GS vs. XLF

Last updated Apr 1, 2026

Compare and contrast key facts about The Goldman Sachs Group, Inc. (GS) and Financial Select Sector SPDR Fund (XLF).

XLF is a passively managed fund by State Street that tracks the performance of the Financial Select Sector Index. It was launched on Dec 16, 1998.

Performance

GS vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Goldman Sachs Group, Inc. (GS) and Financial Select Sector SPDR Fund (XLF). The values are adjusted to include any dividend payments, if applicable.

GS vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GS The Goldman Sachs Group, Inc.	-3.25%	56.64%	52.03%	15.91%	-7.87%	47.61%	17.45%	40.48%	-33.53%	7.73%
XLF Financial Select Sector SPDR Fund	-9.40%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Returns By Period

In the year-to-date period, GS achieves a -3.25% return, which is significantly higher than XLF's -9.40% return. Over the past 10 years, GS has outperformed XLF with an annualized return of 20.59%, while XLF has yielded a comparatively lower 12.44% annualized return.

GS

• 1D: 4.75%
• 1M: -1.06%
• YTD: -3.25%
• 6M: 7.32%
• 1Y: 58.07%
• 3Y*: 40.67%
• 5Y*: 23.83%
• 10Y*: 20.59%

XLF

• 1D: 2.09%
• 1M: -3.51%
• YTD: -9.40%
• 6M: -7.56%
• 1Y: 0.65%
• 3Y*: 17.25%
• 5Y*: 9.34%
• 10Y*: 12.44%

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

Return for Risk

GS vs. XLF — Risk / Return Rank

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

GS

GS Risk / Return Rank: 87
GS Sharpe Ratio Rank: 89
GS Sortino Ratio Rank: 85
GS Omega Ratio Rank: 86
GS Calmar Ratio Rank: 86
GS Martin Ratio Rank: 89

XLF

XLF Risk / Return Rank: 14
XLF Sharpe Ratio Rank: 13
XLF Sortino Ratio Rank: 13
XLF Omega Ratio Rank: 13
XLF Calmar Ratio Rank: 15
XLF Martin Ratio Rank: 15

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.

GS vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Goldman Sachs Group, Inc. (GS) and Financial Select Sector SPDR Fund (XLF). 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.

	GS	XLF	Difference
Sharpe ratio Return per unit of total volatility	1.82	0.03	+1.78
Sortino ratio Return per unit of downside risk	2.35	0.18	+2.17
Omega ratio Gain probability vs. loss probability	1.33	1.02	+0.31
Calmar ratio Return relative to maximum drawdown	3.04	0.13	+2.91
Martin ratio Return relative to average drawdown	9.70	0.38	+9.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GS vs. XLF - Sharpe Ratio Comparison

The current GS Sharpe Ratio is 1.82, which is higher than the XLF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of GS and XLF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GS	XLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	0.03	+1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.50	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.56	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.20	+0.11

Correlation

The correlation between GS and XLF is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GS vs. XLF - Dividend Comparison

GS's dividend yield for the trailing twelve months is around 1.83%, more than XLF's 1.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GS The Goldman Sachs Group, Inc.	1.83%	1.59%	2.01%	2.72%	2.62%	1.70%	1.90%	1.80%	1.89%	1.14%	1.09%	1.41%
XLF Financial Select Sector SPDR Fund	1.60%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Drawdowns

GS vs. XLF - Drawdown Comparison

The maximum GS drawdown since its inception was -78.84%, roughly equal to the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for GS and XLF.

Drawdown Indicators

	GS	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-78.84%	-82.69%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-14.79%	-4.63%
Max Drawdown (5Y) Largest decline over 5 years	-32.84%	-25.81%	-7.03%
Max Drawdown (10Y) Largest decline over 10 years	-48.75%	-42.86%	-5.89%
Current Drawdown Current decline from peak	-12.85%	-12.01%	-0.84%
Average Drawdown Average peak-to-trough decline	-22.75%	-20.10%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	4.90%	+1.18%

Volatility

GS vs. XLF - Volatility Comparison

The Goldman Sachs Group, Inc. (GS) has a higher volatility of 9.44% compared to Financial Select Sector SPDR Fund (XLF) at 4.75%. This indicates that GS's price experiences larger fluctuations and is considered to be riskier than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GS	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.44%	4.75%	+4.69%
Volatility (6M) Calculated over the trailing 6-month period	21.70%	11.45%	+10.25%
Volatility (1Y) Calculated over the trailing 1-year period	32.11%	19.29%	+12.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	18.69%	+8.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.71%	22.19%	+7.52%