SPYV vs. XLI

Last updated Jun 9, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and XLI (Industrial Select Sector SPDR Fund) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value Index, while XLI is a Industrials Equities fund tracking the Industrial Select Sector Index. Both are passively managed. Over the past 10 years, SPYV returned 11.83%/yr vs 13.86%/yr for XLI. Their correlation of 0.81 suggests significant overlap in exposure. SPYV charges 0.04%/yr vs 0.08%/yr for XLI.

Performance

SPYV vs. XLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 Value ETF (SPYV) and Industrial Select Sector SPDR Fund (XLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYV achieves a 6.98% return, which is significantly lower than XLI's 12.25% return. Over the past 10 years, SPYV has underperformed XLI with an annualized return of 11.83%, while XLI has yielded a comparatively higher 13.86% annualized return.

SPYV

• 1D: -0.23%
• 1M: 0.75%
• YTD: 6.98%
• 6M: 7.88%
• 1Y: 20.07%
• 3Y*: 15.23%
• 5Y*: 10.75%
• 10Y*: 11.83%

XLI

• 1D: -0.32%
• 1M: 0.25%
• YTD: 12.25%
• 6M: 13.16%
• 1Y: 21.42%
• 3Y*: 21.04%
• 5Y*: 12.54%
• 10Y*: 13.86%

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

SPYV vs. XLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYV SPDR Portfolio S&P 500 Value ETF	6.98%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%
XLI Industrial Select Sector SPDR Fund	12.25%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%

Correlation

The correlation between SPYV and XLI is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.81

The correlation between SPYV and XLI shifts across timeframes, from 0.74 (1 year) to 0.87 (10 years), reflecting how their relationship changes across market environments.

SPYV vs. XLI - Sectors Allocation Comparison

Sectors	SPYV	XLI
Technology	21.5%	4.0%
Financial Services	14.5%	-
Healthcare	11.6%	-
Consumer Cyclical	11.2%	0.5%
Industrials	10.8%	90.7%
Consumer Defensive	9.1%	-
Energy	7.1%	-
Utilities	4.3%	4.8%
Basic Materials	3.4%	-
Real Estate	3.3%	-
Communication Services	3.2%	-

Return for Risk

SPYV vs. XLI — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 70
SPYV Sharpe Ratio Rank: 69
SPYV Sortino Ratio Rank: 70
SPYV Omega Ratio Rank: 68
SPYV Calmar Ratio Rank: 71
SPYV Martin Ratio Rank: 73

XLI

XLI Risk / Return Rank: 43
XLI Sharpe Ratio Rank: 44
XLI Sortino Ratio Rank: 46
XLI Omega Ratio Rank: 40
XLI Calmar Ratio Rank: 39
XLI Martin Ratio Rank: 46

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.

SPYV vs. XLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) and Industrial Select Sector SPDR Fund (XLI). 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.

	SPYV	XLI	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.39	+0.64
Sortino ratio: Return per unit of downside risk	2.86	2.06	+0.80
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	3.24	1.76	+1.48
Martin ratio: Return relative to average drawdown	12.39	6.97	+5.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYV vs. XLI - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.04, which is higher than the XLI Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SPYV and XLI, 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

	SPYV	XLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.39	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.72	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.70	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.45	-0.03

Drawdowns

SPYV vs. XLI - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, smaller than the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for SPYV and XLI.

Drawdown Indicators

	SPYV	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-62.26%	+3.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-12.21%	+5.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-18.49%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-21.64%	+3.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-42.33%	+5.44%
Current Drawdown Current decline from peak	-1.35%	-2.67%	+1.32%
Average Drawdown Average peak-to-trough decline	-8.71%	-9.20%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	3.08%	-1.46%

Volatility

SPYV vs. XLI - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.28%, while Industrial Select Sector SPDR Fund (XLI) has a volatility of 3.98%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYV	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	3.98%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	12.84%	-5.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	15.47%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.41%	17.43%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	19.99%	-3.04%

SPYV vs. XLI - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than XLI's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYV vs. XLI - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.70%, more than XLI's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%
XLI Industrial Select Sector SPDR Fund	1.18%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both SPYV and XLI in my portfolio?

SPYV and XLI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or XLI?

XLI has higher volatility (3.98%) compared to SPYV (2.28%). In terms of maximum drawdown, SPYV dropped -58.45% vs XLI's -62.26%.

Which ETF is better, SPYV or XLI?

On 10-year performance, XLI leads with 13.86% vs 11.83% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or XLI?

Over the 10-year period, XLI has performed better with a 13.86% return vs 11.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or XLI?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.08% for XLI.

Which ETF pays a higher dividend yield, SPYV or XLI?

SPYV has the higher dividend yield at 1.70%, compared with 1.18% for XLI.

What is the main difference between SPYV and XLI?

SPYV is categorized as S&P 500, while XLI is Industrials Equities. SPYV tracks S&P 500 Value Index, while XLI tracks Industrial Select Sector Index. Their fees differ too: 0.04% for SPYV and 0.08% for XLI.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.04 vs 1.39), 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.