NAVFX vs. XLSR

Last updated Jun 24, 2026

NAVFX (Sector Rotation Fund) and XLSR (SPDR SSGA US Sector Rotation ETF) are both funds - NAVFX is a Tactical Allocation fund managed by Nottingham, while XLSR is a Large Cap Growth Equities fund actively managed by State Street. Over the past 5 years, NAVFX returned 9.79%/yr vs 9.34%/yr for XLSR. Their correlation of 0.94 suggests significant overlap in exposure. NAVFX charges 1.97%/yr vs 0.70%/yr for XLSR.

Performance

NAVFX vs. XLSR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sector Rotation Fund (NAVFX) and SPDR SSGA US Sector Rotation ETF (XLSR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NAVFX achieves a 7.69% return, which is significantly higher than XLSR's 2.67% return.

NAVFX

• 1D: -0.41%
• 1M: 0.52%
• YTD: 7.69%
• 6M: 6.62%
• 1Y: 18.83%
• 3Y*: 18.01%
• 5Y*: 9.79%
• 10Y*: 11.37%

XLSR

• 1D: -1.63%
• 1M: -2.30%
• YTD: 2.67%
• 6M: 1.98%
• 1Y: 20.16%
• 3Y*: 15.52%
• 5Y*: 9.34%
• 10Y*: —

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

NAVFX vs. XLSR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NAVFX Sector Rotation Fund	7.69%	13.35%	21.19%	24.55%	-17.89%	15.78%	11.54%	10.12%
XLSR SPDR SSGA US Sector Rotation ETF	2.67%	17.34%	17.60%	18.95%	-15.70%	20.47%	20.23%	13.86%

Correlation

The correlation between NAVFX and XLSR is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.94

The correlation between NAVFX and XLSR has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

NAVFX vs. XLSR — Risk / Return Rank

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

NAVFX

NAVFX Risk / Return Rank: 38
NAVFX Sharpe Ratio Rank: 35
NAVFX Sortino Ratio Rank: 36
NAVFX Omega Ratio Rank: 37
NAVFX Calmar Ratio Rank: 31
NAVFX Martin Ratio Rank: 50

XLSR

XLSR Risk / Return Rank: 45
XLSR Sharpe Ratio Rank: 47
XLSR Sortino Ratio Rank: 46
XLSR Omega Ratio Rank: 47
XLSR Calmar Ratio Rank: 39
XLSR Martin Ratio Rank: 49

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.

NAVFX vs. XLSR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sector Rotation Fund (NAVFX) and SPDR SSGA US Sector Rotation ETF (XLSR). 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.

	NAVFX	XLSR	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.54	+0.05
Sortino ratio: Return per unit of downside risk	2.32	2.18	+0.15
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	1.98	1.83	+0.15
Martin ratio: Return relative to average drawdown	9.76	7.89	+1.87

NAVFX vs. XLSR - Sharpe Ratio Comparison

The current NAVFX Sharpe Ratio is 1.59, which is comparable to the XLSR Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of NAVFX and XLSR, 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

NAVFX vs. XLSR - Drawdown Comparison

The maximum NAVFX drawdown since its inception was -30.79%, smaller than the maximum XLSR drawdown of -32.94%. Use the drawdown chart below to compare losses from any high point for NAVFX and XLSR.

Drawdown Indicators

	NAVFX	XLSR	Difference
Max Drawdown Largest peak-to-trough decline	-30.79%	-32.94%	+2.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-11.06%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.39%	-20.57%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-24.30%	-23.32%	-0.98%
Max Drawdown (10Y) Largest decline over 10 years	-30.79%	—	—
Current Drawdown Current decline from peak	-1.23%	-4.05%	+2.82%
Average Drawdown Average peak-to-trough decline	-4.55%	-5.31%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.56%	-0.51%

Volatility

NAVFX vs. XLSR - Volatility Comparison

The current volatility for Sector Rotation Fund (NAVFX) is 4.90%, while SPDR SSGA US Sector Rotation ETF (XLSR) has a volatility of 5.38%. This indicates that NAVFX experiences smaller price fluctuations and is considered to be less risky than XLSR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAVFX	XLSR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	5.38%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	10.37%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	13.14%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	17.21%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	20.06%	-3.44%

NAVFX vs. XLSR - Expense Ratio Comparison

NAVFX has a 1.97% expense ratio, which is higher than XLSR's 0.70% expense ratio.

Dividends

NAVFX vs. XLSR - Dividend Comparison

NAVFX's dividend yield for the trailing twelve months is around 2.05%, more than XLSR's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAVFX Sector Rotation Fund	2.05%	2.21%	7.02%	1.66%	7.80%	5.16%	1.16%	8.54%	10.05%	6.08%	2.96%	3.14%
XLSR SPDR SSGA US Sector Rotation ETF	0.54%	0.58%	0.66%	1.04%	1.80%	3.44%	1.25%	0.94%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NAVFX and XLSR in my portfolio?

NAVFX and XLSR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAVFX or XLSR?

XLSR has higher volatility (5.38%) compared to NAVFX (4.90%). In terms of maximum drawdown, NAVFX dropped -30.79% vs XLSR's -32.94%.

Which has better risk-adjusted returns?

NAVFX currently has the higher Sharpe Ratio (1.59 vs 1.54), 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.