TBLL vs. XLI

Last updated Jun 13, 2026

TBLL (Invesco Short Term Treasury ETF) and XLI (Industrial Select Sector SPDR Fund) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while XLI is a Industrials Equities fund tracking the Industrial Select Sector Index. Both are passively managed. Over the past 5 years, TBLL returned 3.38%/yr vs 12.93%/yr for XLI. At a correlation of -0.06, they often move in opposite directions. Both charge a 0.08% expense ratio.

Performance

TBLL vs. XLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) 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, TBLL achieves a 1.55% return, which is significantly lower than XLI's 13.90% return.

TBLL

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.55%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.64%
• 5Y*: 3.38%
• 10Y*: —

XLI

• 1D: 0.59%
• 1M: 1.47%
• YTD: 13.90%
• 6M: 13.10%
• 1Y: 24.12%
• 3Y*: 20.87%
• 5Y*: 12.93%
• 10Y*: 14.15%

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

TBLL vs. XLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLL Invesco Short Term Treasury ETF	1.55%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%
XLI Industrial Select Sector SPDR Fund	13.90%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	21.98%

Correlation

The correlation between TBLL and XLI is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	-0.06

The correlation between TBLL and XLI shifts across timeframes, from -0.06 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

TBLL vs. XLI - Sectors Allocation Comparison

Sectors	TBLL	XLI
Financial Services	64.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.5%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	90.7%
Real Estate	-	-
Technology	-	4.0%
Utilities	-	4.8%

Return for Risk

TBLL vs. XLI — Risk / Return Rank

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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

XLI

XLI Risk / Return Rank: 48
XLI Sharpe Ratio Rank: 49
XLI Sortino Ratio Rank: 50
XLI Omega Ratio Rank: 46
XLI Calmar Ratio Rank: 45
XLI Martin Ratio Rank: 52

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.

TBLL vs. XLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.

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.

	TBLL	XLI	Difference
Sharpe ratio: Return per unit of total volatility	20.89	1.50	+19.39
Sortino ratio: Return per unit of downside risk	217.77	2.17	+215.60
Omega ratio: Gain probability vs. loss probability	102.67	1.26	+101.41
Calmar ratio: Return relative to maximum drawdown	415.79	1.98	+413.81
Martin ratio: Return relative to average drawdown	3,524.23	7.82	+3,516.41

TBLL vs. XLI - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 20.89, which is higher than the XLI Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of TBLL 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.

Drawdowns

TBLL vs. XLI - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for TBLL and XLI.

Drawdown Indicators

	TBLL	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-62.26%	+61.63%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-12.21%	+12.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	-18.49%	+18.13%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	-21.64%	+21.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.33%	—
Current Drawdown Current decline from peak	0.00%	-1.24%	+1.24%
Average Drawdown Average peak-to-trough decline	-0.14%	-9.20%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	3.09%	-3.09%

Volatility

TBLL vs. XLI - Volatility Comparison

The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.04%, while Industrial Select Sector SPDR Fund (XLI) has a volatility of 6.22%. This indicates that TBLL 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

	TBLL	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	6.22%	-6.18%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	13.59%	-13.47%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	16.17%	-15.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	17.55%	-17.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	20.04%	-19.48%

TBLL vs. XLI - Expense Ratio Comparison

Both TBLL and XLI have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TBLL vs. XLI - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 3.81%, more than XLI's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%
XLI Industrial Select Sector SPDR Fund	1.16%	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 TBLL and XLI in my portfolio?

TBLL and XLI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLL or XLI?

XLI has higher volatility (6.22%) compared to TBLL (0.04%). In terms of maximum drawdown, TBLL dropped -0.63% vs XLI's -62.26%.

Which ETF is better, TBLL or XLI?

On 5-year performance, XLI leads with 12.93% vs 3.38% for TBLL. Both ETFs have the same 0.08% expense ratio. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLL or XLI?

Over the 5-year period, XLI has performed better with a 12.93% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLL or XLI?

TBLL and XLI have the same expense ratio: 0.08% per year.

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

TBLL has the higher dividend yield at 3.81%, compared with 1.16% for XLI.

What is the main difference between TBLL and XLI?

TBLL is categorized as Ultrashort Bond, while XLI is Industrials Equities. TBLL tracks ICE U.S. Treasury Short Bond Index, while XLI tracks Industrial Select Sector Index. They also come from different issuers: Invesco and State Street.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.89 vs 1.50), 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.