HTBK vs. XLF

Last updated Jun 4, 2026

HTBK (Heritage Commerce Corp) is a stock, while XLF (State Street Financial Select Sector SPDR ETF) is Financials Equities fund tracking the Financial Select Sector Index. Over the past 10 years, HTBK returned 7.07%/yr vs 12.38%/yr for XLF. At a 0.42 correlation, their price movements are largely independent.

Performance

HTBK vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Heritage Commerce Corp (HTBK) and State Street Financial Select Sector SPDR ETF (XLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTBK achieves a 14.28% return, which is significantly higher than XLF's -6.64% return. Over the past 10 years, HTBK has underperformed XLF with an annualized return of 7.07%, while XLF has yielded a comparatively higher 12.38% annualized return.

HTBK

• 1D: 0.00%
• 1M: 0.00%
• YTD: 14.28%
• 6M: 20.82%
• 1Y: 51.46%
• 3Y*: 25.08%
• 5Y*: 8.03%
• 10Y*: 7.07%

XLF

• 1D: -1.15%
• 1M: -1.38%
• YTD: -6.64%
• 6M: -4.18%
• 1Y: 1.13%
• 3Y*: 17.64%
• 5Y*: 7.61%
• 10Y*: 12.38%

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

HTBK vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTBK Heritage Commerce Corp	14.28%	35.05%	0.12%	-19.19%	14.60%	41.02%	-26.22%	17.61%	-23.82%	9.16%
XLF State Street Financial Select Sector SPDR ETF	-6.64%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between HTBK and XLF is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 23, 1998	0.42

The correlation between HTBK and XLF shifts across timeframes, from 0.42 (all time) to 0.63 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HTBK vs. XLF — Risk / Return Rank

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

HTBK

HTBK Risk / Return Rank: 87
HTBK Sharpe Ratio Rank: 88
HTBK Sortino Ratio Rank: 88
HTBK Omega Ratio Rank: 88
HTBK Calmar Ratio Rank: 87
HTBK Martin Ratio Rank: 87

XLF

XLF Risk / Return Rank: 9
XLF Sharpe Ratio Rank: 9
XLF Sortino Ratio Rank: 9
XLF Omega Ratio Rank: 9
XLF Calmar Ratio Rank: 9
XLF Martin Ratio Rank: 9

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.

HTBK vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heritage Commerce Corp (HTBK) and State Street Financial Select Sector SPDR ETF (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.

	HTBK	XLF	Difference
Sharpe ratio: Return per unit of total volatility	2.04	0.08	+1.96
Sortino ratio: Return per unit of downside risk	2.97	0.20	+2.77
Omega ratio: Gain probability vs. loss probability	1.39	1.02	+0.37
Calmar ratio: Return relative to maximum drawdown	3.84	0.08	+3.76
Martin ratio: Return relative to average drawdown	10.02	0.20	+9.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTBK vs. XLF - Sharpe Ratio Comparison

The current HTBK Sharpe Ratio is 2.04, which is higher than the XLF Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of HTBK and XLF, 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

	HTBK	XLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	0.08	+1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.41	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.56	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.20	-0.13

Drawdowns

HTBK vs. XLF - Drawdown Comparison

The maximum HTBK drawdown since its inception was -90.46%, which is greater than XLF's maximum drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for HTBK and XLF.

Drawdown Indicators

	HTBK	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-82.69%	-7.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-14.79%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-23.45%	-15.54%	-7.91%
Max Drawdown (5Y) Largest decline over 5 years	-52.92%	-25.81%	-27.11%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-42.86%	-19.17%
Current Drawdown Current decline from peak	-11.57%	-9.34%	-2.23%
Average Drawdown Average peak-to-trough decline	-47.80%	-20.03%	-27.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	5.66%	-0.51%

Volatility

HTBK vs. XLF - Volatility Comparison

The current volatility for Heritage Commerce Corp (HTBK) is 0.00%, while State Street Financial Select Sector SPDR ETF (XLF) has a volatility of 3.29%. This indicates that HTBK experiences smaller price fluctuations and is considered to be less risky than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTBK	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	3.29%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	10.94%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	25.36%	14.41%	+10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.72%	18.63%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.36%	22.16%	+12.20%

Dividends

HTBK vs. XLF - Dividend Comparison

HTBK's dividend yield for the trailing twelve months is around 3.87%, more than XLF's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HTBK Heritage Commerce Corp	3.87%	4.33%	5.54%	5.24%	5.00%	4.36%	5.86%	3.74%	3.88%	2.61%	2.49%	2.68%
XLF State Street Financial Select Sector SPDR ETF	1.56%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Frequently Asked Questions

Can I hold both HTBK and XLF in my portfolio?

HTBK and XLF have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTBK or XLF?

XLF has higher volatility (3.29%) compared to HTBK (0.00%). In terms of maximum drawdown, HTBK dropped -90.46% vs XLF's -82.69%.

Which has better risk-adjusted returns?

HTBK currently has the higher Sharpe Ratio (2.04 vs 0.08), 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.