8%+56.2%+50.5%+73.9%+153%19.3%0.67−40.7%0.74%$7.9B—
XLU UtilitiesState Street Utilities Select Sector SPDR ETF0/5 short0/3 long+3.0%−6.1%−7.2%−1.0%−5.9%+57.9%+45.4%+138%17.4%0.52−36.0%0.08%$24B0%
FXN EnergyFirst Trust Energy AlphaDEX Fund0/5 short0/3 long+6.9%+14.4%+19.2%+45.8%+59.5%+45.5%+113%+99.8%28.5%0.68−80.6%0.63%$387M96%
AMLP EnergyAlerian MLP ETF0/5 short0/3 long−3.2%−1.6%+6.6%+17.5%+22.8%+56.0%+111%+91.0%18.9%0.89−72.9%1.01%$13B98%
MLPA EnergyGlobal X - MLP ETF0/5 short0/3 long−3.2%−1.3%+6.5%+17.3%+22.5%+50.6%+103%+80.0%17.2%0.91−74.3%0.77%$2.3B97%
IEZ Broad MarketiShares U.S. Oil Equipment & Services ETF0/5 short0/3 long−4.2%+0.2%−5.9%+24.7%+44.2%+19.1%+85.2%−22.4%35.4%0.53−88.3%0.37%$338M—
OIH EnergyVanEck Oil Services ETF0/5 short0/3 long−3.0%+2.6%−3.5%+30.0%+52.5%+19.0%+81.9%−25.3%35.9%0.52−89.6%0.35%$1.8B99%
XES EnergyState Street SPDR S&P Oil & Gas Equipment & Services ETF0/5 short0/3 long−6.0%−3.5%−6.8%+27.1%+48.2%+20.2%+82.0%−38.2%38.0%0.51−91.2%0.35%$332M98%
UNG CommoditiesUnited States Natural Gas Fund LP0/5 short0/3 long+2.3%+2.0%−3.2%−12.9%−18.8%−61.3%−85.6%−92.9%63.2%-0.30−93.9%1.17%$463M—
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How did XLE do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where XLE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with XLE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of XLE; gray means the two finished within a fraction of a point. The rank row places XLE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of XLE202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
XLE This pageState Street Energy Select Sector SPDR ETF—+7.9%+5.6%−0.6%+64.4%+53.3%−32.7%+11.7%−18.2%−0.9%+28.0%−21.5%−8.7%+26.3%+5.2%+2.8%+21.9%+21.8%−39.0%+36.8%+18.0%+40.1%+33.8%+25.9%−14.8%−18.2%+24.4%+18.1%
Rank among alternativesTop quarter in 7 of 246 of 2212 of 2217 of 223 of 227 of 2211 of 2210 of 2210 of 2210 of 227 of 225 of 228 of 208 of 194 of 184 of 187 of 1712 of 176 of 177 of 157 of 92 of 82 of 75 of 74 of 7———
SPY S&P 500State Street SPDR S&P 500 ETF16 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
IEO iShares U.S. Oil & Gas Exploration & Production ETF6 of 19+2.1%−1.5%+3.6%+57.8%+75.6%−32.8%+9.6%−19.4%+0.3%+25.0%−24.6%−12.3%+30.8%+4.2%−3.2%+18.6%+41.0%−41.9%+39.6%————————
USO United States Oil Fund, LP5 of 19−8.5%+13.4%−4.9%+29.0%+64.7%−67.8%+32.6%−19.6%+2.5%+6.6%−46.0%−42.4%+5.8%−12.4%−2.3%−0.7%+18.7%−56.3%+46.8%————————
ENFR Alerian Energy Infrastructure ETF7 of 12+5.9%+42.2%+15.6%+17.5%+40.0%−24.1%+21.7%−18.7%−0.2%+42.1%−37.1%+12.1%———————————————
IXC iShares Global Energy ETF11 of 24+14.0%+2.0%+3.9%+48.5%+40.8%−31.0%+12.7%−14.8%+5.5%+27.9%−22.1%−11.6%+16.1%+2.8%+0.1%+11.8%+24.7%−36.8%+29.8%+20.9%+29.5%+26.6%+30.2%−5.7%———
IWC iShares Micro-Cap ETF13 of 20+22.4%+13.6%+9.0%−21.9%+18.7%+20.9%+22.2%−13.1%+12.8%+20.6%−5.0%+3.6%+45.2%+19.5%−9.8%+29.6%+23.7%−39.0%−9.0%+14.9%———————
IXP iShares Global Comm Services ETF12 of 24+29.3%+31.3%+38.8%−33.0%+12.8%+22.1%+25.2%−13.7%+6.7%+5.5%−0.1%−1.4%+24.1%+7.4%+1.0%+11.6%+11.4%−30.9%+24.7%+33.2%−6.7%+19.0%+24.4%−27.7%———
AMZA InfraCap MLP ETF2 of 11+0.2%+30.9%+23.3%+33.2%+51.3%−49.2%+6.2%−26.8%−11.6%+24.2%−45.9%————————————————
XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF6 of 19−2.2%−1.0%+3.6%+45.4%+66.8%−36.4%−9.4%−28.1%−9.5%+38.3%−35.8%−29.4%+27.9%+3.9%+0.9%+28.6%+40.1%−42.7%+36.9%————————
VDE Vanguard Energy ETF6 of 21+7.1%+6.8%0.0%+62.9%+56.3%−33.0%+9.3%−19.9%−2.5%+29.2%−23.2%−9.9%+25.8%+3.4%+2.8%+21.1%+25.5%−39.6%+34.6%+19.0%+39.1%——————
XLB State Street Materials Select Sector SPDR ETF14 of 27+9.9%+0.1%+12.4%−12.3%+27.4%+20.5%+24.1%−14.9%+24.1%+16.8%−8.6%+7.1%+26.0%+14.6%−10.8%+20.4%+48.1%−44.0%+22.2%+18.5%+4.0%+13.5%+37.5%−5.4%+2.3%−16.1%+22.8%
IYE iShares U.S. Energy ETF5 of 25+7.3%+6.1%−2.2%+60.2%+53.4%−33.5%+10.0%−19.4%−1.8%+25.5%−22.2%−9.7%+25.7%+4.3%+3.7%+18.9%+19.3%−37.2%+35.7%+20.2%+34.7%+31.7%+27.6%−16.1%−12.3%——
RSPG Invesco S&P 500 Equal Weight Energy ETF9 of 19+7.0%+6.1%+4.5%+58.0%+57.8%−32.4%+13.4%−24.7%−6.4%+37.8%−28.8%−14.9%+27.9%+4.7%−1.3%+26.1%+44.7%−48.3%+40.3%————————
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF3 of 11+6.0%+2.0%−6.2%+19.3%+41.7%−7.9%+11.4%−12.8%+5.1%+18.0%−26.8%————————————————
XLU State Street Utilities Select Sector SPDR ETF13 of 27+16.0%+23.3%−7.2%+1.4%+17.7%+0.6%+26.0%+3.9%+12.1%+16.1%−4.9%+28.7%+13.1%+1.0%+19.7%+5.3%+11.6%−28.9%+18.4%+20.9%+16.3%+23.7%+26.8%−28.8%−12.9%+21.6%−4.4%
FXN First Trust Energy AlphaDEX Fund5 of 18+3.4%+0.3%+1.0%+46.9%+51.7%−19.9%−6.9%−24.8%−5.1%+20.6%−32.6%−16.0%+28.5%+4.0%−8.4%+27.6%+46.5%−50.2%—————————
AMLP Alerian MLP ETF5 of 15+5.8%+22.8%+21.4%+25.5%+39.1%−32.3%+6.0%−12.6%−7.9%+14.9%−25.7%+4.8%+18.6%+1.9%+10.2%————————————
MLPA Global X - MLP ETF4 of 13+5.8%+20.4%+15.9%+27.1%+39.7%−34.0%+11.9%−15.7%−8.3%+20.6%−30.0%+4.1%+17.9%——————————————
IEZ iShares U.S. Oil Equipment & Services ETF5 of 19+7.5%−8.2%+4.4%+65.7%+16.1%−43.0%+1.8%−42.5%−18.2%+28.4%−26.9%−21.9%+28.1%−1.1%−7.6%+31.8%+63.6%−58.7%+42.6%————————
OIH VanEck Oil Services ETF5 of 24+6.8%−10.5%+3.2%+66.2%+21.2%−41.2%−3.4%−45.0%−19.7%+27.8%−24.6%−23.5%+25.9%+4.3%−17.3%+19.5%+62.7%−60.7%+36.2%+8.8%+52.0%+37.9%+8.8%−5.5%———
XES State Street SPDR S&P Oil & Gas Equipment & Services ETF5 of 19+5.9%−5.5%+6.7%+62.0%+12.0%−43.4%−9.0%−47.0%−21.9%+28.4%−36.6%−34.7%+27.1%+0.6%−5.3%+30.1%+67.8%−57.6%+38.3%————————
UNG United States Natural Gas Fund LP2 of 18−27.1%−17.1%−64.0%+12.9%+35.8%−45.4%−31.8%+6.0%−37.6%+7.7%−41.3%−28.6%+9.5%−26.9%−46.1%−40.6%−56.5%−36.1%—————————
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Risk and diversification

How XLE has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were XLE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents XLE's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means XLE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringXLE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−71.3%+36.6%Jun 2014Mar 20205.8 yearsMar 20222 years
2008 financial crisis−57.4%−49.3%May 2008Mar 200910 monthsMay 20134.2 years
Dot-com bust−41.5%−37.4%May 2001Jul 200214 monthsJul 20042 years
2022 bear market−26.1%−7.7%Jun 2022Jul 20221 monthNov 20224 months
No named crash−20.1%−16.1%Nov 2024Apr 20255 monthsJan 20269 months

How did XLE do in stock market crashes?

This section measures how far XLE, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than XLE.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
XLE This pageState Street Energy Select Sector SPDR ETF—−4.7%−26.1%−56.3%−30.1%−8.0%−26.8%−28.8%−1.9%−57.4%−41.5%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IEO iShares U.S. Oil & Gas Exploration & Production ETF0 of 9−6.0%−30.6%−61.0%−38.9%−8.4%−35.7%−34.9%−3.1%−66.4%—
USO United States Oil Fund, LP2 of 9−2.8%−31.3%−58.2%−42.2%−9.0%−50.4%−23.6%−1.8%−80.5%—
ENFR Alerian Energy Infrastructure ETF4 of 6−3.6%−20.3%−60.1%−22.7%−4.9%−40.3%————
IXC iShares Global Energy ETF7 of 9−4.5%−24.9%−55.1%−26.1%−7.4%−26.3%−26.4%0.0%−55.8%—
IWC iShares Micro-Cap ETF4 of 9−8.4%−27.8%−42.9%−27.1%−4.5%−22.6%−28.5%−3.4%−63.8%—
IXP iShares Global Comm Services ETF8 of 9−3.1%−37.0%−27.1%−16.1%−6.1%−13.1%−12.8%0.0%−50.1%—
AMZA InfraCap MLP ETF3 of 6−4.1%−25.2%−78.9%−34.3%−6.1%−59.5%————
XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF0 of 9−7.3%−33.2%−60.3%−45.8%−8.8%−41.1%−38.6%−3.4%−67.7%—
VDE Vanguard Energy ETF0 of 9−5.2%−26.6%−56.7%−32.3%−8.1%−27.7%−29.3%−1.9%−58.2%—
XLB State Street Materials Select Sector SPDR ETF8 of 10−5.6%−24.7%−36.3%−21.3%−5.0%−18.4%−28.2%−1.1%−59.8%−31.1%
IYE iShares U.S. Energy ETF2 of 9−4.7%−25.6%−56.8%−31.5%−8.1%−27.1%−27.9%−1.6%−55.8%—
RSPG Invesco S&P 500 Equal Weight Energy ETF0 of 9−5.9%−28.4%−61.6%−36.5%−8.7%−34.1%−33.7%−2.9%−65.5%—
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF6 of 6−1.3%−23.4%−27.1%−21.9%−5.2%−25.7%————
XLU State Street Utilities Select Sector SPDR ETF9 of 10−2.3%−20.7%−35.5%−8.7%−4.7%−10.7%−11.0%−0.5%−46.4%−52.6%
FXN First Trust Energy AlphaDEX Fund1 of 9−6.2%−24.5%−61.5%−40.8%−9.0%−37.5%−36.9%−1.7%−72.5%—
AMLP Alerian MLP ETF5 of 7−2.8%−20.9%−63.7%−22.4%−4.8%−42.8%−10.8%———
MLPA Global X - MLP ETF4 of 6−2.2%−18.8%−66.1%−23.9%−5.4%−42.9%————
IEZ iShares U.S. Oil Equipment & Services ETF0 of 9−10.9%−36.6%−69.7%−47.6%−11.6%−33.6%−40.0%−4.2%−72.2%—
OIH VanEck Oil Services ETF0 of 9−11.2%−36.4%−69.8%−47.8%−11.1%−32.8%−38.3%−3.8%−70.5%—
XES State Street SPDR S&P Oil & Gas Equipment & Services ETF0 of 9−12.6%−37.5%−70.2%−52.1%−12.4%−41.2%−39.5%−3.7%−73.0%—
UNG United States Natural Gas Fund LP4 of 9−6.3%−41.2%−18.0%−27.0%−9.0%−50.6%−19.7%0.0%−75.1%—
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How closely does XLE move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares XLE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than XLE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
XLE This pageState Street Energy Select Sector SPDR ETF90%112%0.811.05
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF52%42%1.250.38
XLU State Street Utilities Select Sector SPDR ETF48%42%1.150.48
IXC iShares Global Energy ETF81%94%0.860.87
ENFR Alerian Energy Infrastructure ETF86%103%0.841.10
IXP iShares Global Comm Services ETF82%102%0.800.86
IEO iShares U.S. Oil & Gas Exploration & Production ETF100%127%0.791.24
IWC iShares Micro-Cap ETF97%124%0.781.17
VDE Vanguard Energy ETF91%116%0.781.08
XLB State Street Materials Select Sector SPDR ETF91%116%0.780.99
IYE iShares U.S. Energy ETF89%116%0.761.07
RSPG Invesco S&P 500 Equal Weight Energy ETF98%134%0.731.26
AMLP Alerian MLP ETF79%112%0.701.18
MLPA Global X - MLP ETF78%115%0.681.16
USO United States Oil Fund, LP71%105%0.670.64
FXN First Trust Energy AlphaDEX Fund98%152%0.651.42
AMZA InfraCap MLP ETF101%169%0.601.66
XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF95%162%0.591.46
IEZ iShares U.S. Oil Equipment & Services ETF111%226%0.491.71
OIH VanEck Oil Services ETF109%226%0.481.73
XES State Street SPDR S&P Oil & Gas Equipment & Services ETF109%237%0.461.75
UNG United States Natural Gas Fund LP-25%122%-0.210.30
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What diversifies XLE?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with XLE's. Because such investments tend not to fall at the same time, pairing XLE with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which XLE lost money. The last two columns show a portfolio that is 80% XLE and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20232020201820172015201420082002200180/20 mix volatility80/20 mix annual return
XLE State Street Energy Select Sector SPDR ETF (this page)1.00+177%0.93−0.6%−32.7%−18.2%−0.9%−21.5%−8.7%−39.0%−14.8%−18.2%26.0%+23.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.25+225%1.34+42.0%+3.9%−19.8%+22.8%+7.7%+8.1%−20.8%——21.6%+24.4%
SMH TechnologyVanEck Semiconductor ETF-0.02+323%0.97+73.4%+55.5%−9.1%+38.5%−0.3%+30.2%−44.7%−47.0%−14.6%21.8%+27.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.33+85.0%0.96+20.1%+2.1%−9.5%+16.7%+4.1%+3.4%———21.7%+21.6%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96+12.7%+24.8%−1.9%+12.8%−10.7%−2.2%+4.9%——21.4%+22.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.15+136%0.93+17.6%+28.2%−0.9%+27.8%—————21.8%+23.6%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.37+109%0.90+14.2%−0.2%−11.1%+21.9%−4.1%+12.8%———22.7%+22.5%
EWT TechnologyiShares MSCI Taiwan ETF0.00+153%0.89+29.0%+31.5%−9.9%+26.9%−12.9%+7.0%−45.3%−24.4%+2.1%21.5%+23.9%
EUFN InternationaliShares MSCI Europe Financials ETF0.33+133%0.89+26.1%−8.5%−23.1%+27.0%−4.7%−9.7%———22.5%+23.2%

Stocks

InvestmentCorrelation5Y returnSharpe20232020201820172015201420082002200180/20 mix volatility80/20 mix annual return
XLE State Street Energy Select Sector SPDR ETF (this page)1.00+177%0.93−0.6%−32.7%−18.2%−0.9%−21.5%−8.7%−39.0%−14.8%−18.2%26.0%+23.0%
CAH Medical - DistributionCardinal Health, Inc.0.17+479%1.55+34.1%+10.1%−24.5%−12.7%+12.6%+23.0%−39.6%−8.3%−2.5%22.4%+26.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.12+3,143%1.47+160%−2.4%−16.3%−11.6%−6.0%+12.9%−20.5%−65.1%−25.6%25.1%+40.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.16+1,636%1.46+79.6%+6.7%+0.8%+32.1%+67.7%−10.4%−15.2%−9.4%+73.7%23.9%+36.3%
MCK Medical - DistributionMcKesson Corporation0.39+413%1.44+24.1%+27.1%−28.4%+12.0%−4.5%+29.3%−40.4%−27.2%+4.9%23.3%+26.0%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.26+594%1.36+37.8%−7.2%−37.5%+48.4%−36.3%+50.9%−67.4%−33.1%+9.8%23.5%+29.1%
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Common questions

What was XLE's worst drawdown?

XLE's deepest decline since it began trading in 1998 was 71.3%, from June 2014 to March 2020. It took 24 months from the low to climb back to its old high.

What were XLE's best and worst years?

Over 27 full calendar years, XLE's best year was 2022, when it returned 64.4%. Its worst was 2008, with a return of -38.9%.

Is there a better investment than XLE?

Few investments have done better on both counts: only five of the 3,633 stocks and funds worth at least $500 million earned more than XLE with less volatility over the past 5 years, among them ABBV, WELL and WMB.

Is XLE more volatile than the S&P 500?

Yes. XLE's volatility over the past 5 years was 25.5%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XLE's return lands within 25.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is XLE's Sharpe ratio?

XLE's Sharpe ratio over the past 5 years was 0.93, against 0.79 for the S&P 500, so XLE earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is XLE with the S&P 500?

Over the past 5 years, XLE's monthly returns had a correlation of 0.29 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against XLE instead: the lower it is, the more that option would diversify a XLE holding.

What are the best alternatives to XLE?

None of the 22 popular alternatives we compared outperformed XLE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about XLE's strength than about its alternatives.

Did XLE outperform the S&P 500?

XLE finished ahead of the S&P 500 (SPY) in 11 of 27 full calendar years. In 2025, it returned +7.9%, against +17.7% for the index.

How did XLE do in stock market crashes?

XLE fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the Covid crash, when XLE fell 56.3% and the S&P 500 fell 33.7%.

What diversifies XLE?

These had a low correlation with XLE over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.25), SMH (correlation -0.02) and DBEF (correlation 0.33); among large stocks, CAH (correlation 0.17), CLS (correlation 0.12) and FIX (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Stocks and ETFs