SPYX vs. XLF

Last updated Jun 4, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and XLF (State Street Financial Select Sector SPDR ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while XLF is a Financials Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, SPYX returned 15.55%/yr vs 12.38%/yr for XLF. A 0.72 correlation means they provide meaningful diversification when combined. SPYX charges 0.20%/yr vs 0.08%/yr for XLF.

Performance

SPYX vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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, SPYX achieves a 10.04% return, which is significantly higher than XLF's -6.64% return. Over the past 10 years, SPYX has outperformed XLF with an annualized return of 15.55%, while XLF has yielded a comparatively lower 12.38% annualized return.

SPYX

• 1D: -0.77%
• 1M: 5.02%
• YTD: 10.04%
• 6M: 10.06%
• 1Y: 27.01%
• 3Y*: 22.32%
• 5Y*: 13.41%
• 10Y*: 15.55%

XLF

• 1D: -1.15%
• 1M: -1.38%
• YTD: -6.64%
• 6M: -4.18%
• 1Y: 1.13%
• 3Y*: 17.64%
• 5Y*: 7.61%
• 10Y*: 12.38%

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

SPYX vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	10.04%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
XLF State Street Financial Select Sector SPDR ETF	-6.64%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between SPYX and XLF is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 2, 2015	0.72

The correlation between SPYX and XLF shifts across timeframes, from 0.62 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

SPYX vs. XLF - Sectors Allocation Comparison

Sectors	SPYX	XLF
Technology	38.5%	1.8%
Financial Services	11.7%	98.0%
Communication Services	11.1%	-
Consumer Cyclical	10.1%	-
Healthcare	8.6%	-
Industrials	7.6%	0.2%
Consumer Defensive	4.9%	-
Utilities	2.7%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-
Energy	1.2%	-

Return for Risk

SPYX vs. XLF — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 64
SPYX Sharpe Ratio Rank: 66
SPYX Sortino Ratio Rank: 65
SPYX Omega Ratio Rank: 66
SPYX Calmar Ratio Rank: 55
SPYX Martin Ratio Rank: 68

XLF

XLF Risk / Return Rank: 9
XLF Sharpe Ratio Rank: 9
XLF Sortino Ratio Rank: 9
XLF Omega Ratio Rank: 9
XLF Calmar Ratio Rank: 9
XLF Martin Ratio Rank: 9

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.

SPYX vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.

	SPYX	XLF	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.08	+2.16
Sortino ratio: Return per unit of downside risk	3.07	0.20	+2.87
Omega ratio: Gain probability vs. loss probability	1.40	1.02	+0.38
Calmar ratio: Return relative to maximum drawdown	2.76	0.08	+2.68
Martin ratio: Return relative to average drawdown	12.68	0.20	+12.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYX vs. XLF - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.24, which is higher than the XLF Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of SPYX 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.

Sharpe Ratios by Period

	SPYX	XLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	0.08	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.41	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.56	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.20	+0.63

Drawdowns

SPYX vs. XLF - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for SPYX and XLF.

Drawdown Indicators

	SPYX	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-82.69%	+49.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-14.79%	+4.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-15.54%	-3.20%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-25.81%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-42.86%	+10.02%
Current Drawdown Current decline from peak	-0.77%	-9.34%	+8.57%
Average Drawdown Average peak-to-trough decline	-4.53%	-20.03%	+15.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	5.66%	-3.52%

Volatility

SPYX vs. XLF - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 3.00%, while State Street Financial Select Sector SPDR ETF (XLF) has a volatility of 3.29%. This indicates that SPYX experiences smaller price fluctuations and is considered to be less risky than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.29%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	10.94%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	14.41%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	18.63%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	22.16%	-4.15%

SPYX vs. XLF - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than XLF's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYX vs. XLF - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.84%, less than XLF's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.84%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%
XLF State Street Financial Select Sector SPDR ETF	1.56%	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 SPYX and XLF in my portfolio?

SPYX and XLF have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYX or XLF?

XLF has higher volatility (3.29%) compared to SPYX (3.00%). In terms of maximum drawdown, SPYX dropped -32.84% vs XLF's -82.69%.

Which ETF is better, SPYX or XLF?

On 10-year performance, SPYX leads with 15.55% vs 12.38% for XLF. On fees, XLF is cheaper at 0.08% per year. On volatility, SPYX has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or XLF?

Over the 10-year period, SPYX has performed better with a 15.55% return vs 12.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or XLF?

XLF is cheaper with a 0.08% expense ratio, compared with 0.20% for SPYX.

Which ETF pays a higher dividend yield, SPYX or XLF?

XLF has the higher dividend yield at 1.56%, compared with 0.84% for SPYX.

What is the main difference between SPYX and XLF?

SPYX is categorized as S&P 500, while XLF is Financials Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while XLF tracks Financial Select Sector Index. Their fees differ too: 0.20% for SPYX and 0.08% for XLF.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (2.24 vs 0.08), 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.