FEZ vs. XBI

Last updated Jun 16, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and XBI (SPDR S&P Biotech ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past 10 years, FEZ returned 11.13%/yr vs 9.98%/yr for XBI. At a 0.48 correlation, their price movements are largely independent. FEZ charges 0.29%/yr vs 0.35%/yr for XBI.

Performance

FEZ vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEZ achieves a 8.27% return, which is significantly lower than XBI's 11.87% return. Over the past 10 years, FEZ has outperformed XBI with an annualized return of 11.13%, while XBI has yielded a comparatively lower 9.98% annualized return.

FEZ

• 1D: 0.91%
• 1M: 7.17%
• YTD: 8.27%
• 6M: 8.57%
• 1Y: 21.04%
• 3Y*: 17.52%
• 5Y*: 10.55%
• 10Y*: 11.13%

XBI

• 1D: 1.95%
• 1M: 4.37%
• YTD: 11.87%
• 6M: 11.41%
• 1Y: 63.76%
• 3Y*: 16.08%
• 5Y*: 0.52%
• 10Y*: 9.98%

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

FEZ vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ State Street SPDR EURO STOXX 50 ETF	8.27%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
XBI SPDR S&P Biotech ETF	11.87%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between FEZ and XBI is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.48

FEZ vs. XBI - Sectors Allocation Comparison

Sectors	FEZ	XBI
Financial Services	24.9%	0.3%
Industrials	21.7%	-
Technology	18.0%	-
Consumer Cyclical	9.8%	-
Consumer Defensive	5.4%	-
Healthcare	5.1%	99.7%
Energy	4.8%	-
Utilities	4.5%	-
Basic Materials	3.4%	0.2%
Communication Services	2.4%	-
Real Estate	-	-

Return for Risk

FEZ vs. XBI — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 35
FEZ Sharpe Ratio Rank: 35
FEZ Sortino Ratio Rank: 35
FEZ Omega Ratio Rank: 33
FEZ Calmar Ratio Rank: 34
FEZ Martin Ratio Rank: 37

XBI

XBI Risk / Return Rank: 86
XBI Sharpe Ratio Rank: 85
XBI Sortino Ratio Rank: 83
XBI Omega Ratio Rank: 74
XBI Calmar Ratio Rank: 94
XBI Martin Ratio Rank: 91

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.

FEZ vs. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) and SPDR S&P Biotech ETF (XBI). 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.

	FEZ	XBI	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.45	-1.30
Sortino ratio: Return per unit of downside risk	1.71	3.29	-1.58
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.55	6.59	-5.04
Martin ratio: Return relative to average drawdown	5.28	19.47	-14.19

FEZ vs. XBI - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 1.15, which is lower than the XBI Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FEZ and XBI, 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

FEZ vs. XBI - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, roughly equal to the maximum XBI drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for FEZ and XBI.

Drawdown Indicators

	FEZ	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-63.89%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-9.72%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-32.99%	+17.14%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-54.71%	+19.66%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-63.89%	+24.20%
Current Drawdown Current decline from peak	0.00%	-21.16%	+21.16%
Average Drawdown Average peak-to-trough decline	-17.05%	-20.93%	+3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.29%	+0.71%

Volatility

FEZ vs. XBI - Volatility Comparison

The current volatility for State Street SPDR EURO STOXX 50 ETF (FEZ) is 6.60%, while SPDR S&P Biotech ETF (XBI) has a volatility of 10.55%. This indicates that FEZ experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEZ	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	10.55%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	20.83%	-5.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	26.18%	-7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	32.22%	-11.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	32.03%	-10.92%

FEZ vs. XBI - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than XBI's 0.35% expense ratio.

Dividends

FEZ vs. XBI - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.50%, more than XBI's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.50%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
XBI SPDR S&P Biotech ETF	0.32%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both FEZ and XBI in my portfolio?

FEZ and XBI have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or XBI?

XBI has higher volatility (10.55%) compared to FEZ (6.60%). In terms of maximum drawdown, FEZ dropped -64.21% vs XBI's -63.89%.

Which ETF is better, FEZ or XBI?

On 10-year performance, FEZ leads with 11.13% vs 9.98% for XBI. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 6.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or XBI?

Over the 10-year period, FEZ has performed better with a 11.13% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or XBI?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.35% for XBI.

Which ETF pays a higher dividend yield, FEZ or XBI?

FEZ has the higher dividend yield at 2.50%, compared with 0.32% for XBI.

What is the main difference between FEZ and XBI?

FEZ is categorized as Europe Equities, while XBI is Health & Biotech Equities. FEZ tracks EURO STOXX 50 Index, while XBI tracks S&P Biotechnology Select Industry Index. Their fees differ too: 0.29% for FEZ and 0.35% for XBI.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.45 vs 1.15), 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.