CVS vs. XLU

Last updated Jun 3, 2026

CVS (CVS Health Corporation) is a stock, while XLU (State Street Utilities Select Sector SPDR ETF) is Utilities Equities fund tracking the Utilities Select Sector Index. Over the past 10 years, CVS returned 2.37%/yr vs 9.19%/yr for XLU. At a 0.28 correlation, their price movements are largely independent.

Performance

CVS vs. XLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CVS Health Corporation (CVS) and State Street Utilities Select Sector SPDR ETF (XLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVS achieves a 14.70% return, which is significantly higher than XLU's 3.55% return. Over the past 10 years, CVS has underperformed XLU with an annualized return of 2.37%, while XLU has yielded a comparatively higher 9.19% annualized return.

CVS

• 1D: -1.24%
• 1M: 9.03%
• YTD: 14.70%
• 6M: 17.27%
• 1Y: 45.87%
• 3Y*: 12.84%
• 5Y*: 3.94%
• 10Y*: 2.37%

XLU

• 1D: 1.86%
• 1M: -5.69%
• YTD: 3.55%
• 6M: 1.36%
• 1Y: 9.88%
• 3Y*: 13.91%
• 5Y*: 9.31%
• 10Y*: 9.19%

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

CVS vs. XLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVS CVS Health Corporation	14.70%	84.35%	-40.77%	-12.53%	-7.63%	54.87%	-5.14%	17.26%	-7.04%	-5.75%
XLU State Street Utilities Select Sector SPDR ETF	3.55%	16.03%	23.31%	-7.18%	1.44%	17.70%	0.51%	25.93%	3.94%	12.05%

Correlation

The correlation between CVS and XLU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 23, 1998	0.28

The correlation between CVS and XLU shifts across timeframes, from 0.17 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CVS vs. XLU — Risk / Return Rank

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

CVS

CVS Risk / Return Rank: 78
CVS Sharpe Ratio Rank: 81
CVS Sortino Ratio Rank: 73
CVS Omega Ratio Rank: 78
CVS Calmar Ratio Rank: 80
CVS Martin Ratio Rank: 81

XLU

XLU Risk / Return Rank: 21
XLU Sharpe Ratio Rank: 20
XLU Sortino Ratio Rank: 19
XLU Omega Ratio Rank: 20
XLU Calmar Ratio Rank: 23
XLU Martin Ratio Rank: 21

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.

CVS vs. XLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CVS Health Corporation (CVS) and State Street Utilities Select Sector SPDR ETF (XLU). 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.

	CVS	XLU	Difference
Sharpe ratio Return per unit of total volatility	1.50	0.68	+0.82
Sortino ratio Return per unit of downside risk	1.93	1.01	+0.92
Omega ratio Gain probability vs. loss probability	1.29	1.13	+0.17
Calmar ratio Return relative to maximum drawdown	2.73	1.11	+1.62
Martin ratio Return relative to average drawdown	7.06	2.52	+4.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVS vs. XLU - Sharpe Ratio Comparison

The current CVS Sharpe Ratio is 1.50, which is higher than the XLU Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of CVS and XLU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVS	XLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	0.68	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.54	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.48	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.40	-0.07

Drawdowns

CVS vs. XLU - Drawdown Comparison

The maximum CVS drawdown since its inception was -64.07%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for CVS and XLU.

Drawdown Indicators

	CVS	XLU	Difference
Max Drawdown Largest peak-to-trough decline	-64.07%	-51.98%	-12.09%
Max Drawdown (1Y) Largest decline over 1 year	-16.44%	-9.18%	-7.26%
Max Drawdown (3Y) Largest decline over 3 years	-43.98%	-17.26%	-26.72%
Max Drawdown (5Y) Largest decline over 5 years	-56.79%	-25.26%	-31.53%
Max Drawdown (10Y) Largest decline over 10 years	-56.79%	-36.07%	-20.72%
Current Drawdown Current decline from peak	-8.78%	-7.38%	-1.40%
Average Drawdown Average peak-to-trough decline	-19.56%	-10.22%	-9.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	4.07%	+2.29%

Volatility

CVS vs. XLU - Volatility Comparison

CVS Health Corporation (CVS) has a higher volatility of 10.91% compared to State Street Utilities Select Sector SPDR ETF (XLU) at 5.41%. This indicates that CVS's price experiences larger fluctuations and is considered to be riskier than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVS	XLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	5.41%	+5.50%
Volatility (6M) Calculated over the trailing 6-month period	26.02%	11.76%	+14.26%
Volatility (1Y) Calculated over the trailing 1-year period	30.74%	14.56%	+16.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.90%	17.32%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.28%	19.26%	+10.02%

Dividends

CVS vs. XLU - Dividend Comparison

CVS's dividend yield for the trailing twelve months is around 2.97%, more than XLU's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVS CVS Health Corporation	2.97%	3.35%	5.93%	3.06%	2.36%	1.94%	2.93%	2.69%	3.05%	2.76%	2.15%	1.43%
XLU State Street Utilities Select Sector SPDR ETF	2.71%	2.71%	2.96%	3.39%	2.92%	2.79%	3.14%	2.95%	3.33%	3.33%	3.41%	3.67%

Frequently Asked Questions

Can I hold both CVS and XLU in my portfolio?

CVS and XLU have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVS or XLU?

CVS has higher volatility (10.91%) compared to XLU (5.41%). In terms of maximum drawdown, CVS dropped -64.07% vs XLU's -51.98%.

Which has better risk-adjusted returns?

CVS currently has the higher Sharpe Ratio (1.50 vs 0.68), 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.