MRNA vs. XLV

Last updated Jul 14, 2026

MRNA (Moderna, Inc.) is a stock, while XLV (State Street Health Care Select Sector SPDR ETF) is Health & Biotech Equities fund tracking the Health Care Select Sector Index. Over the past 5 years, MRNA returned -22.94%/yr vs 6.34%/yr for XLV. At a 0.33 correlation, their price movements are largely independent.

Performance

MRNA vs. XLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Moderna, Inc. (MRNA) and State Street Health Care Select Sector SPDR ETF (XLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRNA achieves a 127.23% return, which is significantly higher than XLV's 5.16% return.

MRNA

• 1D: -1.85%
• 1M: 34.26%
• 6M: 98.02%
• YTD: 127.23%
• 1Y: 99.20%
• 3Y*: -17.96%
• 5Y*: -22.94%
• 10Y*: —

XLV

• 1D: 0.35%
• 1M: 5.40%
• 6M: 3.44%
• YTD: 5.16%
• 1Y: 21.48%
• 3Y*: 8.82%
• 5Y*: 6.34%
• 10Y*: 9.92%

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

MRNA vs. XLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MRNA Moderna, Inc.	127.23%	-29.08%	-58.19%	-44.63%	-29.28%	143.11%	434.10%	28.09%	-30.59%
XLV State Street Health Care Select Sector SPDR ETF	5.16%	14.50%	2.47%	2.07%	-2.08%	26.04%	13.30%	20.45%	-6.49%

Correlation

The correlation between MRNA and XLV is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.33

Return for Risk

MRNA vs. XLV — Risk / Return Rank

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

MRNA

MRNA Risk / Return Rank: 83
MRNA Sharpe Ratio Rank: 85
MRNA Sortino Ratio Rank: 84
MRNA Omega Ratio Rank: 80
MRNA Calmar Ratio Rank: 85
MRNA Martin Ratio Rank: 81

XLV

XLV Risk / Return Rank: 49
XLV Sharpe Ratio Rank: 50
XLV Sortino Ratio Rank: 57
XLV Omega Ratio Rank: 47
XLV Calmar Ratio Rank: 52
XLV Martin Ratio Rank: 39

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.

MRNA vs. XLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Moderna, Inc. (MRNA) and State Street Health Care Select Sector SPDR ETF (XLV). 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.

	MRNA	XLV	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.37	+0.08
Sortino ratio: Return per unit of downside risk	2.27	2.17	+0.10
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.81	2.06	+0.75
Martin ratio: Return relative to average drawdown	5.49	4.88	+0.61

MRNA vs. XLV - Sharpe Ratio Comparison

The current MRNA Sharpe Ratio is 1.45, which is comparable to the XLV Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of MRNA and XLV, 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

MRNA vs. XLV - Drawdown Comparison

The maximum MRNA drawdown since its inception was -95.38%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for MRNA and XLV.

Drawdown Indicators

	MRNA	XLV	Difference
Max Drawdown Largest peak-to-trough decline	-95.38%	-39.17%	-56.21%
Max Drawdown (1Y) Largest decline over 1 year	-35.51%	-10.47%	-25.04%
Max Drawdown (3Y) Largest decline over 3 years	-86.58%	-17.11%	-69.47%
Max Drawdown (5Y) Largest decline over 5 years	-95.38%	-17.11%	-78.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.40%	—
Current Drawdown Current decline from peak	-86.17%	-1.84%	-84.33%
Average Drawdown Average peak-to-trough decline	-57.35%	-7.11%	-50.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.13%	4.41%	+13.72%

Volatility

MRNA vs. XLV - Volatility Comparison

Moderna, Inc. (MRNA) has a higher volatility of 27.54% compared to State Street Health Care Select Sector SPDR ETF (XLV) at 5.76%. This indicates that MRNA's price experiences larger fluctuations and is considered to be riskier than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRNA	XLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.54%	5.76%	+21.78%
Volatility (6M) Calculated over the trailing 6-month period	52.18%	11.53%	+40.65%
Volatility (1Y) Calculated over the trailing 1-year period	68.94%	15.75%	+53.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.34%	14.93%	+52.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.47%	16.61%	+55.86%

Dividends

MRNA vs. XLV - Dividend Comparison

MRNA has not paid dividends to shareholders, while XLV's dividend yield for the trailing twelve months is around 1.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MRNA Moderna, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLV State Street Health Care Select Sector SPDR ETF	1.57%	1.60%	1.67%	1.59%	1.47%	1.33%	1.49%	2.17%	1.57%	1.47%	1.60%	1.43%

Frequently Asked Questions

Can I hold both MRNA and XLV in my portfolio?

MRNA and XLV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRNA or XLV?

MRNA has higher volatility (27.54%) compared to XLV (5.76%). In terms of maximum drawdown, MRNA dropped -95.38% vs XLV's -39.17%.

Which has better risk-adjusted returns?

MRNA currently has the higher Sharpe Ratio (1.45 vs 1.37), 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.