XLF vs. TBLL

Last updated Jun 9, 2026

XLF (State Street Financial Select Sector SPDR ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - XLF is a Financials Equities fund tracking the Financial Select Sector Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, XLF returned 8.47%/yr vs 3.36%/yr for TBLL. At a correlation of -0.07, they often move in opposite directions. Both charge a 0.08% expense ratio.

Performance

XLF vs. TBLL - Performance Comparison

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

Returns By Period

In the year-to-date period, XLF achieves a -4.62% return, which is significantly lower than TBLL's 1.48% return.

XLF

• 1D: -0.63%
• 1M: 1.42%
• YTD: -4.62%
• 6M: -1.98%
• 1Y: 2.91%
• 3Y*: 18.06%
• 5Y*: 8.47%
• 10Y*: 12.79%

TBLL

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.48%
• 6M: 1.74%
• 1Y: 3.91%
• 3Y*: 4.63%
• 5Y*: 3.36%
• 10Y*: —

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

XLF vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLF State Street Financial Select Sector SPDR ETF	-4.62%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	20.29%
TBLL Invesco Short Term Treasury ETF	1.48%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%

Correlation

The correlation between XLF and TBLL is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	-0.07

The correlation between XLF and TBLL shifts across timeframes, from -0.07 (all time) to 0.06 (1 year), reflecting how their relationship changes across market environments.

XLF vs. TBLL - Sectors Allocation Comparison

Sectors	XLF	TBLL
Financial Services	98.0%	64.1%
Technology	1.8%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XLF vs. TBLL — Risk / Return Rank

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

XLF

XLF Risk / Return Rank: 12
XLF Sharpe Ratio Rank: 12
XLF Sortino Ratio Rank: 12
XLF Omega Ratio Rank: 12
XLF Calmar Ratio Rank: 12
XLF Martin Ratio Rank: 12

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Financial Select Sector SPDR ETF (XLF) and Invesco Short Term Treasury ETF (TBLL). 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.

	XLF	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	0.20	20.94	-20.74
Sortino ratio: Return per unit of downside risk	0.37	217.24	-216.87
Omega ratio: Gain probability vs. loss probability	1.05	102.42	-101.37
Calmar ratio: Return relative to maximum drawdown	0.20	414.75	-414.55
Martin ratio: Return relative to average drawdown	0.51	3,515.41	-3,514.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLF vs. TBLL - Sharpe Ratio Comparison

The current XLF Sharpe Ratio is 0.20, which is lower than the TBLL Sharpe Ratio of 20.94. The chart below compares the historical Sharpe Ratios of XLF and TBLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XLF	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	20.94	-20.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	7.56	-7.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	4.26	-4.06

Drawdowns

XLF vs. TBLL - Drawdown Comparison

The maximum XLF drawdown since its inception was -82.69%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for XLF and TBLL.

Drawdown Indicators

	XLF	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-82.69%	-0.63%	-82.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	-0.01%	-14.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-0.36%	-15.18%
Max Drawdown (5Y) Largest decline over 5 years	-25.81%	-0.36%	-25.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.86%	—	—
Current Drawdown Current decline from peak	-7.38%	0.00%	-7.38%
Average Drawdown Average peak-to-trough decline	-20.02%	-0.14%	-19.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.71%	0.00%	+5.71%

Volatility

XLF vs. TBLL - Volatility Comparison

State Street Financial Select Sector SPDR ETF (XLF) has a higher volatility of 4.20% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that XLF's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLF	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	0.04%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	0.12%	+11.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.61%	0.19%	+14.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	0.45%	+18.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.18%	0.56%	+21.62%

XLF vs. TBLL - Expense Ratio Comparison

Both XLF and TBLL have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XLF vs. TBLL - Dividend Comparison

XLF's dividend yield for the trailing twelve months is around 1.52%, less than TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%
XLF State Street Financial Select Sector SPDR ETF	1.52%	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

Can I hold both XLF and TBLL in my portfolio?

XLF and TBLL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLF or TBLL?

XLF has higher volatility (4.20%) compared to TBLL (0.04%). In terms of maximum drawdown, XLF dropped -82.69% vs TBLL's -0.63%.

Which ETF is better, XLF or TBLL?

On 5-year performance, XLF leads with 8.47% vs 3.36% for TBLL. Both ETFs have the same 0.08% expense ratio. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLF or TBLL?

Over the 5-year period, XLF has performed better with a 8.47% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLF or TBLL?

XLF and TBLL have the same expense ratio: 0.08% per year.

Which ETF pays a higher dividend yield, XLF or TBLL?

TBLL has the higher dividend yield at 3.81%, compared with 1.52% for XLF.

What is the main difference between XLF and TBLL?

XLF is categorized as Financials Equities, while TBLL is Ultrashort Bond. XLF tracks Financial Select Sector Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: State Street and Invesco.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 vs 0.20), 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.