XHE vs. XLVI

Last updated Aug 4, 2026

XHE (SPDR S&P Health Care Equipment ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - XHE is a Health & Biotech Equities fund tracking the S&P Health Care Equipment Select Industry Index, while XLVI is a Derivative Income fund actively managed by State Street. XHE is passively managed, while XLVI is actively managed. Over the past year, XHE returned 21.90% vs 22.96% for XLVI. Their 0.55 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

XHE vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Equipment ETF (XHE) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHE achieves a 5.60% return, which is significantly lower than XLVI's 6.89% return.

XHE

• 1D: 4.05%
• 1M: 6.04%
• 6M: 7.88%
• YTD: 5.60%
• 1Y: 21.90%
• 3Y*: -0.09%
• 5Y*: -6.21%
• 10Y*: 6.33%
• ALL TIME*: 9.68%

XLVI

• 1D: -0.20%
• 1M: 0.97%
• 6M: 6.00%
• YTD: 6.89%
• 1Y: 22.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.93%

*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)
XHE SPDR S&P Health Care Equipment ETF	$2.26M	$2.20M	$2.39M
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$940.40K	$699.80K	$484.44K

XHE vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
XHE SPDR S&P Health Care Equipment ETF	5.60%	11.79%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	6.89%	12.41%

Correlation

The correlation between XHE and XLVI is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.55

The correlation between XHE and XLVI has been stable across timeframes, ranging from 0.55 to 0.55 - a consistent structural relationship.

XHE vs. XLVI - Sectors Allocation Comparison

Sectors	XHE	XLVI
Healthcare	98.8%	100.0%
Technology	1.7%	-
Industrials	1.7%	-
Communication Services	1.5%	-
Financial Services	1.2%	100.6%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XHE vs. XLVI — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 35
XHE Sharpe Ratio Rank: 38
XHE Sortino Ratio Rank: 40
XHE Omega Ratio Rank: 35
XHE Calmar Ratio Rank: 35
XHE Martin Ratio Rank: 29

XLVI

XLVI Risk / Return Rank: 80
XLVI Sharpe Ratio Rank: 85
XLVI Sortino Ratio Rank: 89
XLVI Omega Ratio Rank: 87
XLVI Calmar Ratio Rank: 75
XLVI Martin Ratio Rank: 62

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.

XHE vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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.

	XHE	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.15	-1.19
Sortino ratio: Return per unit of downside risk	1.52	3.23	-1.71
Omega ratio: Gain probability vs. loss probability	1.17	1.41	-0.24
Calmar ratio: Return relative to maximum drawdown	1.20	2.83	-1.63
Martin ratio: Return relative to average drawdown	2.55	8.00	-5.45

XHE vs. XLVI - Sharpe Ratio Comparison

The current XHE Sharpe Ratio is 0.96, which is lower than the XLVI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of XHE and XLVI, 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

XHE vs. XLVI - Drawdown Comparison

The maximum XHE drawdown since its inception was -49.92%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for XHE and XLVI.

Drawdown Indicators

	XHE	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-8.14%	-41.78%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-8.14%	-10.15%
Max Drawdown (3Y) Largest decline over 3 years	-28.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.92%	—	—
Current Drawdown Current decline from peak	-29.99%	-1.66%	-28.33%
Average Drawdown Average peak-to-trough decline	-13.50%	-1.78%	-11.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	2.88%	+5.73%

Volatility

XHE vs. XLVI - Volatility Comparison

SPDR S&P Health Care Equipment ETF (XHE) has a higher volatility of 8.23% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.36%. This indicates that XHE's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHE	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	3.36%	+4.87%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	8.73%	+9.34%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	10.75%	+12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.83%	11.04%	+13.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	11.04%	+12.10%

XHE vs. XLVI - Expense Ratio Comparison

Both XHE and XLVI have an expense ratio of 0.35%.

Dividends

XHE vs. XLVI - Dividend Comparison

XHE's dividend yield for the trailing twelve months is around 0.06%, less than XLVI's 12.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHE SPDR S&P Health Care Equipment ETF	0.06%	0.08%	0.04%	0.03%	0.04%	0.00%	0.00%	0.05%	0.09%	0.78%	0.17%	7.22%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	12.76%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XHE and XLVI in my portfolio?

XHE and XLVI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHE or XLVI?

XHE has higher volatility (8.23%) compared to XLVI (3.36%). In terms of maximum drawdown, XHE dropped -49.92% vs XLVI's -8.14%.

Which ETF is better, XHE or XLVI?

On 1-year performance, XLVI leads with 22.96% vs 21.90% for XHE. Both ETFs have the same 0.35% expense ratio. On volatility, XLVI has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHE or XLVI?

Over the 1-year period, XLVI has performed better with a 22.96% return vs 21.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHE or XLVI?

XHE and XLVI have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, XHE or XLVI?

XLVI has the higher dividend yield at 12.76%, compared with 0.06% for XHE.

What is the main difference between XHE and XLVI?

XHE is categorized as Health & Biotech Equities, while XLVI is Derivative Income.

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.15 vs 0.96), 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.