Do SLX and XME hold the same stocks?

By their latest filings, 23% 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, SLX or XME?

SLX has 14% of its weight in S&P 500 names and XME has 22%, so SLX differs more from the index.

Which is cheaper, SLX or XME?

SLX charges 0.55% 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

SLX vs XME: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, SLX returned +32.9% to XME's +6.7%; 23% of their weight is in the same names.

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Net assets on Nov 3, 2026: $150m for VanEck Steel ETF and $3.6bn for State Street SPDR S&P Metals & Mining ETF.

SLX on its own →XME on its own →

At a glance

13.5%

SLX in the S&P 500

21.8%

XME in the S&P 500

+32.9%

SLX total return, 1 year

+6.7%

XME total return, 1 year

SLX · 1 year to Nov 4, 2026 87% of its weight is outside the S&P 500

14% of SLX's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Nov 2, 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 0.20 points a year less; their one-year returns differ by 26.2 points; XME is far larger, $3.6bn against $150m.

Points (pts) are percentage points.

SLX vs XME: Holdings Overlap & Returns
Measure	SLX	XME
Return
Measure	SLX	XME
Total return, 1 year	+32.9%	+6.7%
Drawdown
Measure	SLX	XME
Below its all-time high	12.2%, high on Jun 2, 2026	27.8%, high on Jun 2, 2026
Against its benchmark
Measure	SLX	XME
What it tracks	Miners and metals	Miners and metals
Against the S&P 500, 1 year		behind by 8.1 pts
Its benchmark, total return, 1 year	+15.0%	+14.8%
Against its benchmark, 1 year	ahead by 17.9 pts	behind by 8.1 pts
Cost and size
Measure	SLX	XME
Expense ratio	0.55%	0.35%
Net assets, as of Nov 3, 2026	$150m	$3.6bn
Holdings
Measure	SLX	XME
Holdings in common	23%

Method

Risk and return

Oct 27, 2006 to Oct 30, 2026 · 1,044 weekly returns

SLX XME

Return

Total return edge SLX +306.1% +162.1%

Annualized edge SLX +7.2% +4.9%

Price return edge SLX +125.5% +103.7%

Risk

Volatility edge SLX (slight) 36.1% 37.0%

Max drawdown edge SLX (slight) −82.0% −85.5%

Downside capture 128.1% 124.3%

Beta 1.58 1.45

Risk-adjusted

Sharpe edge SLX 0.33 0.27

Sortino edge SLX 0.48 0.39

Treynor 0.054 0.067

Calmar edge SLX 0.09 0.06

Against the benchmark

Alpha −4.3% a year −5.5% a year

Alpha t-stat −0.86 −0.94

Information ratio 0.02 −0.03

Tracking error 24.1% 27.6%

Each against its own benchmark: SLX against ACWI, Apr 4, 2008 to Oct 30, 2026; XME against IVV, Jun 30, 2006 to Oct 30, 2026.

Reading

From Oct 2006 to Oct 2026, SLX returned more: +306.1% to +162.1%. SLX swung slightly less: 36.1% to 37.0%. SLX fell slightly less at its worst: −82.0% to −85.5%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: SLX vs XME: Holdings Overlap & Returns
Measure	SLX	XME	Edge	How it is measured
Return
Total return	+306.1%	+162.1%	SLX	Price change plus distributions, reinvested.
Annualized	+7.2%	+4.9%	SLX	Total return as a yearly rate.
Price return	+125.5%	+103.7%	SLX	Price change alone, distributions left out.
Risk
Volatility	36.1%	37.0%	SLX (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	24.5%	25.5%	SLX (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−82.0%	−85.5%	SLX (slight)	Deepest fall from a high to the low after it.
Upside capture	186.8%	147.5%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	128.1%	124.3%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.58	1.45	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.65	0.49	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.33	0.27	SLX	Return above Treasury bills per unit of volatility.
Sortino	0.48	0.39	SLX	Return above Treasury bills per unit of downside deviation.
Treynor	0.054	0.067		Return above Treasury bills per unit of beta.
Calmar	0.09	0.06	SLX	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	IVV		The ETF each fund is measured against.
Alpha	−4.3% a year	−5.5% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.86	−0.94	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−14.1% to +5.5%	−17.0% to +6.0%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.02	−0.03		Return against its benchmark per unit of tracking error.
Tracking error	24.1%	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, 1,044 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

23%

By the books each fund has filed, SLX and XME hold 23% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

23% in common

Positions both hold · largest shared weight first SLX XME

Nucor Corp 7.73% 6.19%

Steel Dynamics Inc 5.77% 6.00%

Reliance Steel & Aluminum Co 5.67% 6.56%

Cleveland-Cliffs Inc 2.45% 6.82%

Commercial Metals Co 2.17% 5.62%

Worthington Steel Inc 0.49% 0.83%

Only in one fund ↓

Only in SLX

Bhp Group Ltd 6.84%

Rio Tinto Plc 6.36%

Vale Sa 5.58%

Arcelormittal Sa 5.27%

Nippon Steel Corp 4.75%

Rio Tinto Ltd 4.33%

Tenaris Sa 4.11%

Posco Holdings Inc 3.99%

Only in XME

ROYAL GOLD INC 5.13%

NEWMONT CORP 4.87%

FREEPORT MCMORAN INC 4.73%

MATERION CORP 4.59%

ALCOA CORP 4.54%

MP MATERIALS CORP 4.07%

URANIUM ENERGY CORP 3.80%

COEUR MINING INC 3.73%

Check overlap with more funds →

Window by window

Window by window: SLX vs XME: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	SLX	XME	SLX	XME
3 months	−9.3%	−14.4%	−8.0 pts vs ACWI	−14.3 pts vs IVV
6 months	−8.1%	−22.7%	−10.7 pts vs ACWI	−27.7 pts vs IVV
1 year	+32.9%	+6.7%	+17.9 pts vs ACWI	−8.1 pts vs IVV
3 years	+64.3%	+89.9%	−13.3 pts vs ACWI	+6.5 pts vs IVV
Since launchNot the same days: SLX Oct 2006 · XME Jun 2006	+326.1%	+174.0%	not measured	not measured

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Side by side

SLX VanEck Steel ETF · Holds 39 stocks in miners and metals, 14% 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 VanEck State Street

Theme Miners and metals Miners and metals

In the S&P 500 13.5% 21.8%

Active share vs the S&P 500 99.9% 99.6%

In the Nasdaq-100 0.0% 0.0%

Holdings 39 38

Top ten, share of the fund 56.6% 55.0%

Expense ratio 0.55% 0.35%

Fee for the differing part 0.55% 0.35%

Total return, 1 year +32.9% +6.7%

vs its benchmark +17.9 pts vs ACWI −8.1 pts vs IVV

Below its high −12.2% −27.8%

Net assets, as of Nov 3, 2026 $150m $3.6bn

As of Nov 4, 2026. Source: ETFIQ.

23% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

SLX

By weight, 14% of SLX'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 57% of the fund across 39 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +32.9% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 17.9 pts. It sits 12.2% below its all-time high of Jun 2, 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 SLX and XME hold the same stocks?: By their latest filings, 23% 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, SLX or XME?: SLX has 14% of its weight in S&P 500 names and XME has 22%, so SLX differs more from the index.
Which is cheaper, SLX or XME?: SLX charges 0.55% a year and XME charges 0.35%, so XME is cheaper. Fees come from each fund's prospectus.

Other comparisons

SLX vs GOAU SLX vs METL SLX vs NIKL SLX vs PICK XME vs GOAU XME vs METL XME vs NIKL XME vs PICK

Where to next

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

Sources and dates

SLX filings on SEC EDGAR ↗

SLX prospectus with the expense ratio (SEC) ↗

VanEck website ↗

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

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