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DVY vs. XLC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DVY vs. XLC

Last updated Jun 14, 2026

DVY (iShares Select Dividend ETF) and XLC (Communication Services Select Sector SPDR Fund) are both exchange-traded funds - DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index, while XLC is a Communications Equities fund tracking the S&P Communication Services Select Sector Index. Both are passively managed. Over the past 5 years, DVY returned 9.31%/yr vs 8.03%/yr for XLC. A 0.51 correlation means they provide meaningful diversification when combined. DVY charges 0.39%/yr vs 0.13%/yr for XLC.

Performance

DVY vs. XLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) and Communication Services Select Sector SPDR Fund (XLC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DVY achieves a 13.40% return, which is significantly higher than XLC's -4.85% return.

DVY

1D
1.18%
1M
4.16%
YTD
13.40%
6M
12.29%
1Y
25.66%
3Y*
15.86%
5Y*
9.31%
10Y*
10.49%

XLC

1D
-0.42%
1M
-4.66%
YTD
-4.85%
6M
-3.59%
1Y
10.19%
3Y*
21.60%
5Y*
8.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

DVY vs. XLC - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
DVY
iShares Select Dividend ETF		13.40%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-7.18%
XLC
Communication Services Select Sector SPDR Fund		-4.85%23.08%34.71%52.82%-37.63%15.96%26.90%31.05%-16.45%

Correlation

The correlation between DVY and XLC is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.42

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Jun 19, 2018

0.51

The correlation between DVY and XLC shifts across timeframes, from 0.36 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

DVY vs. XLC - Sectors Allocation Comparison

Sectors
DVY
XLC

Financial Services

25.1%

-

Utilities

23.7%

-

Consumer Defensive

13.5%

-

Consumer Cyclical

9.6%

-

Energy

8.8%

-

Communication Services

5.5%
95.1%

Healthcare

5.2%

-

Technology

4.0%
4.7%

Basic Materials

2.1%

-

Industrials

2.0%

-

Real Estate

-

-

Financial Services

DVY
25.1%
XLC

-

Utilities

DVY
23.7%
XLC

-

Consumer Defensive

DVY
13.5%
XLC

-

Consumer Cyclical

DVY
9.6%
XLC

-

Energy

DVY
8.8%
XLC

-

Communication Services

DVY
5.5%
XLC
95.1%

Healthcare

DVY
5.2%
XLC

-

Technology

DVY
4.0%
XLC
4.7%

Basic Materials

DVY
2.1%
XLC

-

Industrials

DVY
2.0%
XLC

-

Real Estate

DVY

-

XLC

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Select Dividend ETF

Communication Services Select Sector SPDR Fund

Often compared with DVY:
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Often compared with XLC:
XLC vs. VOXXLC vs. SPYXLC vs. FCOMXLC vs. XLFXLC vs. XTLXLC vs. IXPXLC vs. VOO

Return for Risk

DVY vs. XLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DVY
DVY Risk / Return Rank: 7878
Overall Rank
DVY Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 8282
Sortino Ratio Rank
DVY Omega Ratio Rank: 7474
Omega Ratio Rank
DVY Calmar Ratio Rank: 7878
Calmar Ratio Rank
DVY Martin Ratio Rank: 7676
Martin Ratio Rank
XLC
XLC Risk / Return Rank: 2222
Overall Rank
XLC Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
XLC Sortino Ratio Rank: 2222
Sortino Ratio Rank
XLC Omega Ratio Rank: 2020
Omega Ratio Rank
XLC Calmar Ratio Rank: 2222
Calmar Ratio Rank
XLC Martin Ratio Rank: 2424
Martin Ratio Rank
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.

DVY vs. XLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) and Communication Services Select Sector SPDR Fund (XLC). 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.

DVYXLCDifference
Sharpe ratioReturn per unit of total volatility
2.19
0.69

+1.50

Sortino ratioReturn per unit of downside risk
3.19
1.08

+2.11

Omega ratioGain probability vs. loss probability

1.37

1.12

+0.25

Calmar ratioReturn relative to maximum drawdown

3.54

0.86

+2.68

Martin ratioReturn relative to average drawdown

12.51

2.73

+9.78

DVY vs. XLC - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 2.19, which is higher than the XLC Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of DVY and XLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DVY vs. XLC - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, which is greater than XLC's maximum drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for DVY and XLC.

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Drawdown Indicators

DVYXLCDifference

Max Drawdown

Largest peak-to-trough decline

-62.59%

-46.65%

-15.94%

Max Drawdown (1Y)

Largest decline over 1 year

-6.89%

-10.57%

+3.68%

Max Drawdown (3Y)

Largest decline over 3 years

-16.00%

-17.97%

+1.97%

Max Drawdown (5Y)

Largest decline over 5 years

-17.54%

-46.65%

+29.11%

Max Drawdown (10Y)

Largest decline over 10 years

-41.59%

—

—

Current Drawdown

Current decline from peak

0.00%

-6.72%

+6.72%

Average Drawdown

Average peak-to-trough decline

-8.78%

-10.58%

+1.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

3.33%

-1.38%

Volatility

DVY vs. XLC - Volatility Comparison

The current volatility for iShares Select Dividend ETF (DVY) is 2.94%, while Communication Services Select Sector SPDR Fund (XLC) has a volatility of 3.57%. This indicates that DVY experiences smaller price fluctuations and is considered to be less risky than XLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DVYXLCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.94%

3.57%

-0.63%

Volatility (6M)

Calculated over the trailing 6-month period

7.54%

9.65%

-2.11%

Volatility (1Y)

Calculated over the trailing 1-year period

11.16%

13.28%

-2.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.22%

20.68%

-5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

22.17%

-4.16%

DVY vs. XLC - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is higher than XLC's 0.13% expense ratio.

Dividends

DVY vs. XLC - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.30%, more than XLC's 1.25% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.30%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
XLC
Communication Services Select Sector SPDR Fund		1.25%1.13%0.99%0.82%1.10%0.74%0.68%0.82%0.64%0.00%0.00%0.00%

Frequently Asked Questions

DVY and XLC have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLC has higher volatility (3.57%) compared to DVY (2.94%). In terms of maximum drawdown, DVY dropped -62.59% vs XLC's -46.65%.

On 5-year performance, DVY leads with 9.31% vs 8.03% for XLC. On fees, XLC is cheaper at 0.13% per year. On volatility, DVY has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DVY has performed better with a 9.31% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLC is cheaper with a 0.13% expense ratio, compared with 0.39% for DVY.

DVY has the higher dividend yield at 3.30%, compared with 1.25% for XLC.

DVY is categorized as Large Cap Value Equities, while XLC is Communications Equities. DVY tracks Dow Jones U.S. Select Dividend Index, while XLC tracks S&P Communication Services Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for DVY and 0.13% for XLC.

DVY currently has the higher Sharpe Ratio (2.19 vs 0.69), 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.

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