XLF vs. SHV
XLF (State Street Financial Select Sector SPDR ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - XLF is a Financials Equities fund tracking the Financial Select Sector Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, XLF returned 13.33%/yr vs 2.23%/yr for SHV. At a correlation of -0.08, they often move in opposite directions. XLF charges 0.08%/yr vs 0.15%/yr for SHV.
Performance
XLF vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, XLF achieves a -2.11% return, which is significantly lower than SHV's 1.53% return. Over the past 10 years, XLF has outperformed SHV with an annualized return of 13.33%, while SHV has yielded a comparatively lower 2.23% annualized return.
XLF
- 1D
- 1.37%
- 1M
- 4.61%
- YTD
- -2.11%
- 6M
- -2.09%
- 1Y
- 6.20%
- 3Y*
- 18.86%
- 5Y*
- 9.15%
- 10Y*
- 13.33%
SHV
- 1D
- 0.03%
- 1M
- 0.31%
- YTD
- 1.53%
- 6M
- 1.73%
- 1Y
- 3.90%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
XLF vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.53% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between XLF and SHV is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | -0.08 |
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Return for Risk
XLF vs. SHV — Risk / Return Rank
XLF
SHV
XLF vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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.
| XLF | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.07 | ||
| Sortino ratioReturn per unit of downside risk | -148.88 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 53.77 | -52.68 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 431.38 | -430.96 |
| Martin ratioReturn relative to average drawdown | 1.08 | 2,419.80 | -2,418.72 |
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Drawdowns
XLF vs. SHV - Drawdown Comparison
The maximum XLF drawdown since its inception was -82.69%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for XLF and SHV.
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Drawdown Indicators
| XLF | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.69% | -0.45% | -82.24% |
Max Drawdown (1Y)Largest decline over 1 year | -14.79% | -0.01% | -14.78% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | -0.03% | -15.51% |
Max Drawdown (5Y)Largest decline over 5 years | -25.81% | -0.39% | -25.42% |
Max Drawdown (10Y)Largest decline over 10 years | -42.86% | -0.45% | -42.41% |
Current DrawdownCurrent decline from peak | -4.94% | 0.00% | -4.94% |
Average DrawdownAverage peak-to-trough decline | -20.01% | -0.03% | -19.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.76% | 0.00% | +5.76% |
Volatility
XLF vs. SHV - Volatility Comparison
State Street Financial Select Sector SPDR ETF (XLF) has a higher volatility of 4.23% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that XLF's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLF | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 0.04% | +4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 0.12% | +11.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.69% | 0.20% | +14.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.66% | 0.29% | +18.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.17% | 0.28% | +21.89% |
XLF vs. SHV - Expense Ratio Comparison
XLF has a 0.08% expense ratio, which is lower than SHV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XLF vs. SHV - Dividend Comparison
XLF's dividend yield for the trailing twelve months is around 1.49%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
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 SHV have a correlation of 0.00, 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 SHV (0.04%). In terms of maximum drawdown, XLF dropped -82.69% vs SHV's -0.45%.
On 10-year performance, XLF leads with 13.33% vs 2.23% for SHV. On fees, XLF is cheaper at 0.08% per year. On volatility, SHV has been the lower-risk option at 0.04%. 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 2.23%. 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 0.15% for SHV.
SHV has the higher dividend yield at 3.83%, compared with 1.49% for XLF.
XLF is categorized as Financials Equities, while SHV is Government Bonds. XLF tracks Financial Select Sector Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLF and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 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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