XHE vs. XLVI

Last updated Jun 3, 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. A 0.56 correlation means they provide meaningful diversification when combined. 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 -11.59% return, which is significantly lower than XLVI's -1.33% return.

XHE

• 1D: -0.95%
• 1M: -4.49%
• YTD: -11.59%
• 6M: -10.52%
• 1Y: -2.63%
• 3Y*: -6.57%
• 5Y*: -8.01%
• 10Y*: 5.72%

XLVI

• 1D: -0.73%
• 1M: 1.42%
• YTD: -1.33%
• 6M: 0.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XHE vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
XHE SPDR S&P Health Care Equipment ETF	-11.59%	12.69%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-1.33%	12.79%

Correlation

The correlation between XHE and XLVI is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025	0.56

XHE vs. XLVI - Sectors Allocation Comparison

Sectors	XHE	XLVI
Healthcare	98.4%	-
Industrials	1.7%	-
Financial Services	1.6%	100.6%
Communication Services	1.4%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XHE vs. XLVI — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 7
XHE Sharpe Ratio Rank: 7
XHE Sortino Ratio Rank: 7
XHE Omega Ratio Rank: 7
XHE Calmar Ratio Rank: 7
XHE Martin Ratio Rank: 6

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.

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.

	XHE	XLVI	Difference
Sharpe ratio Return per unit of total volatility	-0.12	—	—
Sortino ratio Return per unit of downside risk	-0.03	—	—
Omega ratio Gain probability vs. loss probability	1.00	—	—
Calmar ratio Return relative to maximum drawdown	-0.21	—	—
Martin ratio Return relative to average drawdown	-0.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	XHE	XLVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.25	-0.85

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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-32.62%	—	—
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	-41.39%	-4.66%	-36.73%
Average Drawdown Average peak-to-trough decline	-13.26%	-1.94%	-11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.00%	—	—

Volatility

Volatility by Period

	XHE	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	10.94%	+10.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.40%	10.94%	+13.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	10.94%	+11.99%

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 0.09%, less than XLVI's 11.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHE SPDR S&P Health Care Equipment ETF	0.09%	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	11.61%	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 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XHE or XLVI?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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 11.61%, compared with 0.09% for XHE.

What is the main difference between XHE and XLVI?

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