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XLF vs. DVY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLF vs. DVY

Last updated Jun 14, 2026

XLF (State Street Financial Select Sector SPDR ETF) and DVY (iShares Select Dividend ETF) are both exchange-traded funds - XLF is a Financials Equities fund tracking the Financial Select Sector Index, while DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, XLF returned 13.33%/yr vs 10.49%/yr for DVY. Their correlation of 0.81 suggests significant overlap in exposure. XLF charges 0.08%/yr vs 0.39%/yr for DVY.

Performance

XLF vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Financial Select Sector SPDR ETF (XLF) and iShares Select Dividend ETF (DVY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLF achieves a -2.11% return, which is significantly lower than DVY's 13.40% return. Over the past 10 years, XLF has outperformed DVY with an annualized return of 13.33%, while DVY has yielded a comparatively lower 10.49% annualized return.

XLF

1D
1.37%
1M
4.00%
YTD
-2.11%
6M
-2.09%
1Y
8.41%
3Y*
18.86%
5Y*
9.15%
10Y*
13.33%

DVY

1D
1.18%
1M
4.16%
YTD
13.40%
6M
12.29%
1Y
25.66%
3Y*
15.86%
5Y*
9.31%
10Y*
10.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLF vs. DVY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLF
State Street Financial Select Sector SPDR ETF		-2.11%14.90%30.56%12.03%-10.59%34.80%-1.74%31.88%-13.06%22.00%
DVY
iShares Select Dividend ETF		13.40%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-6.36%14.82%

Correlation

The correlation between XLF and DVY is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.76

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2003

0.81

The correlation between XLF and DVY shifts across timeframes, from 0.65 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

XLF vs. DVY - Sectors Allocation Comparison

Sectors
XLF
DVY

Financial Services

98.0%
25.1%

Technology

1.8%
4.0%

Industrials

0.2%
2.0%

Basic Materials

-

2.1%

Communication Services

-

5.5%

Consumer Cyclical

-

9.6%

Consumer Defensive

-

13.5%

Energy

-

8.8%

Healthcare

-

5.2%

Real Estate

-

-

Utilities

-

23.7%

Financial Services

XLF
98.0%
DVY
25.1%

Technology

XLF
1.8%
DVY
4.0%

Industrials

XLF
0.2%
DVY
2.0%

Basic Materials

XLF

-

DVY
2.1%

Communication Services

XLF

-

DVY
5.5%

Consumer Cyclical

XLF

-

DVY
9.6%

Consumer Defensive

XLF

-

DVY
13.5%

Energy

XLF

-

DVY
8.8%

Healthcare

XLF

-

DVY
5.2%

Real Estate

XLF

-

DVY

-

Utilities

XLF

-

DVY
23.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Financial Select Sector SPDR ETF

iShares Select Dividend ETF

Often compared with XLF:
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Often compared with DVY:
DVY vs. SCHDDVY vs. HDVDVY vs. VYMDVY vs. DGRODVY vs. VIGDVY vs. SPYDDVY vs. VOO

Return for Risk

XLF vs. DVY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLF
XLF Risk / Return Rank: 1515
Overall Rank
XLF Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
XLF Sortino Ratio Rank: 1515
Sortino Ratio Rank
XLF Omega Ratio Rank: 1515
Omega Ratio Rank
XLF Calmar Ratio Rank: 1515
Calmar Ratio Rank
XLF Martin Ratio Rank: 1515
Martin Ratio Rank
DVY
DVY Risk / Return Rank: 7878
Overall Rank
DVY Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 8282
Sortino Ratio Rank
DVY Omega Ratio Rank: 7474
Omega Ratio Rank
DVY Calmar Ratio Rank: 7878
Calmar Ratio Rank
DVY Martin Ratio Rank: 7676
Martin Ratio Rank
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.

XLF vs. DVY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Financial Select Sector SPDR ETF (XLF) and iShares Select Dividend ETF (DVY). 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.

XLFDVYDifference
Sharpe ratioReturn per unit of total volatility
0.42
2.19

-1.76

Sortino ratioReturn per unit of downside risk
0.67
3.19

-2.52

Omega ratioGain probability vs. loss probability

1.08

1.37

-0.29

Calmar ratioReturn relative to maximum drawdown

0.42

3.54

-3.12

Martin ratioReturn relative to average drawdown

1.08

12.51

-11.43

XLF vs. DVY - Sharpe Ratio Comparison

The current XLF Sharpe Ratio is 0.42, which is lower than the DVY Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of XLF and DVY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XLF vs. DVY - Drawdown Comparison

The maximum XLF drawdown since its inception was -82.69%, which is greater than DVY's maximum drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for XLF and DVY.

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Drawdown Indicators

XLFDVYDifference

Max Drawdown

Largest peak-to-trough decline

-82.69%

-62.59%

-20.10%

Max Drawdown (1Y)

Largest decline over 1 year

-14.79%

-6.89%

-7.90%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-16.00%

+0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-25.81%

-17.54%

-8.27%

Max Drawdown (10Y)

Largest decline over 10 years

-42.86%

-41.59%

-1.27%

Current Drawdown

Current decline from peak

-4.94%

0.00%

-4.94%

Average Drawdown

Average peak-to-trough decline

-20.01%

-8.78%

-11.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.76%

1.95%

+3.81%

Volatility

XLF vs. DVY - Volatility Comparison

State Street Financial Select Sector SPDR ETF (XLF) has a higher volatility of 4.23% compared to iShares Select Dividend ETF (DVY) at 2.94%. This indicates that XLF's price experiences larger fluctuations and is considered to be riskier than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLFDVYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.23%

2.94%

+1.29%

Volatility (6M)

Calculated over the trailing 6-month period

11.26%

7.54%

+3.72%

Volatility (1Y)

Calculated over the trailing 1-year period

14.69%

11.16%

+3.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.66%

15.22%

+3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.17%

18.01%

+4.16%

XLF vs. DVY - Expense Ratio Comparison

XLF has a 0.08% expense ratio, which is lower than DVY's 0.39% expense ratio.

Dividends

XLF vs. DVY - Dividend Comparison

XLF's dividend yield for the trailing twelve months is around 1.49%, less than DVY's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.30%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
XLF
State Street Financial Select Sector SPDR ETF		1.49%1.31%1.42%1.71%2.04%1.63%2.03%1.87%2.08%1.48%21.10%1.95%

Frequently Asked Questions

XLF and DVY 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.

XLF has higher volatility (4.23%) compared to DVY (2.94%). In terms of maximum drawdown, XLF dropped -82.69% vs DVY's -62.59%.

On 10-year performance, XLF leads with 13.33% vs 10.49% for DVY. On fees, XLF is cheaper at 0.08% per year. On volatility, DVY has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLF has performed better with a 13.33% return vs 10.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLF is cheaper with a 0.08% expense ratio, compared with 0.39% for DVY.

DVY has the higher dividend yield at 3.30%, compared with 1.49% for XLF.

XLF is categorized as Financials Equities, while DVY is Large Cap Value Equities. XLF tracks Financial Select Sector Index, while DVY tracks Dow Jones U.S. Select Dividend Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLF and 0.39% for DVY.

DVY currently has the higher Sharpe Ratio (2.19 vs 0.42), 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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