BRSIX vs. XLB

Last updated Jul 14, 2026

BRSIX (Bridgeway Ultra Small Company Market Fund) and XLB (Materials Select Sector SPDR ETF) are both funds - BRSIX is a Small Cap Value Equities fund managed by Bridgeway, while XLB is a Materials fund tracking the Materials Select Sector Index. Over the past 10 years, BRSIX returned 8.08%/yr vs 9.74%/yr for XLB. A 0.62 correlation means they provide meaningful diversification when combined. BRSIX charges 0.78%/yr vs 0.13%/yr for XLB.

Performance

BRSIX vs. XLB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridgeway Ultra Small Company Market Fund (BRSIX) and Materials Select Sector SPDR ETF (XLB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRSIX achieves a 19.21% return, which is significantly higher than XLB's 12.45% return. Over the past 10 years, BRSIX has underperformed XLB with an annualized return of 8.08%, while XLB has yielded a comparatively higher 9.74% annualized return.

BRSIX

• 1D: -0.27%
• 1M: 1.05%
• 6M: 13.52%
• YTD: 19.21%
• 1Y: 45.06%
• 3Y*: 20.47%
• 5Y*: 0.23%
• 10Y*: 8.08%

XLB

• 1D: -0.61%
• 1M: -2.70%
• 6M: 5.10%
• YTD: 12.45%
• 1Y: 12.55%
• 3Y*: 8.78%
• 5Y*: 6.29%
• 10Y*: 9.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRSIX vs. XLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRSIX Bridgeway Ultra Small Company Market Fund	19.21%	20.09%	14.92%	11.46%	-23.43%	-1.93%	25.50%	15.34%	-17.23%	12.29%
XLB Materials Select Sector SPDR ETF	12.45%	9.94%	0.15%	12.46%	-12.30%	27.44%	20.46%	24.13%	-14.88%	24.01%

Correlation

The correlation between BRSIX and XLB is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.62

The correlation between BRSIX and XLB shifts across timeframes, from 0.47 (1 year) to 0.62 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

BRSIX vs. XLB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRSIX

BRSIX Risk / Return Rank: 69
BRSIX Sharpe Ratio Rank: 65
BRSIX Sortino Ratio Rank: 60
BRSIX Omega Ratio Rank: 50
BRSIX Calmar Ratio Rank: 90
BRSIX Martin Ratio Rank: 78

XLB

XLB Risk / Return Rank: 25
XLB Sharpe Ratio Rank: 25
XLB Sortino Ratio Rank: 24
XLB Omega Ratio Rank: 23
XLB Calmar Ratio Rank: 26
XLB Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRSIX vs. XLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridgeway Ultra Small Company Market Fund (BRSIX) and Materials Select Sector SPDR ETF (XLB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BRSIX	XLB	Difference
Sharpe ratio: Return per unit of total volatility	1.79	0.71	+1.07
Sortino ratio: Return per unit of downside risk	2.45	1.11	+1.33
Omega ratio: Gain probability vs. loss probability	1.29	1.13	+0.16
Calmar ratio: Return relative to maximum drawdown	3.72	1.02	+2.70
Martin ratio: Return relative to average drawdown	11.09	3.03	+8.06

BRSIX vs. XLB - Sharpe Ratio Comparison

The current BRSIX Sharpe Ratio is 1.79, which is higher than the XLB Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of BRSIX and XLB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRSIX vs. XLB - Drawdown Comparison

The maximum BRSIX drawdown since its inception was -61.79%, roughly equal to the maximum XLB drawdown of -59.83%. Use the drawdown chart below to compare losses from any high point for BRSIX and XLB.

Drawdown Indicators

	BRSIX	XLB	Difference
Max Drawdown Largest peak-to-trough decline	-61.79%	-59.83%	-1.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.46%	-12.38%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-30.80%	-23.17%	-7.63%
Max Drawdown (5Y) Largest decline over 5 years	-52.26%	-24.72%	-27.54%
Max Drawdown (10Y) Largest decline over 10 years	-54.09%	-37.27%	-16.82%
Current Drawdown Current decline from peak	-3.43%	-4.89%	+1.46%
Average Drawdown Average peak-to-trough decline	-15.59%	-10.81%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	4.15%	-0.31%

Volatility

BRSIX vs. XLB - Volatility Comparison

The current volatility for Bridgeway Ultra Small Company Market Fund (BRSIX) is 5.65%, while Materials Select Sector SPDR ETF (XLB) has a volatility of 6.28%. This indicates that BRSIX experiences smaller price fluctuations and is considered to be less risky than XLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRSIX	XLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	6.28%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	13.77%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	23.84%	17.67%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.60%	19.07%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.16%	20.64%	+3.52%

BRSIX vs. XLB - Expense Ratio Comparison

BRSIX has a 0.78% expense ratio, which is higher than XLB's 0.13% expense ratio.

Dividends

BRSIX vs. XLB - Dividend Comparison

BRSIX's dividend yield for the trailing twelve months is around 0.86%, less than XLB's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRSIX Bridgeway Ultra Small Company Market Fund	0.86%	1.03%	0.62%	0.89%	2.12%	1.32%	3.46%	1.30%	16.12%	13.71%	8.25%	12.77%
XLB Materials Select Sector SPDR ETF	1.68%	1.92%	1.92%	2.00%	2.26%	1.62%	1.72%	1.98%	2.20%	1.66%	1.95%	2.24%

Frequently Asked Questions

Can I hold both BRSIX and XLB in my portfolio?

BRSIX and XLB have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRSIX or XLB?

XLB has higher volatility (6.28%) compared to BRSIX (5.65%). In terms of maximum drawdown, BRSIX dropped -61.79% vs XLB's -59.83%.

Which has better risk-adjusted returns?

BRSIX currently has the higher Sharpe Ratio (1.79 vs 0.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.