XLG vs. SPY

Last updated Jun 23, 2026

XLG (Invesco S&P 500 Top 50 ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - XLG tracks the S&P 500 Top 50 Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, XLG returned 17.16%/yr vs 15.70%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. XLG charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

XLG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 3.55% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, XLG has outperformed SPY with an annualized return of 17.16%, while SPY has yielded a comparatively lower 15.70% annualized return.

XLG

• 1D: -0.78%
• 1M: -3.59%
• YTD: 3.55%
• 6M: 3.44%
• 1Y: 23.61%
• 3Y*: 22.12%
• 5Y*: 14.84%
• 10Y*: 17.16%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

XLG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	3.55%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between XLG and SPY is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 10, 2005	0.96

The correlation between XLG and SPY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

XLG vs. SPY - Sectors Allocation Comparison

Sectors	XLG	SPY
Technology	46.8%	39.0%
Communication Services	16.0%	10.6%
Consumer Cyclical	11.2%	9.9%
Financial Services	9.0%	11.1%
Healthcare	7.0%	8.3%
Consumer Defensive	5.2%	4.5%
Energy	2.4%	3.1%
Industrials	1.9%	7.8%
Basic Materials	0.6%	1.7%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

XLG vs. SPY — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 47
XLG Sharpe Ratio Rank: 52
XLG Sortino Ratio Rank: 49
XLG Omega Ratio Rank: 50
XLG Calmar Ratio Rank: 39
XLG Martin Ratio Rank: 44

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

XLG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) and State Street SPDR S&P 500 ETF (SPY). 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.

	XLG	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.16	-0.44
Sortino ratio: Return per unit of downside risk	2.33	2.91	-0.58
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	1.91	3.01	-1.10
Martin ratio: Return relative to average drawdown	6.89	13.54	-6.65

XLG vs. SPY - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.71, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of XLG and SPY, 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

XLG vs. SPY - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XLG and SPY.

Drawdown Indicators

	XLG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-55.19%	+2.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-8.88%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-18.76%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-24.50%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-33.72%	+3.26%
Current Drawdown Current decline from peak	-5.13%	-1.75%	-3.38%
Average Drawdown Average peak-to-trough decline	-7.63%	-9.04%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.97%	+1.47%

Volatility

XLG vs. SPY - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.74% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	4.64%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	9.75%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.86%	12.43%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	17.14%	+1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	17.99%	+0.90%

XLG vs. SPY - Expense Ratio Comparison

XLG has a 0.20% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLG vs. SPY - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.82%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XLG Invesco S&P 500 Top 50 ETF	0.82%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and SPY in my portfolio?

With a correlation of 0.93, XLG and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XLG or SPY?

XLG has higher volatility (4.74%) compared to SPY (4.64%). In terms of maximum drawdown, XLG dropped -52.39% vs SPY's -55.19%.

Which ETF is better, XLG or SPY?

On 10-year performance, XLG leads with 17.16% vs 15.70% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or SPY?

Over the 10-year period, XLG has performed better with a 17.16% return vs 15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for XLG.

Which ETF pays a higher dividend yield, XLG or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.82% for XLG.

What is the main difference between XLG and SPY?

XLG tracks S&P 500 Top 50 Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.20% for XLG and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.71), 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.