XAR vs. DUTY

Last updated Aug 2, 2026

XAR (SPDR S&P Aerospace & Defense ETF) and DUTY (U.S. Defense ETF) are both Aerospace & Defense funds - XAR tracks the S&P Aerospace & Defense Select Industry Index while DUTY tracks the Solactive U.S. Defense Index. Both are passively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. XAR charges 0.35%/yr vs 0.45%/yr for DUTY.

Performance

XAR vs. DUTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Aerospace & Defense ETF (XAR) and U.S. Defense ETF (DUTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XAR

• 1D: 0.77%
• 1M: -7.89%
• 6M: -2.90%
• YTD: 9.86%
• 1Y: 24.03%
• 3Y*: 29.11%
• 5Y*: 16.36%
• 10Y*: 17.38%
• ALL TIME*: 18.36%

DUTY

• 1D: 1.49%
• 1M: -4.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DUTY U.S. Defense ETF	$30.44K	$33.54K	$68.15K
XAR SPDR S&P Aerospace & Defense ETF	$64.82M	$59.56M	$61.10M

XAR vs. DUTY - Yearly Performance Comparison

	2026 (YTD)
XAR SPDR S&P Aerospace & Defense ETF	1.87%
DUTY U.S. Defense ETF	2.41%

Correlation

The correlation between XAR and DUTY is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.65

XAR vs. DUTY - Sectors Allocation Comparison

Sectors	XAR	DUTY
Industrials	95.8%	48.8%
Basic Materials	3.1%	-
Technology	1.0%	51.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XAR vs. DUTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XAR

XAR Risk / Return Rank: 34
XAR Sharpe Ratio Rank: 32
XAR Sortino Ratio Rank: 34
XAR Omega Ratio Rank: 31
XAR Calmar Ratio Rank: 38
XAR Martin Ratio Rank: 35

DUTY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XAR vs. DUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Aerospace & Defense ETF (XAR) and U.S. Defense ETF (DUTY). 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.

	XAR	DUTY	Difference
Sharpe ratio: Return per unit of total volatility	0.79	—	—
Sortino ratio: Return per unit of downside risk	1.29	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.33	—	—
Martin ratio: Return relative to average drawdown	3.45	—	—

Drawdowns

XAR vs. DUTY - Drawdown Comparison

The maximum XAR drawdown since its inception was -46.37%, which is greater than DUTY's maximum drawdown of -13.42%. Use the drawdown chart below to compare losses from any high point for XAR and DUTY.

Drawdown Indicators

	XAR	DUTY	Difference
Max Drawdown Largest peak-to-trough decline	-46.37%	-13.42%	-32.95%
Max Drawdown (1Y) Largest decline over 1 year	-17.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.37%	—	—
Current Drawdown Current decline from peak	-9.47%	-7.14%	-2.33%
Average Drawdown Average peak-to-trough decline	-6.78%	-5.09%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.61%	—	—

Volatility

Volatility by Period

	XAR	DUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.75%	26.10%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.84%	26.10%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	26.10%	-1.25%

XAR vs. DUTY - Expense Ratio Comparison

XAR has a 0.35% expense ratio, which is lower than DUTY's 0.45% expense ratio.

Dividends

XAR vs. DUTY - Dividend Comparison

XAR's dividend yield for the trailing twelve months is around 0.31%, while DUTY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUTY U.S. Defense ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XAR SPDR S&P Aerospace & Defense ETF	0.31%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Frequently Asked Questions

Can I hold both XAR and DUTY in my portfolio?

XAR and DUTY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAR or DUTY?

On fees, XAR is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAR or DUTY?

XAR is cheaper with a 0.35% expense ratio, compared with 0.45% for DUTY.

Which ETF pays a higher dividend yield, XAR or DUTY?

XAR has the higher dividend yield at 0.31%, compared with 0.00% for DUTY.

What is the main difference between XAR and DUTY?

XAR tracks S&P Aerospace & Defense Select Industry Index, while DUTY tracks Solactive U.S. Defense Index. They also come from different issuers: State Street and Aura. Their fees differ too: 0.35% for XAR and 0.45% for DUTY.