Relative Intelligence · Financial Sector Equity
How State Street Financial Select Sector SPDR ETF (XLF) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on XLF alone. It places XLF (State Street Financial Select Sector SPDR ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where XLF stands in the market, and of the alternatives worth a closer look.
Period covered: XLF's full trading record, from December 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- What you're buyingXLF is a financials bet first: 98% of assets, versus 12% in the S&P 500. At a glance ↓
- Right nowXLF has gone against the market, falling 0.2% over the past 3 months while the S&P 500 rose 3.9%. Its similar funds split over the past 3 months: IAK (iShares U.S. Insurance ETF) rose 0.5%, while KBWB (Invesco KBW Bank ETF) fell 8.8%. Consistency ↓
- Fund or market?XLF fell 0.2% over the past 3 months even as the S&P 500 rose 3.9%. Its similar funds did not move as one over the past 3 months: IAK (iShares U.S. Insurance ETF) rose 0.5%, while KBWB (Invesco KBW Bank ETF) fell 8.8%.
- Long termXLF turned $10,000 into $34,100 over the past decade, against $42,100 in the S&P 500. On the flip side, its 10-year return of 241% puts it ahead of 81% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, XLF has typically fallen 1.3 times as far as the S&P 500. Crash tests ↓
- DiversificationWhen the S&P 500 had a down month, XLF usually fell with it (18 of 22 months). Over 10 years, XLF's beta versus the S&P 500 was 1.02: in the S&P 500's rising months it gained 1.0 times as much as the index, and in falling months it lost 1.1 times as much. By year ↓
- Better options
- Popular alternatives
- SPY (State Street SPDR S&P 500 ETF), VTV (Vanguard Morningstar Value ETF) and VYM (Vanguard High Dividend Yield ETF) earned more than XLF with less volatility over the past 5 years. SPY returned 12.7% a year at 17.1% volatility, against 8.6% a year at 18.3%.
- Nearby categories and themes
- AVLV (Avantis U.S. Large Cap Value ETF, US large-cap value) and PVAL (Putnam Focused Large Cap Value ETF, US large-cap value) earned more than XLF with less volatility over the past 5 years. AVLV returned 14.0% a year at 16.9% volatility, against 8.6% a year at 18.3%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 8.6% at 18.3% for XLF.
How much would $10,000 in XLF have grown?
This chart tracks a hypothetical $10,000 investment in XLF over the past 24 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of XLF over the same span and XLF's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 24 years rather than XLF's full 27 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in XLF at the end of September 2002 would have grown to $51,341 by September 2026, less than the $144,215 it would have become in SPY, an S&P 500 fund.
- All five other investments on the chart ended ahead of XLF, and XLK finished highest, at $444,902.
Choose a period
From the end of September 2002 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,018 of the 1,370 stocks and funds worth at least $500 million that traded the whole period ended ahead of XLF; the chart shows 5, closest alternatives first.
- XLK$444,902+4,349% total · +17.1% a year
- SPY (S&P 500)$144,215+1,342% total · +11.8% a year
- IOO$119,218+1,092% total · +10.9% a year
- IYF$59,981+500% total · +7.7% a year
- IXG$57,993+480% total · +7.6% a year
- IYG$54,764+448% total · +7.3% a year
- XLF$51,341+413% total · +7.1% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,462 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of XLF; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- XLK$27,207+172% total · +22.2% a year
- EUFN$25,747+157% total · +20.8% a year
- AVLV$19,653+96.5% total · +14.5% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- IXG$18,652+86.5% total · +13.3% a year
- IAI$18,261+82.6% total · +12.8% a year
- VTV$17,967+79.7% total · +12.4% a year
- KCE$17,842+78.4% total · +12.3% a year
- VYM$17,343+73.4% total · +11.6% a year
- XLF$15,505+55.0% total · +9.2% a year
XLF at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- XLF's deepest decline since it began trading in 1998 was 82.7%, from June 2007 to March 2009. It took about eight years from the low to climb back to its old high.
- Over 27 full calendar years, XLF's best was 2013, when it returned 35.5%, and its worst was 2008, when it lost 55.0%. It lost money in nine of those years.
- XLF is 4.5% below its all-time high.
The fund
- Issuer
- SPDR
- Began trading
- December 1998
- Expense ratio
- 0.08%per year
- Assets
- $51B
- Category
- Financials
Returns
- Past 1 year
- +7.2%total return
- Past 3 years
- +81.3%+21.9% a year
- Past 5 years
- +50.9%+8.6% a year
- Past 10 years
- +241%+13.0% a year
- Best calendar year
- +35.5%2013
- Worst calendar year
- −55.0%2008
- Losing years
- 9 of 27full calendar years
Risk
- Volatility
- 18.3%typical yearly swing, 5 years
- Sharpe ratio
- 0.54return per unit of risk, 5 years
- Worst decline ever
- −82.7%Jun 2007 to Mar 2009
- From its all-time high
- −4.5%below the peak
XLF against the whole market
Where XLF ranks among every stock and fund, and what across the market has done better.
How does XLF rank among all ETFs?
This section ranks XLF on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how XLF stacks up against its peers, these rankings show where it stands in the market as a whole.
- XLF's 10-year return ranks in the top 19% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | XLF | Rank | Standing |
|---|---|---|---|
| 1-year return | +7.2% | 1,464 of 2,485 | bottom 42% |
| 3-year return | +81.3% | 543 of 1,949 | top 28% |
| 5-year return | +50.9% | 660 of 1,560 | top 42% |
| 10-year return | +241% | 179 of 958 | top 19% |
| Volatility, 5 years | 18.3% | 970 of 1,560 | bottom 39% |
| Sharpe ratio, 5 years | 0.54 | 837 of 1,560 | bottom 47% |
| Worst decline, past 10 years | −42.9% | 642 of 951 | bottom 33% |
What has beaten XLF on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). XLF sits where the dashed lines cross. Anything in the green box above and to the left earned more than XLF with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Four stocks and 199 ETFs worth at least $500 million sit in the green region: each earned more than XLF over the past 5 years with smaller price swings. That is 6% of the 3,633 screened.
- Among those with at least half XLF's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 39% less than XLF's 18.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.54 for XLF.
- Among XLF's popular alternatives, VTV, VYM and SPY are in the region. VTV earned 12.1% a year against 8.6% a year for XLF, at 13.7% volatility, 25% less than XLF's 18.3%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to XLF; faint dots are 76 more of the 203 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than XLF?
Investments that beat XLF over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among XLF's popular alternatives, SPY, VTV and VYM earned more than XLF with less volatility over the past 5 years. SPY returned 12.7% a year at 17.1% volatility, against 8.6% a year at 18.3%.
- Looking beyond its popular alternatives, AVLV (US large-cap value) and PVAL (US large-cap value) earned more than XLF with less volatility over the past 5 years. AVLV returned 14.0% a year at 16.9% volatility, against 8.6% a year at 18.3%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 8.6% at 18.3% for XLF.
How this works
The table below lists investments that beat XLF over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks XLF's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than XLF follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than XLF's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× XLF's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than XLF's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with XLF?lower diversifies more | Expenseper year | |||
| XLFState Street Financial Select Sector SPDR ETF · this page | +8.6% | 18.3% | 0.54 | −42.9% | +241% | 1.00 | 0.08% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.75 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against XLF. 6 of 21 passed at least one test. | |||||||||
| SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.75 | 0.09% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.85 | 0.03% | |
 VYMVanguard High Dividend Yield ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.85 | 0.04% | |
 XLKState Street Technology Select Sector SPDR ETF · Technology Equity | Higher Sharpe, smaller worst declineHigher return in most periods | +19.4% | 26.0% | 0.82 | −33.6% | +767% | 0.43 | 0.08% | |
IXGiShares Global Financials ETF · International | Higher return, lower volatility | +12.2% | 17.2% | 0.76 | −43.5% | +220% | 0.96 | 0.38% | |
IAKiShares U.S. Insurance ETF · Broad Market | Higher return, similar volatility | +13.9% | 18.1% | 0.81 | −45.0% | +238% | 0.79 | 0.37% | |
| Same and neighboring categories, and shared themesbest 3 shownEverything else in Financial Sector Equity and the categories next to it (Real Estate Equity, US Large-Cap Value), plus XLF's specific themes. 14 of 20 passed at least one test. | |||||||||
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.84 | 0.15% | |
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.87 | 0.56% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.66 | 0.15% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 437 of 3,595 passed at least one test. | |||||||||
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.76 | 0.06% | |
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.78 | 0.28% | |
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.86 | 0.39% | |
IOOiShares Global 100 ETF · Global Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.66 | 0.40% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.65 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.64 | 0.40% | |
 RSGRepublic Services, Inc. · Environmental Services | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.39 | — | |
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Multi-Asset | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +8.3% | 7.4% | 1.11 | −9.9% | — | 0.67 | 0.85% | |
What these numbers mean for XLF
- Annual return
- XLF returned 8.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $15,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- XLF's volatility over the past 5 years was 18.3%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XLF's return lands within 18.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- XLF's Sharpe ratio over the past 5 years was 0.54, against 0.79 for the S&P 500, so XLF earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- XLF's worst fall from a peak to a low over the past 10 years was 42.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.9% fall takes a 75.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, XLF's monthly returns had a correlation of 0.75 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against XLF instead: the lower it is, the more that option would diversify a XLF holding. Guide: Correlation and diversification →
Show all 203 stocks and funds worth at least $500 million that earned more than XLF with less volatility
Out of 3,633 tested over 5 years. The strongest 84 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with XLF | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.75 | 0.03% |
| 2 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.82 | 0.04% |
| 3 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.76 | 0.06% |
| 4 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.86 | 0.39% |
| 5 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.66 | 0.40% |
| 6 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.65 | — |
| 7 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.64 | 0.40% |
| 8 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.32 | — |
| 9 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.85 | 0.30% |
| 10 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.30 | 0.65% |
| 11 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.80 | 0.19% |
| 12 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.76 | 0.06% |
| 13 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.74 | 0.15% |
| 14 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.73 | 0.27% |
| 15 | AVUSAvantis U.S. Equity ETF · US Total Market | Whole market | +12.2% | 17.2% | 0.76 | −37.0% | — | 0.83 | 0.15% |
| 16 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.77 | 0.12% |
| 17 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.69 | 0.12% |
| 18 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.84 | 0.15% |
| 19 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.86 | 0.20% |
| 20 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.86 | 0.05% |
| 21 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.72 | 0.15% |
| 22 | AVIVAvantis International Large Cap Value ETF · International | Whole market | +12.6% | 16.7% | 0.80 | −27.7% | — | 0.72 | 0.25% |
| 23 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.70 | 0.29% |
| 24 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.76 | 0.15% |
| 25 | BKIEBNY Mellon International Equity ETF · International | Whole market | +11.5% | 16.4% | 0.75 | −28.2% | — | 0.71 | 0.04% |
| 26 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.80 | 0.15% |
| 27 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.80 | 0.50% |
| 28 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.81 | 0.31% |
| 29 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.61 | 0.50% |
| 30 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.73 | 0.49% |
| 31 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.89 | 0.12% |
| 32 | PJPInvesco Pharmaceuticals ETF · Healthcare | Whole market | +11.2% | 16.6% | 0.72 | −34.0% | +135% | 0.51 | 0.58% |
| 33 | VTVVanguard Morningstar Value ETF · US Large-Cap Value | Popular alternative | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.85 | 0.03% |
| 34 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.66 | 0.25% |
| 35 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.73 | 0.79% |
| 36 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.83 | 0.15% |
| 37 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.74 | 0.85% |
| 38 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.82 | 0.19% |
| 39 | IDViShares International Select Dividend ETF · International Equity | Whole market | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.64 | 0.50% |
| 40 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.46 | 0.39% |
| 41 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.87 | 0.56% |
| 42 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.70 | 0.08% |
| 43 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.71 | 0.20% |
| 44 | AVDEAvantis International Equity ETF · Developed International Equity | Whole market | +10.1% | 16.4% | 0.67 | −37.0% | — | 0.71 | 0.23% |
| 45 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.77 | 0.10% |
| 46 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.70 | 0.35% |
| 47 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.80 | 0.56% |
| 48 | TILTNorthern Trust Morningstar US Market Factor Tilt ETF · Broad Market | Whole market | +11.1% | 17.3% | 0.70 | −38.5% | +265% | 0.83 | 0.26% |
| 49 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.70 | 0.55% |
| 50 | RDIVInvesco S&P Ultra Dividend Revenue ETF · Dividend & Income | Whole market | +12.2% | 17.3% | 0.75 | −50.0% | +184% | 0.80 | 0.39% |
| 51 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.30 | 0.85% |
| 52 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.60 | 0.60% |
| 53 | IQDFNorthern Trust International Quality Dividend ETF · International | Whole market | +10.9% | 15.8% | 0.74 | −39.8% | +141% | 0.63 | 0.49% |
| 54 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.63 | 0.59% |
| 55 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.21 | 0.98% |
| 56 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.71 | 0.95% |
| 57 | FIVAFidelity International Value Factor ETF · International | Whole market | +13.1% | 16.4% | 0.84 | −39.7% | — | 0.71 | 0.18% |
| 58 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.49 | 0.63% |
| 59 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.63 | 0.09% |
| 60 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.79 | 0.75% |
| 61 | IPKWInvesco International BuyBack Achievers ETF · International | Whole market | +11.0% | 17.0% | 0.71 | −47.3% | +197% | 0.72 | 0.55% |
| 62 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.65 | 0.19% |
| 63 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.82 | 0.39% |
| 64 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.75 | 0.60% |
| 65 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.68 | 0.40% |
| 66 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.79 | 0.38% |
| 67 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.61 | 0.50% |
| 68 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.59 | 0.55% |
| 69 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.29 | 0.90% |
| 70 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.52 | 0.36% |
| 71 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.49 | 0.60% |
| 72 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.80 | 0.19% |
| 73 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.79 | 0.40% |
| 74 | FXUFirst Trust Utilities AlphaDEX Fund · Utilities | Whole market | +11.2% | 16.6% | 0.72 | −34.8% | +138% | 0.55 | 0.61% |
| 75 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.69 | 0.77% |
| 76 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.59 | — |
| 77 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.73 | 0.43% |
| 78 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.71 | 0.95% |
| 79 | EWUiShares MSCI United Kingdom ETF · International | Whole market | +11.4% | 16.4% | 0.74 | −43.3% | +130% | 0.71 | 0.50% |
| 80 | MLPAGlobal X - MLP ETF · Energy | Whole market | +15.2% | 17.2% | 0.91 | −74.3% | +80.0% | 0.65 | 0.77% |
| 81 | TPYPTortoise North American Pipeline ETF · Energy | Whole market | +16.9% | 17.3% | 0.99 | −51.9% | +184% | 0.71 | 0.40% |
| 82 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.80 | 0.27% |
| 83 | EXIiShares Global Industrials ETF · Industrials | Whole market | +10.6% | 17.3% | 0.67 | −39.6% | +203% | 0.76 | 0.38% |
| 84 | VUSEVident U.S. Equity Strategy ETF · Broad Market | Whole market | +11.3% | 17.2% | 0.71 | −43.9% | +213% | 0.78 | 0.50% |
See everything that outperformed XLF →
XLF against its popular alternatives
The investments people most often weigh against XLF, compared period by period and year by year.
How do XLF's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at XLF, which divides the map into what did better or worse on each measure.
- Four of the 19 popular alternatives, led by IAK, IXG and VTV, were both more rewarding and calmer than XLF over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, XLF returned 8.6% a year, less than the S&P 500's 12.7%, with higher volatility (18.3% against 17.1%).
Green points earned more than XLF with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| XLK State Street Technology Select Sector SPDR ETF | +19.4% | 26.0% |
| EUFN iShares MSCI Europe Financials ETF | +18.5% | 21.8% |
| IAK iShares U.S. Insurance ETF | +13.9% | 18.1% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| IXG iShares Global Financials ETF | +12.2% | 17.2% |
| VTV Vanguard Morningstar Value ETF | +12.0% | 13.7% |
| VYM Vanguard High Dividend Yield ETF | +11.3% | 13.8% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | +11.1% | 21.6% |
| KIE State Street SPDR S&P Insurance ETF | +10.8% | 18.5% |
| KCE State Street SPDR S&P Capital Markets ETF | +10.0% | 23.2% |
| IYF iShares U.S. Financials ETF | +9.6% | 18.9% |
| XLF This pageState Street Financial Select Sector SPDR ETF | +8.6% | 18.3% |
| VFH Vanguard Financials ETF | +8.5% | 19.0% |
| FXO First Trust Financials AlphaDEX Fund | +8.4% | 21.6% |
| IYG iShares U.S. Financial Services ETF | +8.4% | 20.2% |
| KBWB Invesco KBW Bank ETF | +6.6% | 26.2% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | +6.1% | 19.5% |
| KBE State Street SPDR S&P Bank ETF | +5.4% | 26.9% |
| KRE State Street SPDR S&P Regional Banking ETF | +2.2% | 29.4% |
| XLRE State Street Real Estate Select Sector SPDR ETF | +1.3% | 19.2% |
| IAT iShares U.S. Regional Banks ETF | +0.9% | 28.6% |
Has XLF consistently beaten its popular alternatives?
This section compares XLF with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than XLF helps separate lasting outperformance from a single strong stretch.
- XLK and SPY outperformed XLF in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 21 popular alternatives, XLK and SPY, outperformed XLF in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VTV, VYM and XLK earned more for the risk they took than XLF (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than XLF over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| XLF State Street Financial Select Sector SPDR ETF (this page) | — | −0.3% | −0.2% | +6.6% | +2.7% | +7.2% | +81.3% | +50.9% | +241% | 18.3% | 0.54 | −42.9% | 0.08% | $51B | — |
| XLK QualifiedState Street Technology Select Sector SPDR ETF | 4/5 short3/3 longAll-weather | −4.8% | +5.7% | +20.3% | +29.0% | +29.3% | +131% | +143% | +767% | 26.0% | 0.82 | −33.6% | 0.08% | $125B | 2% |
| SPY QualifiedState Street SPDR S&P 500 ETF | 4/5 short3/3 longAll-weather | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | 14% |
| IAI Broad MarketiShares U.S. Broker-Dealers & Securities Exchanges ETF | 0/5 short3/3 long | −5.9% | −5.9% | −1.7% | −2.2% | +3.2% | +109% | +69.0% | +398% | 21.6% | 0.60 | −40.4% | 0.37% | $1.3B | — |
| KCE FinancialsState Street SPDR S&P Capital Markets ETF | 0/5 short3/3 long | −5.5% | −3.1% | −0.3% | +1.5% | +3.6% | +96.2% | +61.0% | +371% | 23.2% | 0.53 | −40.8% | 0.35% | $491M | 97% |
| EUFN InternationaliShares MSCI Europe Financials ETF | 2/5 short2/3 long | −7.9% | −3.1% | +2.5% | +5.5% | +20.4% | +141% | +133% | +233% | 21.8% | 0.89 | −53.2% | 0.49% | $3.2B | — |
| IXG InternationaliShares Global Financials ETF | 2/5 short2/3 long | −2.8% | −0.2% | +6.5% | +7.4% | +15.4% | +103% | +78.1% | +220% | 17.2% | 0.76 | −43.5% | 0.38% | $695M | — |
| IYG FinancialsiShares U.S. Financial Services ETF | 0/5 short2/3 long | −1.4% | −0.7% | +5.5% | +1.1% | +6.8% | +94.6% | +49.6% | +265% | 20.2% | 0.50 | −44.3% | 0.37% | $2.2B | — |
| IYF Broad MarketiShares U.S. Financials ETF | 0/5 short2/3 long | −2.1% | −2.3% | +3.5% | +1.0% | +7.1% | +87.3% | +57.9% | +239% | 18.9% | 0.58 | −42.6% | 0.37% | $3.8B | — |
| IAK Broad MarketiShares U.S. Insurance ETF | 5/5 short1/3 long | +3.7% | +0.5% | +10.5% | +11.0% | +18.5% | +68.0% | +91.3% | +238% | 18.1% | 0.81 | −45.0% | 0.37% | $452M | — |
| VTV Broad MarketVanguard Morningstar Value ETF | 5/5 short1/3 long | +1.6% | +4.0% | +11.0% | +18.2% | +22.5% | +77.9% | +76.6% | +235% | 13.7% | 0.90 | −36.8% | 0.03% | $252B | 24% |
| VYM Dividend & IncomeVanguard High Dividend Yield ETF | 4/5 short1/3 long | +1.1% | +1.7% | +5.1% | +13.3% | +16.9% | +72.8% | +71.1% | +208% | 13.8% | 0.85 | −35.2% | 0.04% | $96B | 23% |
| KIE FinancialsState Street SPDR S&P Insurance ETF | 4/5 short1/3 long | +2.9% | −1.2% | +8.8% | +7.4% | +12.8% | +56.7% | +67.1% | +203% | 18.5% | 0.65 | −44.3% | 0.35% | $532M | 98% |
| FXO FinancialsFirst Trust Financials AlphaDEX Fund | 3/5 short1/3 long | +0.3% | −1.5% | +6.4% | +6.6% | +13.8% | +88.6% | +49.9% | +233% | 21.6% | 0.48 | −48.6% | 0.60% | $1.0B | 96% |
| KBWB FinancialsInvesco KBW Bank ETF | 2/5 short1/3 long | −5.7% | −8.8% | +0.2% | +3.2% | +17.3% | +150% | +37.6% | +198% | 26.2% | 0.38 | −50.3% | 0.35% | $6.1B | 98% |
| KBE FinancialsState Street SPDR S&P Bank ETF | 2/5 short1/3 long | −2.6% | −6.8% | +0.4% | +7.0% | +15.3% | +99.4% | +30.0% | +140% | 26.9% | 0.33 | −53.2% | 0.35% | $1.4B | 98% |
| IAT Broad MarketiShares U.S. Regional Banks ETF | 2/5 short1/3 long | −2.3% | −7.6% | +0.5% | +6.5% | +21.4% | +105% | +4.5% | +113% | 28.6% | 0.17 | −55.5% | 0.37% | $619M | — |
| KRE FinancialsState Street SPDR S&P Regional Banking ETF | 2/5 short1/3 long | −1.9% | −6.4% | +1.1% | +10.1% | +19.4% | +95.8% | +11.7% | +111% | 29.4% | 0.22 | −55.0% | 0.35% | $3.4B | 98% |
| RSPF FinancialsInvesco S&P 500 Equal Weight Financials ETF | 2/5 short0/3 long | −0.6% | −1.7% | +5.5% | +4.2% | +8.4% | +73.8% | +34.3% | +212% | 19.5% | 0.40 | −44.8% | 0.40% | $380M | 94% |
| XLRE Real EstateState Street Real Estate Select Sector SPDR ETF | 1/5 short0/3 long | −0.5% | −5.5% | −3.4% | +7.5% | +3.3% | +43.4% | +6.4% | +89.1% | 19.2% | 0.16 | −38.8% | 0.08% | $7.8B | 0% |
| VFH FinancialsVanguard Financials ETF | 0/5 short0/3 long | −0.7% | −1.1% | +5.6% | +2.4% | +7.3% | +83.6% | +50.4% | +232% | 19.0% | 0.53 | −44.4% | 0.09% | $14B | 99% |
| FNCL FinancialsFidelity MSCI Financials Index ETF | 0/5 short0/3 long | −0.7% | −1.1% | +5.6% | +2.4% | +7.3% | +83.7% | +50.2% | +231% | 19.0% | 0.53 | −44.4% | 0.08% | $2.2B | 99% |
How did XLF do year by year?
This table shows each investment's total return in every full calendar year since 1999, along with where XLF ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with XLF and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- XLF finished ahead of the S&P 500 in 13 of its 27 full calendar years.
- Among its popular alternatives, IYG came out ahead of XLF most often, in 15 of the 25 years both traded.
- Ranked against its popular alternatives each year, XLF finished in the top quarter in three of 24 years and in the bottom quarter in three. In 2025, it ranked 11 of 20.
Newest year first. Green marks a year in which the fund came out ahead of XLF; gray means the two finished within a fraction of a point. The rank row places XLF among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of XLF | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XLF This pageState Street Financial Select Sector SPDR ETF | — | +14.9% | +30.6% | +12.0% | −10.6% | +34.8% | −1.7% | +31.9% | −13.1% | +22.0% | +22.4% | −1.9% | +15.1% | +35.5% | +28.3% | −17.2% | +11.9% | +17.7% | −54.9% | −19.2% | +18.9% | +6.1% | +10.9% | +30.5% | −14.7% | −9.4% | +25.9% | +2.8% |
| Rank among alternatives | Top quarter in 3 of 24 | 11 of 20 | 6 of 20 | 11 of 20 | 8 of 20 | 10 of 20 | 10 of 20 | 4 of 20 | 11 of 20 | 7 of 20 | 7 of 20 | 16 of 19 | 2 of 19 | 12 of 19 | 5 of 19 | 12 of 18 | 12 of 17 | 9 of 17 | 14 of 17 | 12 of 16 | 6 of 10 | 3 of 7 | 4 of 5 | 5 of 5 | 3 of 5 | — | — | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 of 27 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% |
| XLK State Street Technology Select Sector SPDR ETF | 14 of 27 | +24.6% | +21.6% | +56.0% | −27.7% | +34.8% | +43.6% | +49.9% | −1.7% | +34.3% | +15.0% | +5.5% | +17.9% | +26.2% | +15.4% | +2.5% | +11.5% | +51.1% | −41.5% | +15.5% | +12.2% | −0.4% | +5.6% | +38.7% | −38.2% | −23.4% | −41.9% | +65.0% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 10 of 19 | +25.8% | +34.4% | +15.3% | −10.9% | +40.5% | +18.6% | +24.3% | −9.5% | +28.9% | +21.3% | −1.4% | +11.7% | +65.6% | +16.4% | −27.1% | +4.9% | +42.0% | −60.3% | −4.3% | — | — | — | — | — | — | — | — |
| KCE State Street SPDR S&P Capital Markets ETF | 9 of 20 | +10.8% | +37.5% | +32.0% | −22.1% | +40.1% | +30.8% | +27.1% | −15.6% | +32.0% | +5.6% | −12.3% | +3.2% | +49.9% | +27.0% | −25.4% | +6.3% | +41.1% | −60.2% | +0.6% | +28.5% | — | — | — | — | — | — | — |
| EUFN iShares MSCI Europe Financials ETF | 5 of 15 | +65.8% | +17.2% | +26.1% | −8.8% | +19.1% | −8.5% | +20.7% | −23.1% | +27.0% | −2.7% | −4.7% | −9.7% | +29.3% | +35.4% | −26.6% | — | — | — | — | — | — | — | — | — | — | — | — |
| IXG iShares Global Financials ETF | 11 of 24 | +28.5% | +25.7% | +15.0% | −9.0% | +25.1% | −3.0% | +24.6% | −16.3% | +23.8% | +11.7% | −3.7% | +2.9% | +26.1% | +31.2% | −20.1% | +3.9% | +31.8% | −54.1% | −8.8% | +24.8% | +11.6% | +16.3% | +36.4% | −17.0% | — | — | — |
| IYG iShares U.S. Financial Services ETF | 15 of 25 | +19.8% | +31.9% | +16.1% | −16.8% | +30.4% | +1.0% | +37.6% | −12.5% | +24.5% | +19.9% | −0.7% | +11.0% | +42.8% | +33.1% | −20.5% | +7.7% | +16.1% | −52.3% | −21.8% | +19.2% | +3.3% | +11.9% | +34.2% | −13.1% | −5.9% | — | — |
| IYF iShares U.S. Financials ETF | 11 of 25 | +18.2% | +31.3% | +15.3% | −11.3% | +31.6% | −1.0% | +31.9% | −9.4% | +19.6% | +16.9% | −0.4% | +14.2% | +34.0% | +25.8% | −13.2% | +12.2% | +16.9% | −50.3% | −18.1% | +18.7% | +5.8% | +13.0% | +31.3% | −13.9% | −6.5% | — | — |
| IAK iShares U.S. Insurance ETF | 8 of 19 | +9.5% | +28.2% | +11.3% | +11.3% | +26.8% | −2.9% | +25.9% | −11.5% | +14.2% | +18.1% | +4.0% | +7.3% | +45.4% | +17.5% | −7.4% | +19.9% | +14.0% | −51.1% | −7.4% | — | — | — | — | — | — | — | — |
| VTV Vanguard Morningstar Value ETF | 11 of 21 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% | +1.1% | +14.5% | +19.9% | −35.9% | −0.1% | +22.4% | +7.2% | — | — | — | — | — | — |
| VYM Vanguard High Dividend Yield ETF | 9 of 19 | +15.4% | +17.6% | +6.6% | −0.4% | +26.2% | +1.1% | +24.1% | −5.9% | +16.4% | +17.0% | +0.3% | +13.6% | +30.1% | +12.7% | +10.5% | +14.2% | +17.1% | −31.9% | +1.4% | — | — | — | — | — | — | — | — |
| KIE State Street SPDR S&P Insurance ETF | 9 of 20 | +8.1% | +27.0% | +12.2% | +3.5% | +22.7% | −3.1% | +27.2% | −6.0% | +12.8% | +21.4% | +6.0% | +7.7% | +45.5% | +20.7% | −12.0% | +26.0% | +28.1% | −46.7% | −5.7% | +8.8% | — | — | — | — | — | — | — |
| FXO First Trust Financials AlphaDEX Fund | 10 of 18 | +13.6% | +27.7% | +9.3% | −9.2% | +37.8% | +5.9% | +26.3% | −11.7% | +17.8% | +18.4% | +1.2% | +8.7% | +40.7% | +21.1% | −7.5% | +19.2% | +33.6% | −39.2% | — | — | — | — | — | — | — | — | — |
| KBWB Invesco KBW Bank ETF | 8 of 14 | +32.0% | +36.7% | −1.2% | −21.7% | +37.7% | −10.4% | +35.9% | −18.3% | +18.1% | +28.1% | −0.1% | +8.6% | +37.4% | +32.6% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| KBE State Street SPDR S&P Bank ETF | 5 of 20 | +12.3% | +23.8% | +5.3% | −14.8% | +33.5% | −8.8% | +29.8% | −19.7% | +10.5% | +30.9% | +2.5% | +2.8% | +41.4% | +22.7% | −22.1% | +23.0% | −1.8% | −47.3% | −21.7% | +16.1% | — | — | — | — | — | — | — |
| IAT iShares U.S. Regional Banks ETF | 7 of 19 | +13.0% | +24.4% | −8.5% | −20.6% | +38.9% | −7.6% | +31.4% | −17.5% | +10.4% | +32.3% | +1.8% | +7.5% | +37.7% | +17.7% | −12.7% | +20.2% | −10.9% | −33.5% | −25.5% | — | — | — | — | — | — | — | — |
| KRE State Street SPDR S&P Regional Banking ETF | 7 of 19 | +10.2% | +18.6% | −7.6% | −15.1% | +39.3% | −7.4% | +27.4% | −19.0% | +7.5% | +35.0% | +4.9% | +1.8% | +47.5% | +16.9% | −5.9% | +20.7% | −22.0% | −18.6% | −22.0% | — | — | — | — | — | — | — | — |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 8 of 19 | +10.2% | +25.8% | +6.4% | −10.6% | +36.4% | +5.5% | +31.6% | −15.8% | +21.6% | +23.1% | −1.4% | +14.8% | +38.4% | +24.6% | −12.6% | +22.5% | +31.8% | −55.6% | −17.4% | — | — | — | — | — | — | — | — |
| XLRE State Street Real Estate Select Sector SPDR ETF | 2 of 10 | +2.6% | +5.1% | +12.4% | −26.3% | +46.1% | −2.2% | +28.6% | −2.4% | +10.7% | +2.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VFH Vanguard Financials ETF | 7 of 21 | +14.9% | +30.4% | +14.2% | −12.3% | +35.2% | −2.0% | +31.6% | −13.5% | +20.0% | +24.9% | −0.6% | +14.1% | +32.9% | +26.3% | −14.4% | +14.8% | +14.3% | −48.9% | −17.6% | +19.5% | +6.0% | — | — | — | — | — | — |
Risk and diversification
How XLF has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were XLF's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents XLF's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In four of XLF's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: XLF fell 26.4% from May 1999 to February 2000, while the S&P 500 slipped only 2.1%.
- The slowest recovery came after XLF fell 82.7% from June 2007 to March 2009; it did not regain that peak until July 2017, eight years later.
Green means XLF fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | XLF fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −82.7% | −53.5% | Jun 2007 | Mar 2009 | 21 months | Jul 2017 | 8.3 years |
| Covid crash | −42.9% | −33.6% | Feb 2020 | Mar 2020 | 1 month | Jan 2021 | 10 months |
| Dot-com bust | −36.6% | −40.8% | Jan 2001 | Oct 2002 | 21 months | Jan 2004 | 15 months |
| No named crash | −26.4% | −2.1% | May 1999 | Feb 2000 | 9 months | Jun 2000 | 4 months |
| 2022 bear market | −25.8% | −23.4% | Jan 2022 | Oct 2022 | 9 months | Feb 2024 | 16 months |
How did XLF do in stock market crashes?
This section measures how far XLF, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- XLF fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when XLF fell 81.8% and the S&P 500 fell 55.2%.
- Among its popular alternatives, VTV held up best, falling less than XLF in eight of the nine crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than XLF.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XLF This pageState Street Financial Select Sector SPDR ETF | — | −9.5% | −25.8% | −42.8% | −21.9% | −7.5% | −21.9% | −26.1% | −1.1% | −81.8% | −36.6% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| XLK State Street Technology Select Sector SPDR ETF | 6 of 10 | −3.2% | −32.4% | −31.1% | −23.8% | −6.7% | −12.7% | −15.9% | −2.1% | −53.0% | −82.0% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 4 of 9 | −13.0% | −28.2% | −40.4% | −18.4% | −5.9% | −24.3% | −29.2% | −2.2% | −74.4% | — |
| KCE State Street SPDR S&P Capital Markets ETF | 3 of 9 | −9.8% | −31.4% | −40.8% | −22.6% | −5.6% | −33.6% | −30.4% | −2.3% | −73.6% | — |
| EUFN iShares MSCI Europe Financials ETF | 3 of 8 | −7.2% | −35.2% | −44.0% | −20.9% | −5.4% | −32.0% | −35.2% | −0.7% | — | — |
| IXG iShares Global Financials ETF | 6 of 9 | −7.8% | −27.2% | −41.2% | −19.4% | −6.6% | −26.1% | −27.2% | 0.0% | −78.1% | — |
| IYG iShares U.S. Financial Services ETF | 1 of 9 | −10.9% | −29.6% | −44.3% | −23.6% | −7.0% | −26.1% | −28.0% | −1.1% | −80.8% | — |
| IYF iShares U.S. Financials ETF | 6 of 9 | −10.0% | −25.1% | −42.5% | −19.7% | −7.0% | −20.1% | −25.1% | −1.2% | −78.1% | — |
| IAK iShares U.S. Insurance ETF | 6 of 9 | −7.7% | −14.8% | −44.4% | −19.3% | −7.2% | −17.0% | −21.9% | −0.8% | −76.7% | — |
| VTV Vanguard Morningstar Value ETF | 8 of 9 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| VYM Vanguard High Dividend Yield ETF | 8 of 9 | −3.9% | −15.8% | −34.6% | −16.1% | −6.3% | −10.9% | −14.3% | −1.1% | −57.0% | — |
| KIE State Street SPDR S&P Insurance ETF | 7 of 9 | −8.5% | −15.7% | −44.1% | −17.9% | −5.9% | −15.3% | −24.3% | −2.0% | −74.6% | — |
| FXO First Trust Financials AlphaDEX Fund | 6 of 9 | −16.6% | −23.1% | −48.6% | −21.3% | −6.4% | −19.2% | −22.2% | −1.1% | −68.9% | — |
| KBWB Invesco KBW Bank ETF | 0 of 6 | −21.8% | −34.5% | −48.3% | −26.1% | −7.2% | −28.4% | — | — | — | — |
| KBE State Street SPDR S&P Bank ETF | 1 of 9 | −20.0% | −28.7% | −49.4% | −27.5% | −6.2% | −27.2% | −29.3% | −1.6% | −81.9% | — |
| IAT iShares U.S. Regional Banks ETF | 3 of 9 | −25.3% | −30.1% | −49.5% | −26.2% | −6.2% | −23.9% | −25.5% | −1.1% | −74.8% | — |
| KRE State Street SPDR S&P Regional Banking ETF | 2 of 9 | −23.0% | −27.5% | −49.6% | −28.5% | −5.9% | −28.0% | −27.2% | −1.9% | −66.0% | — |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 4 of 9 | −13.9% | −23.4% | −44.8% | −23.2% | −7.0% | −20.1% | −25.0% | −1.3% | −80.2% | — |
| XLRE State Street Real Estate Select Sector SPDR ETF | 4 of 5 | −5.4% | −32.0% | −38.8% | −12.5% | −6.2% | — | — | — | — | — |
| VFH Vanguard Financials ETF | 2 of 9 | −10.5% | −25.7% | −44.3% | −22.2% | −7.1% | −20.4% | −25.9% | −1.4% | −77.6% | — |
How closely does XLF move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares XLF with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- VYM took just 88% of the S&P 500's losses, against 107% for XLF, while still keeping 81% of its gains.
- Over the past 10 years, XLF captured 96% of the S&P 500's gains in rising months and 107% of its losses in falling months, with a beta of 1.02. Its share of the market's losses was larger than its share of the gains.
- Eight of the 19 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than XLF's 0.90, led by XLK, IAK and IAI.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than XLF's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| XLF This pageState Street Financial Select Sector SPDR ETF | 96% | 107% | 0.90 | 1.02 |
| XLK State Street Technology Select Sector SPDR ETF | 128% | 100% | 1.28 | 1.19 |
| IAK iShares U.S. Insurance ETF | 74% | 68% | 1.08 | 0.73 |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 110% | 107% | 1.03 | 1.09 |
| KIE State Street SPDR S&P Insurance ETF | 75% | 77% | 0.97 | 0.78 |
| VTV Vanguard Morningstar Value ETF | 86% | 91% | 0.95 | 0.86 |
| KCE State Street SPDR S&P Capital Markets ETF | 118% | 126% | 0.94 | 1.18 |
| VYM Vanguard High Dividend Yield ETF | 81% | 88% | 0.93 | 0.82 |
| EUFN iShares MSCI Europe Financials ETF | 98% | 107% | 0.92 | 0.98 |
| IXG iShares Global Financials ETF | 92% | 102% | 0.90 | 0.95 |
| IYF iShares U.S. Financials ETF | 95% | 106% | 0.90 | 1.00 |
| IYG iShares U.S. Financial Services ETF | 105% | 118% | 0.89 | 1.12 |
| VFH Vanguard Financials ETF | 97% | 111% | 0.88 | 1.05 |
| FXO First Trust Financials AlphaDEX Fund | 96% | 111% | 0.87 | 1.07 |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 95% | 111% | 0.85 | 1.04 |
| KBWB Invesco KBW Bank ETF | 107% | 131% | 0.81 | 1.22 |
| KBE State Street SPDR S&P Bank ETF | 92% | 121% | 0.76 | 1.15 |
| KRE State Street SPDR S&P Regional Banking ETF | 86% | 117% | 0.73 | 1.12 |
| IAT iShares U.S. Regional Banks ETF | 89% | 123% | 0.72 | 1.13 |
| XLRE State Street Real Estate Select Sector SPDR ETF | 68% | 97% | 0.71 | 0.84 |
What diversifies XLF?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with XLF's. Because such investments tend not to fall at the same time, pairing XLF with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in XLF into DBMF would have cut the portfolio's volatility by 23% over the past 5 years and raised its annual return (+9.2% for XLF alone, +9.9% for the mix).
- Among large ETFs, DXJ, SMH and GLD have moved largely independently of XLF over the past 5 years, with correlations of 0.37 or lower, and each still earned a positive 5-year return.
- FIX made money in six of the nine calendar years in which XLF lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which XLF lost money. The last two columns show a portfolio that is 80% XLF and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2015 | 2011 | 2008 | 2007 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XLF State Street Financial Select Sector SPDR ETF (this page) | 1.00 | +50.9% | 0.54 | −10.6% | −1.7% | −13.1% | −1.9% | −17.2% | −54.9% | −19.2% | −14.7% | −9.4% | 18.1% | +9.2% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.34 | +225% | 1.34 | +6.0% | +3.9% | −19.8% | +7.7% | −16.1% | −20.8% | −7.4% | — | — | 15.5% | +12.8% |
| SMH TechnologyVanEck Semiconductor ETF | 0.37 | +323% | 0.97 | −33.5% | +55.5% | −9.1% | −0.3% | +6.8% | −44.7% | +6.0% | −47.0% | −14.6% | 18.2% | +15.3% |
| GLD CommoditiesSPDR Gold Shares | 0.05 | +126% | 0.96 | −0.8% | +24.8% | −1.9% | −10.7% | +9.6% | +4.9% | +30.4% | — | — | 15.0% | +11.5% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.49 | +177% | 0.93 | +64.4% | −32.7% | −18.2% | −21.5% | +2.8% | −39.0% | +36.8% | −14.8% | −18.2% | 17.6% | +12.3% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.35 | +153% | 0.89 | −28.9% | +31.5% | −9.9% | −12.9% | −21.8% | −45.3% | +6.4% | −24.4% | +2.1% | 16.9% | +12.1% |
| EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF | 0.43 | +69.9% | 0.84 | −15.3% | −10.0% | −6.2% | −27.4% | — | — | — | — | — | 15.8% | +9.8% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.30 | +59.7% | 0.82 | +21.6% | +1.8% | — | — | — | — | — | — | — | 13.9% | +9.9% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.29 | +66.4% | 0.81 | +2.5% | −2.5% | −8.7% | −17.2% | −10.7% | −19.1% | — | — | — | 15.3% | +9.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2015 | 2011 | 2008 | 2007 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XLF State Street Financial Select Sector SPDR ETF (this page) | 1.00 | +50.9% | 0.54 | −10.6% | −1.7% | −13.1% | −1.9% | −17.2% | −54.9% | −19.2% | −14.7% | −9.4% | 18.1% | +9.2% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.37 | +479% | 1.55 | +54.1% | +10.1% | −24.5% | +12.6% | +8.1% | −39.6% | −9.8% | −8.3% | −2.5% | 17.1% | +15.0% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.37 | +3,143% | 1.47 | +1.3% | −2.4% | −16.3% | −6.0% | −24.4% | −20.5% | −25.7% | −65.1% | −25.6% | 21.7% | +27.3% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.38 | +1,636% | 1.46 | +17.0% | +6.7% | +0.8% | +67.7% | −17.0% | −15.2% | +2.1% | −9.4% | +73.7% | 19.7% | +23.4% |
| MCK Medical - DistributionMcKesson Corporation | 0.28 | +413% | 1.44 | +51.8% | +27.1% | −28.4% | −4.5% | +11.8% | −40.4% | +29.7% | −27.2% | +4.9% | 16.6% | +14.5% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.34 | +690% | 1.41 | +86.6% | −27.4% | −8.2% | +17.4% | — | — | — | — | — | 17.7% | +17.0% |
Common questions
What was XLF's worst drawdown?
XLF's deepest decline since it began trading in 1998 was 82.7%, from June 2007 to March 2009. It took about eight years from the low to climb back to its old high.
What were XLF's best and worst years?
Over 27 full calendar years, XLF's best year was 2013, when it returned 35.5%. Its worst was 2008, with a return of -55.0%.
Is there a better investment than XLF?
Among XLF's popular alternatives, SPY, VTV and VYM earned more than XLF with less volatility over the past 5 years. SPY returned 12.7% a year at 17.1% volatility, against 8.6% a year at 18.3%. Looking beyond its popular alternatives, AVLV (US large-cap value) and PVAL (US large-cap value) earned more than XLF with less volatility over the past 5 years. AVLV returned 14.0% a year at 16.9% volatility, against 8.6% a year at 18.3%.
Is XLF more volatile than the S&P 500?
Yes. XLF's volatility over the past 5 years was 18.3%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XLF's return lands within 18.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is XLF's Sharpe ratio?
XLF's Sharpe ratio over the past 5 years was 0.54, against 0.79 for the S&P 500, so XLF earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is XLF with the S&P 500?
Over the past 5 years, XLF's monthly returns had a correlation of 0.75 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against XLF instead: the lower it is, the more that option would diversify a XLF holding.
What are the best alternatives to XLF?
Of the 21 popular alternatives we compared, two outperformed XLF in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: XLK and SPY.
Did XLF outperform the S&P 500?
XLF finished ahead of the S&P 500 (SPY) in 13 of 27 full calendar years. In 2025, it returned +14.9%, against +17.7% for the index.
How did XLF do in stock market crashes?
XLF fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when XLF fell 81.8% and the S&P 500 fell 55.2%.
What diversifies XLF?
These had a low correlation with XLF over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.34), SMH (correlation 0.37) and GLD (correlation 0.05); among large stocks, CAH (correlation 0.37), CLS (correlation 0.37) and FIX (correlation 0.38). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than XLF's. Returns within 0.5 points or 3% of XLF's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to XLF
- XLKState Street Technology Select Sector SPDR ETF
- SPYState Street SPDR S&P 500 ETF
- VTVVanguard Morningstar Value ETF
- VYMVanguard High Dividend Yield ETF
NVDA
AAPL
GOOG
MSFT
AMZN