XHS vs. XLVI

Last updated Aug 4, 2026

XHS (SPDR S&P Health Care Services ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - XHS is a Health & Biotech Equities fund tracking the S&P Health Care Services Select Industry Index, while XLVI is a Derivative Income fund actively managed by State Street. XHS is passively managed, while XLVI is actively managed. Over the past year, XHS returned 52.87% vs 22.96% for XLVI. Their 0.48 correlation means their historical movements had little consistent relationship. Both charge a 0.35% expense ratio.

Performance

XHS vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Services ETF (XHS) 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, XHS achieves a 25.67% return, which is significantly higher than XLVI's 6.89% return.

XHS

• 1D: 1.12%
• 1M: -2.57%
• 6M: 24.75%
• YTD: 25.67%
• 1Y: 52.87%
• 3Y*: 13.30%
• 5Y*: 3.90%
• 10Y*: 9.33%
• ALL TIME*: 12.70%

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)
XHS SPDR S&P Health Care Services ETF	$3.18M	$3.55M	$3.01M
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$940.40K	$699.80K	$484.44K

XHS vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
XHS SPDR S&P Health Care Services ETF	25.67%	18.54%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	6.89%	12.41%

Correlation

The correlation between XHS and XLVI is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.48

XHS vs. XLVI - Sectors Allocation Comparison

Sectors	XHS	XLVI
Healthcare	98.3%	100.0%
Financial Services	1.7%	100.6%
Industrials	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XHS vs. XLVI — Risk / Return Rank

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

XHS

XHS Risk / Return Rank: 94
XHS Sharpe Ratio Rank: 96
XHS Sortino Ratio Rank: 95
XHS Omega Ratio Rank: 94
XHS Calmar Ratio Rank: 92
XHS Martin Ratio Rank: 91

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.

XHS vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Services ETF (XHS) 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.

	XHS	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	3.04	2.15	+0.89
Sortino ratio: Return per unit of downside risk	4.07	3.23	+0.84
Omega ratio: Gain probability vs. loss probability	1.52	1.41	+0.12
Calmar ratio: Return relative to maximum drawdown	4.43	2.83	+1.60
Martin ratio: Return relative to average drawdown	15.51	8.00	+7.51

XHS vs. XLVI - Sharpe Ratio Comparison

The current XHS Sharpe Ratio is 3.04, which is higher than the XLVI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of XHS 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

XHS vs. XLVI - Drawdown Comparison

The maximum XHS drawdown since its inception was -39.32%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for XHS and XLVI.

Drawdown Indicators

	XHS	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-8.14%	-31.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-8.14%	-3.85%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	—	—
Current Drawdown Current decline from peak	-2.57%	-1.66%	-0.91%
Average Drawdown Average peak-to-trough decline	-10.10%	-1.78%	-8.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.88%	+0.54%

Volatility

XHS vs. XLVI - Volatility Comparison

SPDR S&P Health Care Services ETF (XHS) has a higher volatility of 4.70% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.36%. This indicates that XHS'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

	XHS	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	3.36%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	8.73%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	10.75%	+6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	11.04%	+10.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.42%	11.04%	+11.38%

XHS vs. XLVI - Expense Ratio Comparison

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

Dividends

XHS vs. XLVI - Dividend Comparison

XHS's dividend yield for the trailing twelve months is around 0.20%, less than XLVI's 12.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHS SPDR S&P Health Care Services ETF	0.20%	0.27%	0.38%	0.23%	0.19%	0.20%	0.23%	2.37%	0.34%	0.22%	0.28%	0.93%
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 XHS and XLVI in my portfolio?

XHS and XLVI have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHS or XLVI?

XHS has higher volatility (4.70%) compared to XLVI (3.36%). In terms of maximum drawdown, XHS dropped -39.32% vs XLVI's -8.14%.

Which ETF is better, XHS or XLVI?

On 1-year performance, XHS leads with 52.87% vs 22.96% for XLVI. 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, XHS or XLVI?

Over the 1-year period, XHS has performed better with a 52.87% return vs 22.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHS or XLVI?

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

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

XLVI has the higher dividend yield at 12.76%, compared with 0.20% for XHS.

What is the main difference between XHS and XLVI?

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

Which has better risk-adjusted returns?

XHS currently has the higher Sharpe Ratio (3.04 vs 2.15), 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.