Hello!
Thanks for your reply- very helpful. You would indeed appear to be correct, that I have a zero balance. However, none of the addresses have any transaction history at all, which does not make any sense.
To drive this point home, on my ledger (where I exported the xpub from) if I ask for my receive address, I am given Xr1YeTTiWUc5sHxZLrd1X6kDgiUfW5eRoB which is not any of the addresses listed on Electrum. This address DOES have a transaction history.
Is it possible that Electrum is using a different path (i.e. not 44'/5'/0'/0/0") when displaying the addresses, and therefore incorrectly calculating my balance?