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XOP - XLE: W-Shaped Recovery Most Likely Scenario For Energy Sector
SPDR S&P Oil & Gas Explor & Product
Amid the coronavirus black swan, the bottom fell out of the energy sector, which was already down 40% from its peak prior to the pandemic based on the sector ETF (XLE). The double whammy of immeasurable collapse in demand and geopolitical shocks led to another ~60% collapse before a massive relief rally alongside broader markets took place.
As of 4/24/2020. Source: WingCapital Investments
The unprecedented price destruction meant the energy sector's weight in S&P 500 (SPY) has dropped below a minuscule 3%.