PZZA vs. XLY

Last updated Aug 1, 2026

PZZA (Papa John's International, Inc.) is a stock, while XLY (Consumer Discretionary Select Sector SPDR Fund) is Consumer Discretionary Equities fund tracking the Consumer Discretionary Select Sector Index. Over the past 10 years, PZZA returned -6.64%/yr vs 12.33%/yr for XLY. Their 0.39 correlation means their historical movements had little consistent relationship.

Performance

PZZA vs. XLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Papa John's International, Inc. (PZZA) and Consumer Discretionary Select Sector SPDR Fund (XLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZZA achieves a -20.22% return, which is significantly lower than XLY's -2.39% return. Over the past 10 years, PZZA has underperformed XLY with an annualized return of -6.64%, while XLY has yielded a comparatively higher 12.33% annualized return.

PZZA

• 1D: -1.09%
• 1M: -16.53%
• 6M: -12.69%
• YTD: -20.22%
• 1Y: -24.96%
• 3Y*: -25.46%
• 5Y*: -21.15%
• 10Y*: -6.64%
• ALL TIME*: 9.41%

XLY

• 1D: 3.29%
• 1M: -0.88%
• 6M: -3.81%
• YTD: -2.39%
• 1Y: 8.28%
• 3Y*: 11.47%
• 5Y*: 6.04%
• 10Y*: 12.33%
• ALL TIME*: 9.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PZZA Papa John's International, Inc.	$31.76M	$27.79M	$36.86M
XLY Consumer Discretionary Select Sector SPDR Fund	$945.87M	$987.54M	$948.83M

PZZA vs. XLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZZA Papa John's International, Inc.	-20.22%	-2.01%	-44.21%	-5.28%	-37.26%	58.87%	35.88%	61.50%	-27.80%	-33.68%
XLY Consumer Discretionary Select Sector SPDR Fund	-2.39%	7.37%	26.51%	39.64%	-36.27%	27.93%	29.63%	28.39%	1.58%	22.82%

Correlation

The correlation between PZZA and XLY is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.29
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.39

Over the past year, the correlation between PZZA and XLY has dropped to 0.09 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

PZZA vs. XLY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PZZA

PZZA Risk / Return Rank: 23
PZZA Sharpe Ratio Rank: 21
PZZA Sortino Ratio Rank: 21
PZZA Omega Ratio Rank: 22
PZZA Calmar Ratio Rank: 22
PZZA Martin Ratio Rank: 27

XLY

XLY Risk / Return Rank: 17
XLY Sharpe Ratio Rank: 17
XLY Sortino Ratio Rank: 17
XLY Omega Ratio Rank: 17
XLY Calmar Ratio Rank: 17
XLY Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PZZA vs. XLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Papa John's International, Inc. (PZZA) and Consumer Discretionary Select Sector SPDR Fund (XLY). 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.

	PZZA	XLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	0.29	-0.80
Sortino ratio: Return per unit of downside risk	-0.54	0.54	-1.08
Omega ratio: Gain probability vs. loss probability	0.94	1.06	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.60	0.38	-0.98
Martin ratio: Return relative to average drawdown	-0.88	1.03	-1.91

PZZA vs. XLY - Sharpe Ratio Comparison

The current PZZA Sharpe Ratio is -0.51, which is lower than the XLY Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of PZZA and XLY, 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

PZZA vs. XLY - Drawdown Comparison

The maximum PZZA drawdown since its inception was -76.22%, which is greater than XLY's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for PZZA and XLY.

Drawdown Indicators

	PZZA	XLY	Difference
Max Drawdown Largest peak-to-trough decline	-76.22%	-59.05%	-17.17%
Max Drawdown (1Y) Largest decline over 1 year	-43.85%	-14.98%	-28.87%
Max Drawdown (3Y) Largest decline over 3 years	-61.41%	-26.01%	-35.40%
Max Drawdown (5Y) Largest decline over 5 years	-76.22%	-39.67%	-36.55%
Max Drawdown (10Y) Largest decline over 10 years	-76.22%	-39.67%	-36.55%
Current Drawdown Current decline from peak	-75.22%	-6.40%	-68.82%
Average Drawdown Average peak-to-trough decline	-26.33%	-9.54%	-16.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.62%	5.53%	+24.09%

Volatility

PZZA vs. XLY - Volatility Comparison

Papa John's International, Inc. (PZZA) has a higher volatility of 10.09% compared to Consumer Discretionary Select Sector SPDR Fund (XLY) at 7.28%. This indicates that PZZA's price experiences larger fluctuations and is considered to be riskier than XLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZZA	XLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	7.28%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	37.98%	15.04%	+22.94%
Volatility (1Y) Calculated over the trailing 1-year period	51.10%	19.53%	+31.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.07%	24.07%	+18.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.05%	22.18%	+19.87%

Dividends

PZZA vs. XLY - Dividend Comparison

PZZA's dividend yield for the trailing twelve months is around 6.15%, more than XLY's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZZA Papa John's International, Inc.	6.15%	4.78%	4.48%	2.31%	1.87%	0.86%	1.06%	1.43%	2.26%	1.51%	0.88%	1.13%
XLY Consumer Discretionary Select Sector SPDR Fund	0.78%	0.79%	0.72%	0.78%	1.00%	0.53%	0.82%	1.28%	1.34%	1.20%	1.71%	1.43%

Frequently Asked Questions

Can I hold both PZZA and XLY in my portfolio?

PZZA and XLY have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZZA or XLY?

PZZA has higher volatility (10.09%) compared to XLY (7.28%). In terms of maximum drawdown, PZZA dropped -76.22% vs XLY's -59.05%.

Which has better risk-adjusted returns?

XLY currently has the higher Sharpe Ratio (0.29 vs -0.51), 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.