VOX vs. XLV
VOX (Vanguard Communication Services ETF) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 Index, while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, VOX returned 8.94%/yr vs 9.81%/yr for XLV. A 0.55 correlation means they provide meaningful diversification when combined. VOX charges 0.09%/yr vs 0.08%/yr for XLV.
Performance
VOX vs. XLV - Performance Comparison
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Returns By Period
In the year-to-date period, VOX achieves a -3.01% return, which is significantly lower than XLV's -0.23% return. Over the past 10 years, VOX has underperformed XLV with an annualized return of 8.94%, while XLV has yielded a comparatively higher 9.81% annualized 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%
XLV
- 1D
- -0.18%
- 1M
- 4.84%
- YTD
- -0.23%
- 6M
- 0.67%
- 1Y
- 14.43%
- 3Y*
- 7.12%
- 5Y*
- 6.00%
- 10Y*
- 9.81%
VOX vs. XLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOX Vanguard Communication Services ETF | -3.01% | 26.27% | 33.12% | 44.81% | -38.85% | 13.83% | 29.12% | 28.03% | -16.75% | -5.50% |
XLV State Street Health Care Select Sector SPDR ETF | -0.23% | 14.50% | 2.47% | 2.07% | -2.08% | 26.04% | 13.30% | 20.45% | 6.28% | 21.77% |
Correlation
The correlation between VOX and XLV is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004 | 0.55 |
Over the past year, the correlation between VOX and XLV has dropped to 0.25 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
VOX vs. XLV — Risk / Return Rank
VOX
XLV
VOX vs. XLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Communication Services ETF (VOX) and State Street Health Care Select Sector SPDR ETF (XLV). 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 | XLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.38 | -0.24 |
| Martin ratioReturn relative to average drawdown | 4.20 | 3.31 | +0.89 |
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Drawdowns
VOX vs. XLV - Drawdown Comparison
The maximum VOX drawdown since its inception was -57.18%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for VOX and XLV.
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Drawdown Indicators
| VOX | XLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.18% | -39.17% | -18.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.56% | -10.47% | -3.09% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -17.11% | -4.04% |
Max Drawdown (5Y)Largest decline over 5 years | -46.76% | -17.11% | -29.65% |
Max Drawdown (10Y)Largest decline over 10 years | -46.76% | -28.40% | -18.36% |
Current DrawdownCurrent decline from peak | -6.27% | -3.59% | -2.68% |
Average DrawdownAverage peak-to-trough decline | -11.90% | -7.12% | -4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 4.37% | -0.70% |
Volatility
VOX vs. XLV - Volatility Comparison
The current volatility for Vanguard Communication Services ETF (VOX) is 4.01%, while State Street Health Care Select Sector SPDR ETF (XLV) has a volatility of 4.90%. This indicates that VOX experiences smaller price fluctuations and is considered to be less risky than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VOX | XLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 4.90% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 11.29% | 10.60% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.48% | 15.03% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 14.75% | +6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.90% | 16.58% | +4.32% |
VOX vs. XLV - Expense Ratio Comparison
VOX has a 0.09% expense ratio, which is higher than XLV'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
VOX vs. XLV - Dividend Comparison
VOX's dividend yield for the trailing twelve months is around 1.01%, less than XLV's 1.63% 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% |
XLV State Street Health Care Select Sector SPDR ETF | 1.63% | 1.60% | 1.67% | 1.59% | 1.47% | 1.33% | 1.49% | 2.17% | 1.57% | 1.47% | 1.60% | 1.43% |
Frequently Asked Questions
VOX and XLV have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLV has higher volatility (4.90%) compared to VOX (4.01%). In terms of maximum drawdown, VOX dropped -57.18% vs XLV's -39.17%.
On 10-year performance, XLV leads with 9.81% vs 8.94% for VOX. On fees, XLV is cheaper at 0.08% per year. On volatility, VOX has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLV has performed better with a 9.81% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLV is cheaper with a 0.08% expense ratio, compared with 0.09% for VOX.
XLV has the higher dividend yield at 1.63%, compared with 1.01% for VOX.
VOX is categorized as Communications Equities, while XLV is Health & Biotech Equities. VOX tracks MSCI US Investable Market Communication Services 25/50 Index, while XLV tracks Health Care Select Sector Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.09% for VOX and 0.08% for XLV.
VOX currently has the higher Sharpe Ratio (1.00 vs 0.97), 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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