XLE
State Street Energy Select Sector SPDR ETF
#2 of 11 in US Sectors by own-history percentile (high → low)
Relative to SPY
Relative price history
XLE ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older XLE÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: +30.0 pts (from 22.5% on Aug 31, 2026 to 52.5% now)
- About one month: +33.9 pts (from 18.6% on Jul 31, 2026 to 52.5% now)
US Sectors
Where this sits among peers
US Sectors · XLE highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
XLE's trailing PE is unusually hard to read on its own because sector earnings swing with oil and gas prices — a low PE can mean the sector is cheap, or it can mean earnings are at a cyclical peak that the market already expects to fall, which is why this page anchors on relative price rather than PE alone.
FAQ
Why is PE especially unreliable for the energy sector?
Earnings are tied to commodity prices that are themselves highly cyclical, so a 'low' PE can appear right before earnings fall, not just when the sector is undervalued.
Does the relative-price metric solve that problem?
It doesn't remove the cyclicality, but it does avoid the specific trap of reading a cyclically depressed PE as a simple value signal.
Is XLE mostly oil, or does it include natural gas and services companies too?
It spans integrated majors, exploration & production, and oilfield services — sub-segments that don't all move together even when the sector ratio moves as a whole.
US Sectors
Related in this category
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- XLFState Street Financial Select Sector SPDR ETFNear lows (5.7%)
- XLIState Street Industrial Select Sector SPDR ETFNear lows (4.5%)
- XLBState Street Materials Select Sector SPDR ETFNear lows (1.4%)