Do SETM and XME hold the same stocks?

By their latest filings, 15% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, SETM or XME?

SETM has 9% of its weight in S&P 500 names and XME has 22%, so SETM differs more from the index.

Which is cheaper, SETM or XME?

SETM charges 0.65% a year and XME charges 0.35%, so XME is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

SETM vs XME: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, SETM returned +3.9% to XME's +6.7%; 15% of their weight is in the same names.

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Net assets: $421m on Nov 4, 2026 for Sprott Critical Materials ETF, and $3.6bn on Nov 3, 2026 for State Street SPDR S&P Metals & Mining ETF.

SETM on its own →XME on its own →

At a glance

9.1%

SETM in the S&P 500

21.8%

XME in the S&P 500

+3.9%

SETM total return, 1 year

+6.7%

XME total return, 1 year

SETM · 1 year to Nov 4, 2026 91% of its weight is outside the S&P 500

9% of SETM's weight is in S&P 500 companies and 91% is outside the index. Holdings as of Nov 4, 2026.

XME · 1 year to Nov 4, 2026 78% of its weight is outside the S&P 500

22% of XME's weight is in S&P 500 companies and 78% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

XME costs 0.30 points a year less; their one-year returns differ by 2.8 points; XME is 8.8 times larger.

Points (pts) are percentage points.

SETM vs XME: Holdings Overlap & Returns
Measure	SETM	XME
Return
Measure	SETM	XME
Total return, 1 year	+3.9%	+6.7%
Drawdown
Measure	SETM	XME
Below its all-time high	37.4%, high on Jan 28, 2026	27.8%, high on Jun 2, 2026
Against its benchmark
Measure	SETM	XME
What it tracks	Rare earth and critical materials	Miners and metals
Against the S&P 500, 1 year	behind by 10.9 pts	behind by 8.1 pts
Its benchmark, total return, 1 year	+14.8%	+14.8%
Against its benchmark, 1 year	behind by 10.9 pts	behind by 8.1 pts
Cost and size
Measure	SETM	XME
Expense ratio	0.65%	0.35%
Net assets, as of Nov 3, 2026	$410m	$3.6bn
Holdings
Measure	SETM	XME
Holdings in common	15%

Method

Risk and return

Feb 10, 2023 to Oct 30, 2026 · 194 weekly returns

SETM XME

Return

Total return edge XME +34.3% +81.4%

Annualized edge XME +8.2% +17.3%

Price return edge XME +26.5% +77.0%

Risk

Volatility edge XME 36.2% 30.1%

Max drawdown edge XME −39.0% −29.9%

Downside capture 129.3% 124.3%

Beta 1.48 1.45

Risk-adjusted

Sharpe edge XME 0.27 0.53

Sortino edge XME 0.39 0.78

Treynor 0.067 0.067

Calmar edge XME 0.21 0.58

Against the benchmark

Alpha −11.2% a year −5.5% a year

Alpha t-stat −0.71 −0.94

Information ratio −0.14 −0.03

Tracking error 30.6% 27.6%

Each against its own benchmark: SETM against VOO, Feb 10, 2023 to Oct 30, 2026; XME against IVV, Jun 30, 2006 to Oct 30, 2026.

Reading

From Feb 2023 to Oct 2026, XME returned more: +81.4% to +34.3%. XME swung less: 30.1% to 36.2%. XME fell less at its worst: −29.9% to −39.0%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: SETM vs XME: Holdings Overlap & Returns
Measure	SETM	XME	Edge	How it is measured
Return
Total return	+34.3%	+81.4%	XME	Price change plus distributions, reinvested.
Annualized	+8.2%	+17.3%	XME	Total return as a yearly rate.
Price return	+26.5%	+77.0%	XME	Price change alone, distributions left out.
Risk
Volatility	36.2%	30.1%	XME	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	25.6%	20.4%	XME	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−39.0%	−29.9%	XME	Deepest fall from a high to the low after it.
Upside capture	116.9%	147.5%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	129.3%	124.3%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.48	1.45	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.32	0.49	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.27	0.53	XME	Return above Treasury bills per unit of volatility.
Sortino	0.39	0.78	XME	Return above Treasury bills per unit of downside deviation.
Treynor	0.067	0.067		Return above Treasury bills per unit of beta.
Calmar	0.21	0.58	XME	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	IVV		The ETF each fund is measured against.
Alpha	−11.2% a year	−5.5% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.71	−0.94	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−42.0% to +19.7%	−17.0% to +6.0%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.14	−0.03		Return against its benchmark per unit of tracking error.
Tracking error	30.6%	27.6%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 194 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

15%

By the books each fund has filed, SETM and XME hold 15% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

50%

0 half 100%

half

15% in common

Positions both hold · largest shared weight first SETM XME

Freeport-McMoRan Inc. 5.47% 4.73%

Hecla Mining Co. 3.42% 3.70%

Uranium Energy Corp. 3.01% 3.80%

MP Materials Corp. 2.86% 4.07%

Ur-Energy Inc. 0.28% 0.29%

American Battery Technology Co. 0.12% 0.18%

Ivanhoe Electric Inc. 0.09% 1.09%

Only in one fund ↓

Only in SETM

Lynas Rare Earths Ltd. 4.87%

Cameco Corp. 4.81%

NAC Kazatomprom JSC 4.15%

Teck Resources Ltd. 3.95%

Albemarle Corp. 3.61%

Sociedad Quimica y Minera de Chile SA 3.40%

First Majestic Silver Corp. 3.33%

PLS Group Ltd. 3.12%

Only in XME

CLEVELAND CLIFFS INC 6.82%

RELIANCE INC 6.56%

NUCOR CORP 6.19%

STEEL DYNAMICS INC 6.00%

COMMERCIAL METALS CO 5.62%

ROYAL GOLD INC 5.13%

NEWMONT CORP 4.87%

MATERION CORP 4.59%

Check overlap with more funds →

Window by window

Window by window: SETM vs XME: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	SETM	XME	SETM	XME
3 months	−21.2%	−14.4%	−21.1 pts vs VOO	−14.3 pts vs IVV
6 months	−35.3%	−22.7%	−40.3 pts vs VOO	−27.7 pts vs IVV
1 year	+3.9%	+6.7%	−10.9 pts vs VOO	−8.1 pts vs IVV
3 years	+57.7%	+89.9%	−25.6 pts vs VOO	+6.5 pts vs IVV
Since launchNot the same days: SETM Feb 2023 · XME Jun 2006	+29.5%	+174.0%	−64.0 pts vs VOO	not measured

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Side by side

SETM Sprott Critical Materials ETF · Holds 156 stocks in rare earth and critical materials, 9% of its weight in S&P 500 companies XME State Street SPDR S&P Metals & Mining ETF · Holds 38 stocks in miners and metals, 22% of its weight in S&P 500 companies

Issuer Sprott State Street

Theme Rare earth and critical materials Miners and metals

In the S&P 500 9.1% 21.8%

Active share vs the S&P 500 99.8% 99.6%

In the Nasdaq-100 0.0% 0.0%

Holdings 156 38

Top ten, share of the fund 40.1% 55.0%

Expense ratio 0.65% 0.35%

Fee for the differing part 0.65% 0.35%

Total return, 1 year +3.9% +6.7%

vs its benchmark −10.9 pts vs VOO −8.1 pts vs IVV

Below its high −37.4% −27.8%

Net assets, SETM as of Nov 4, 2026 and XME as of Nov 3, 2026 $421m $3.6bn

As of Nov 4, 2026. Source: ETFIQ.

15% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

SETM

By weight, 9% of SETM's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 40% of the fund across 156 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned +3.9% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 10.9 pts. It sits 37.4% below its all-time high of Jan 28, 2026.

XME

By weight, 22% of XME's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 55% of the fund across 38 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +6.7% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 8.1 pts. It sits 27.8% below its all-time high of Jun 2, 2026.

Questions people ask

Do SETM and XME hold the same stocks?: By their latest filings, 15% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, SETM or XME?: SETM has 9% of its weight in S&P 500 names and XME has 22%, so SETM differs more from the index.
Which is cheaper, SETM or XME?: SETM charges 0.65% a year and XME charges 0.35%, so XME is cheaper. Fees come from each fund's prospectus.

Other comparisons

SETM vs SLX SETM vs PICK SETM vs NIKL SETM vs GOAU XME vs EART XME vs FMTL XME vs WDIG XME vs REMX

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →SETM on its own →XME on its own →SETM dividend history →SETM holdings →XME dividend history →XME holdings →Method →Standards and sources →

Sources and dates

SETM filings on SEC EDGAR ↗

SETM prospectus with the expense ratio (SEC) ↗

Sprott page for SETM ↗

XME filings on SEC EDGAR ↗

XME prospectus with the expense ratio (SEC) ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, SETM against XME, data as of Nov 4, 2026. https://etfiq.com/compare/themes/setm-vs-xme

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.