IBCP vs. XLF

Last updated Jul 4, 2026

IBCP (Independent Bank Corporation) 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, IBCP returned 13.40%/yr vs 13.74%/yr for XLF. At a 0.45 correlation, their price movements are largely independent.

Performance

IBCP vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Independent Bank Corporation (IBCP) 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, IBCP achieves a 12.59% return, which is significantly higher than XLF's 2.43% return. Both investments have delivered pretty close results over the past 10 years, with IBCP having a 13.40% annualized return and XLF not far ahead at 13.74%.

IBCP

• 1D: -1.80%
• 1M: 8.59%
• 6M: 13.78%
• YTD: 12.59%
• 1Y: 7.69%
• 3Y*: 31.98%
• 5Y*: 14.93%
• 10Y*: 13.40%

XLF

• 1D: 1.53%
• 1M: 9.72%
• 6M: 2.13%
• YTD: 2.43%
• 1Y: 6.19%
• 3Y*: 19.82%
• 5Y*: 10.43%
• 10Y*: 13.74%

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

IBCP vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBCP Independent Bank Corporation	12.59%	-3.48%	38.48%	14.02%	4.35%	34.30%	-14.28%	11.37%	-3.50%	4.99%
XLF State Street Financial Select Sector SPDR ETF	2.43%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between IBCP and XLF 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	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.45

The correlation between IBCP and XLF shifts across timeframes, from 0.45 (all time) to 0.62 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IBCP vs. XLF — Risk / Return Rank

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

IBCP

IBCP Risk / Return Rank: 57
IBCP Sharpe Ratio Rank: 59
IBCP Sortino Ratio Rank: 53
IBCP Omega Ratio Rank: 51
IBCP Calmar Ratio Rank: 62
IBCP Martin Ratio Rank: 60

XLF

XLF Risk / Return Rank: 16
XLF Sharpe Ratio Rank: 17
XLF Sortino Ratio Rank: 16
XLF Omega Ratio Rank: 16
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.

IBCP vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Independent Bank Corporation (IBCP) 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.

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.

	IBCP	XLF	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.50	-0.07
Sortino ratio: Return per unit of downside risk	0.80	0.78	+0.02
Omega ratio: Gain probability vs. loss probability	1.09	1.10	0.00
Calmar ratio: Return relative to maximum drawdown	0.77	0.50	+0.28
Martin ratio: Return relative to average drawdown	1.45	1.26	+0.18

IBCP vs. XLF - Sharpe Ratio Comparison

The current IBCP Sharpe Ratio is 0.43, which is comparable to the XLF Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of IBCP 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.

Drawdowns

IBCP vs. XLF - Drawdown Comparison

The maximum IBCP drawdown since its inception was -97.75%, which is greater than XLF's maximum drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for IBCP and XLF.

Drawdown Indicators

	IBCP	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-97.75%	-82.69%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-14.79%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-27.45%	-15.54%	-11.91%
Max Drawdown (5Y) Largest decline over 5 years	-36.45%	-25.81%	-10.64%
Max Drawdown (10Y) Largest decline over 10 years	-61.75%	-42.86%	-18.89%
Current Drawdown Current decline from peak	-2.93%	-0.53%	-2.40%
Average Drawdown Average peak-to-trough decline	-34.15%	-19.98%	-14.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	5.82%	+1.38%

Volatility

IBCP vs. XLF - Volatility Comparison

Independent Bank Corporation (IBCP) has a higher volatility of 7.16% compared to State Street Financial Select Sector SPDR ETF (XLF) at 4.59%. This indicates that IBCP'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

	IBCP	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	4.59%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	16.67%	11.49%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	24.32%	14.69%	+9.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.44%	18.59%	+10.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.61%	22.07%	+12.54%

Dividends

IBCP vs. XLF - Dividend Comparison

IBCP's dividend yield for the trailing twelve months is around 3.00%, more than XLF's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBCP Independent Bank Corporation	3.00%	3.20%	2.76%	3.54%	3.68%	3.52%	4.33%	3.18%	2.85%	1.88%	1.57%	1.71%
XLF State Street Financial Select Sector SPDR ETF	1.45%	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 IBCP and XLF in my portfolio?

IBCP and XLF 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, IBCP or XLF?

IBCP has higher volatility (7.16%) compared to XLF (4.59%). In terms of maximum drawdown, IBCP dropped -97.75% vs XLF's -82.69%.

Which has better risk-adjusted returns?

XLF currently has the higher Sharpe Ratio (0.50 vs 0.43), 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.