State Street Energy Select Sector SPDR ETF(XLE)
AI Look-Through Summary
AI GeneratedThe portfolio is heavily skewed towards energy companies, with an astonishing 99.8% allocation to this sector. This concentration in energy suggests that the fund's value proposition hinges on the performance of its constituent oil and gas companies. From a geographic perspective, it's unclear what specific regions or countries are represented due to the lack of explicit geographic data.
The top holdings reveal a significant tilt towards integrated majors (XOM, CVX), with Chevron being the second-largest holding at 14.8%. ExxonMobil's substantial weight (19.9%) implies that the fund is heavily reliant on this single stock for performance. In comparison to the broader market, energy sector allocation is significantly higher in XLE than it would be in a typical diversified portfolio. A favorable environment for this fund would likely involve sustained demand for fossil fuels and stable commodity prices, whereas an unfavorable scenario might arise from increasing regulatory pressures or a shift towards renewable energy sources.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:38:57.415875+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the State Street Energy Select Sector SPDR ETF is executed with exceptional fidelity, as every single top holding and sector allocation falls squarely within the energy industry. The portfolio comprises exclusively oil, gas, coal, renewable, and related service companies, ensuring that no capital is deployed into unrelated sectors such as technology or healthcare. This complete alignment between the stated objective of pure energy exposure and the actual asset composition demonstrates a rigorous adherence to its mandate without dilution from non-thematic assets.
Concentration risk remains elevated due to the heavy weighting in mega-cap integrated oil giants, which collectively account for nearly 40% of the portfolio through Exxon Mobil and Chevron alone. This structure creates a significant reliance on a narrow subset of large-cap names rather than diversifying across mid-tier energy producers or independent exploration firms. While this approach provides stability and liquidity, it means the fund's performance is disproportionately tied to the fortunes of these specific leaders rather than representing a broader cross-section of the entire energy sector. The near-total absence of other sectors further underscores that this vehicle offers specialized thematic exposure rather than broad market diversification within the industry.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 02:32:39.669114+00
🏢 Sector Analysis
AI GeneratedThe State Street Energy Select Sector SPDR ETF (XLE) maintains an allocation of 99.4% within the energy sector, a structure that strictly isolates its performance to this specific industry vertical while excluding exposure to broader market diversifiers like technology or healthcare. This near-total concentration indicates an investment thesis predicated entirely on the cyclical dynamics and supply-demand fundamentals unique to oil, gas, and related services rather than seeking broad economic beta. The fund's composition reflects a deliberate choice to capture sector-specific momentum without diluting returns through unrelated asset classes, effectively functioning as a leveraged proxy for the energy industry's overall health.
Concentration risk is pronounced within this portfolio, evidenced by the top ten holdings accounting for 75.1% of total assets and the presence of two dominant positions in Exxon Mobil and Chevron comprising nearly 40% of the fund individually. Such weightings amplify exposure to idiosyncratic events affecting major integrated oil companies while simultaneously reducing the impact of smaller, potentially more agile players within the sector. The heavy reliance on a limited number of large-cap entities suggests that the fund's returns will be highly sensitive to corporate earnings reports and strategic decisions from these specific firms, meaning any adverse development for the top two holders could disproportionately drag down overall performance regardless of broader industry trends.
In terms of factor tilts, the portfolio exhibits a distinct tilt toward market capitalization size, as evidenced by the dominance of large-cap integrated producers over mid-tier explorationists or small-cap service providers. This structure inherently favors companies with established balance sheets and significant upstream assets, potentially offering stability during volatile price swings but possibly capping upside potential if smaller innovators drive sector growth. The inclusion of pipeline operators like Williams Companies alongside traditional oil majors further nuances the exposure to include midstream infrastructure value, yet the overwhelming weight remains on production and refining capabilities. Ultimately, this allocation profile presents a high-beta vehicle where returns are inextricably linked to commodity price fluctuations and the operational efficiency of its largest constituents.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 16:57:10.657435+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLE's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLE's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 22 | 99.8% |
| SPYVSPYV | $32B | — | 22 | 99.8% |
| ONEOONEO | $25M | — | 22 | 99.8% |
| SPLGSPLG | $97B | — | 22 | 99.8% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 22 | 99.8% |
100% of XLE's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging XLE's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLE's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XLE collectively pay out 78% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 97% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryXLE is up 36.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +1.0%. The remaining +35.5% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 98% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLE's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLE's analyzed weight, 66% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 34% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 100% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
CRITICALXOM at 20.2% has captured XLE's portfolio. The top 3 holdings (41%) dominate the fund's variance — the remaining 19 stocks provide minimal diversification.XLE effectively behaves like a 11-stock portfolio, not a 22-stock one.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XLE has a Passive Crowding Score of 45/100. On average, 13.5% of the market capitalization of XLE's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 30 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | XOM | EXXONMOBIL HOLDINGS CORP Energy | 20.20% | 24.8x | 5/9 |
| 2 | CVX | CHEVRON CORP Energy | 14.90% | 32.0x | 6/9 |
| 3 | COP | CONOCOPHILLIPS Energy | 5.95% | 19.1x | 6/9 |
| 4 | MPC | MARATHON PETROLEUM CORP Energy | 4.98% | 20.1x | 7/9 |
| 5 | PSX | PHILLIPS 66 Energy | 4.88% | 19.9x | 6/9 |
| 6 | VLO | VALERO ENERGY CORP Energy | 4.76% | 21.9x | 6/9 |
| 7 | EOG | EOG RESOURCES INC Energy | 4.40% | 13.6x | 3/9 |
| 8 | SLB | SLB LTD Energy | 4.29% | 20.8x | 4/9 |
| 9 | WMB | WILLIAMS COS INC Energy | 4.22% | 32.8x | 7/9 |
| 10 | KMI | KINDER MORGAN INC Energy | 4.13% | 21.8x | 6/9 |
| 11 | TRGP | TARGA RESOURCES CORP Energy | 3.90% | 28.7x | 5/9 |
| 12 | OKE | ONEOK INC Energy | 3.80% | 16.6x | 6/9 |
| 13 | BKR | BAKER HUGHES CO Energy | 3.64% | 18.0x | 7/9 |
| 14 | DVN | DEVON ENERGY CORP Energy | 3.22% | 12.0x | 6/9 |
| 15 | OXY | OCCIDENTAL PETROLEUM CORP Energy | 2.53% | 74.1x | 4/9 |
Historical Holdings Snapshots
Browse how XLE’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 20.20% | 52,222,000 | — |
| 2 | CVX | 14.90% | 30,569,534 | — |
| 3 | COP | 5.95% | 19,893,413 | — |
| 4 | MPC | 4.98% | 6,144,160 | — |
| 5 | PSX | 4.88% | 9,150,669 | — |
| 6 | VLO | 4.76% | 5,980,287 | — |
| 7 | EOG | 4.40% | 12,072,131 | — |
| 8 | SLB | 4.29% | 34,339,979 | — |
| 9 | WMB | 4.22% | 21,297,209 | — |
| 10 | KMI | 4.13% | 47,893,875 | — |
| 11 | TRGP | 3.90% | 5,250,856 | — |
| 12 | OKE | 3.80% | 15,412,150 | — |
| 13 | BKR | 3.64% | 24,268,528 | — |
| 14 | DVN | 3.22% | 28,204,011 | — |
| 15 | OXY | 2.53% | 17,761,943 | — |
2026-07-17
15 holdings · 89.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 20.19% | 52,269,436 | — |
| 2 | CVX | 14.86% | 30,597,302 | — |
| 3 | COP | 5.93% | 19,911,485 | — |
| 4 | MPC | 4.92% | 6,149,740 | — |
| 5 | PSX | 4.80% | 9,158,985 | — |
| 6 | VLO | 4.68% | 5,985,723 | — |
| 7 | EOG | 4.44% | 12,083,099 | — |
| 8 | SLB | 4.37% | 34,371,167 | — |
| 9 | WMB | 4.24% | 21,316,553 | — |
| 10 | KMI | 4.13% | 47,937,375 | — |
| 11 | TRGP | 3.91% | 5,255,620 | — |
| 12 | OKE | 3.75% | 15,426,142 | — |
| 13 | BKR | 3.72% | 24,290,572 | — |
| 14 | DVN | 3.24% | 28,229,631 | — |
| 15 | OXY | 2.56% | 17,778,071 | — |
2026-07-16
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 20.10% | 52,352,449 | — |
| 2 | CVX | 14.74% | 30,645,896 | — |
| 3 | COP | 5.90% | 19,943,111 | — |
| 4 | MPC | 4.95% | 6,159,505 | — |
| 5 | PSX | 4.89% | 9,173,538 | — |
| 6 | VLO | 4.78% | 5,995,236 | — |
| 7 | EOG | 4.42% | 12,102,293 | — |
| 8 | SLB | 4.33% | 34,425,746 | — |
| 9 | WMB | 4.29% | 21,350,405 | — |
| 10 | KMI | 4.13% | 48,013,500 | — |
| 11 | TRGP | 3.92% | 5,263,957 | — |
| 12 | OKE | 3.76% | 15,450,649 | — |
| 13 | BKR | 3.72% | 24,329,149 | — |
| 14 | DVN | 3.25% | 28,274,466 | — |
| 15 | OXY | 2.57% | 17,806,295 | — |
2026-07-15
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 20.10% | 52,210,141 | — |
| 2 | CVX | 14.83% | 30,562,592 | — |
| 3 | COP | 5.98% | 19,888,895 | — |
| 4 | MPC | 4.86% | 6,142,765 | — |
| 5 | PSX | 4.83% | 9,148,590 | — |
| 6 | VLO | 4.71% | 5,978,928 | — |
| 7 | EOG | 4.49% | 12,069,389 | — |
| 8 | SLB | 4.33% | 34,332,182 | — |
| 9 | WMB | 4.22% | 21,292,373 | — |
| 10 | KMI | 4.11% | 47,883,000 | — |
| 11 | TRGP | 3.91% | 5,249,665 | — |
| 12 | OKE | 3.78% | 15,408,637 | — |
| 13 | BKR | 3.73% | 24,263,017 | — |
| 14 | DVN | 3.28% | 28,197,606 | — |
| 15 | OXY | 2.59% | 17,757,911 | — |
2026-07-14
15 holdings · 89.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 19.90% | 52,241,765 | — |
| 2 | CVX | 14.79% | 30,581,104 | — |
| 3 | COP | 5.95% | 19,900,943 | — |
| 4 | MPC | 4.78% | 6,146,485 | — |
| 5 | PSX | 4.73% | 9,154,134 | — |
| 6 | VLO | 4.61% | 5,982,552 | — |
| 7 | SLB | 4.50% | 34,352,974 | — |
| 8 | EOG | 4.44% | 12,076,701 | — |
| 9 | WMB | 4.38% | 21,305,269 | — |
| 10 | KMI | 4.22% | 47,912,000 | — |
| 11 | TRGP | 3.94% | 5,252,841 | — |
| 12 | BKR | 3.83% | 24,277,713 | — |
| 13 | OKE | 3.80% | 15,417,973 | — |
| 14 | DVN | 3.27% | 28,214,686 | — |
| 15 | OXY | 2.58% | 17,768,663 | — |
2026-07-13
15 holdings · 89.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 19.79% | 52,202,235 | — |
| 2 | CVX | 14.67% | 30,557,964 | — |
| 3 | COP | 5.92% | 19,885,883 | — |
| 4 | MPC | 4.80% | 6,141,835 | — |
| 5 | PSX | 4.79% | 9,147,204 | — |
| 6 | VLO | 4.64% | 5,978,022 | — |
| 7 | SLB | 4.47% | 34,326,984 | — |
| 8 | EOG | 4.44% | 12,067,561 | — |
| 9 | WMB | 4.43% | 21,289,149 | — |
| 10 | KMI | 4.28% | 47,875,750 | — |
| 11 | TRGP | 3.95% | 5,248,871 | — |
| 12 | BKR | 3.83% | 24,259,343 | — |
| 13 | OKE | 3.80% | 15,406,303 | — |
| 14 | DVN | 3.27% | 28,193,336 | — |
| 15 | OXY | 2.56% | 17,755,223 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove XLE Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe XLE ETF is currently trading above both its 50-day and 200-day simple moving averages, indicating strong upward momentum in the short term relative to longer-term trends, while a RSI of nearly 70 suggests it's approaching overbought territory.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How XLE’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Positions Increased (1)
Positions Decreased (21)
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.