VOX vs. XLC
VOX (Vanguard Communication Services ETF) and XLC (Communication Services Select Sector SPDR Fund) are both Communications Equities funds - VOX tracks the MSCI US Investable Market Communication Services 25/50 Index while XLC tracks the S&P Communication Services Select Sector Index. Both are passively managed. Over the past 5 years, VOX returned 6.96%/yr vs 8.03%/yr for XLC. With a 0.97 correlation, they move nearly in lockstep. VOX charges 0.09%/yr vs 0.13%/yr for XLC.
Performance
VOX vs. XLC - Performance Comparison
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Returns By Period
In the year-to-date period, VOX achieves a -3.01% return, which is significantly higher than XLC's -4.85% return.
VOX
- 1D
- 0.03%
- 1M
- -5.00%
- YTD
- -3.01%
- 6M
- -1.76%
- 1Y
- 15.39%
- 3Y*
- 22.49%
- 5Y*
- 6.96%
- 10Y*
- 8.94%
XLC
- 1D
- -0.42%
- 1M
- -4.38%
- YTD
- -4.85%
- 6M
- -3.59%
- 1Y
- 9.07%
- 3Y*
- 21.60%
- 5Y*
- 8.03%
- 10Y*
- —
VOX vs. XLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VOX Vanguard Communication Services ETF | -3.01% | 26.27% | 33.12% | 44.81% | -38.85% | 13.83% | 29.12% | 28.03% | -13.05% |
XLC Communication Services Select Sector SPDR Fund | -4.85% | 23.08% | 34.71% | 52.82% | -37.63% | 15.96% | 26.90% | 31.05% | -16.45% |
Correlation
The correlation between VOX and XLC is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.97 |
The correlation between VOX and XLC has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
VOX vs. XLC — Risk / Return Rank
VOX
XLC
VOX vs. XLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Communication Services ETF (VOX) and Communication Services Select Sector SPDR Fund (XLC). 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.
| VOX | XLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.12 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.86 | +0.28 |
| Martin ratioReturn relative to average drawdown | 4.20 | 2.73 | +1.47 |
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Drawdowns
VOX vs. XLC - Drawdown Comparison
The maximum VOX drawdown since its inception was -57.18%, which is greater than XLC's maximum drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for VOX and XLC.
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Drawdown Indicators
| VOX | XLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.18% | -46.65% | -10.53% |
Max Drawdown (1Y)Largest decline over 1 year | -13.56% | -10.57% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -17.97% | -3.18% |
Max Drawdown (5Y)Largest decline over 5 years | -46.76% | -46.65% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -46.76% | — | — |
Current DrawdownCurrent decline from peak | -6.27% | -6.72% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -11.90% | -10.58% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 3.33% | +0.34% |
Volatility
VOX vs. XLC - Volatility Comparison
Vanguard Communication Services ETF (VOX) has a higher volatility of 4.01% compared to Communication Services Select Sector SPDR Fund (XLC) at 3.57%. This indicates that VOX's price experiences larger fluctuations and is considered to be riskier than XLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VOX | XLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 3.57% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.29% | 9.65% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.48% | 13.28% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 20.68% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.90% | 22.17% | -1.27% |
VOX vs. XLC - Expense Ratio Comparison
VOX has a 0.09% expense ratio, which is lower than XLC's 0.13% 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
VOX vs. XLC - Dividend Comparison
VOX's dividend yield for the trailing twelve months is around 1.01%, less than XLC's 1.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VOX Vanguard Communication Services ETF | 1.01% | 0.95% | 1.05% | 1.03% | 0.88% | 0.93% | 0.73% | 0.90% | 2.77% | 3.83% | 2.67% | 3.55% |
XLC Communication Services Select Sector SPDR Fund | 1.25% | 1.13% | 0.99% | 0.82% | 1.10% | 0.74% | 0.68% | 0.82% | 0.64% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, VOX and XLC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VOX has higher volatility (4.01%) compared to XLC (3.57%). In terms of maximum drawdown, VOX dropped -57.18% vs XLC's -46.65%.
On 5-year performance, XLC leads with 8.03% vs 6.96% for VOX. On fees, VOX is cheaper at 0.09% per year. On volatility, XLC has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XLC has performed better with a 8.03% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOX is cheaper with a 0.09% expense ratio, compared with 0.13% for XLC.
XLC has the higher dividend yield at 1.25%, compared with 1.01% for VOX.
VOX tracks MSCI US Investable Market Communication Services 25/50 Index, while XLC tracks S&P Communication Services Select Sector Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.09% for VOX and 0.13% for XLC.
VOX currently has the higher Sharpe Ratio (1.00 vs 0.69), 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.
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