XLI vs. BOAT

Last updated Jul 24, 2026

XLI (Industrial Select Sector SPDR Fund) and BOAT (SonicShares Global Shipping ETF) are both Industrials Equities funds - XLI tracks the Industrial Select Sector Index while BOAT tracks the Solactive Global Shipping Index. Both are passively managed. Over the past 3 years, XLI returned 20.05%/yr vs 27.79%/yr for BOAT. At a 0.40 correlation, their price movements are largely independent. XLI charges 0.08%/yr vs 0.69%/yr for BOAT.

Performance

XLI vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLI achieves a 17.91% return, which is significantly lower than BOAT's 41.49% return.

XLI

• 1D: 1.73%
• 1M: 2.13%
• 6M: 10.51%
• YTD: 17.91%
• 1Y: 19.88%
• 3Y*: 20.05%
• 5Y*: 13.62%
• 10Y*: 14.06%
• ALL TIME*: 9.69%

BOAT

• 1D: 1.18%
• 1M: 5.85%
• 6M: 31.16%
• YTD: 41.49%
• 1Y: 51.04%
• 3Y*: 27.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.37%

*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)
BOAT SonicShares Global Shipping ETF	$731.92K	$775.28K	$945.89K
XLI Industrial Select Sector SPDR Fund	$1.13B	$1.23B	$1.36B

XLI vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XLI Industrial Select Sector SPDR Fund	17.91%	19.35%	17.31%	18.13%	-5.57%	2.46%
BOAT SonicShares Global Shipping ETF	41.49%	22.77%	5.97%	24.53%	6.26%	21.24%

Correlation

The correlation between XLI and BOAT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.40

XLI vs. BOAT - Sectors Allocation Comparison

Sectors	XLI	BOAT
Industrials	93.3%	29.4%
Technology	6.3%	-
Utilities	5.3%	-
Consumer Cyclical	0.2%	-
Basic Materials	0.1%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	10.2%
Financial Services	-	6.6%
Healthcare	-	-
Real Estate	-	-

Return for Risk

XLI vs. BOAT — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 45
XLI Sharpe Ratio Rank: 45
XLI Sortino Ratio Rank: 45
XLI Omega Ratio Rank: 42
XLI Calmar Ratio Rank: 42
XLI Martin Ratio Rank: 50

BOAT

BOAT Risk / Return Rank: 89
BOAT Sharpe Ratio Rank: 92
BOAT Sortino Ratio Rank: 90
BOAT Omega Ratio Rank: 87
BOAT Calmar Ratio Rank: 91
BOAT Martin Ratio Rank: 84

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.

XLI vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and SonicShares Global Shipping ETF (BOAT). 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.

	XLI	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.50	-1.30
Sortino ratio: Return per unit of downside risk	1.77	3.34	-1.56
Omega ratio: Gain probability vs. loss probability	1.21	1.41	-0.20
Calmar ratio: Return relative to maximum drawdown	1.63	4.42	-2.79
Martin ratio: Return relative to average drawdown	6.29	12.45	-6.15

XLI vs. BOAT - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.20, which is lower than the BOAT Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of XLI and BOAT, 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

XLI vs. BOAT - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than BOAT's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for XLI and BOAT.

Drawdown Indicators

	XLI	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-33.94%	-28.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-11.60%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-33.94%	+15.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-1.95%	0.00%	-1.95%
Average Drawdown Average peak-to-trough decline	-9.17%	-9.56%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	4.11%	-0.94%

Volatility

XLI vs. BOAT - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 4.78%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 7.78%. This indicates that XLI experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	7.78%	-3.00%
Volatility (6M) Calculated over the trailing 6-month period	13.63%	16.70%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	20.64%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	25.08%	-7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	25.08%	-5.07%

XLI vs. BOAT - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than BOAT's 0.69% expense ratio.

Dividends

XLI vs. BOAT - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.13%, less than BOAT's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOAT SonicShares Global Shipping ETF	6.50%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLI Industrial Select Sector SPDR Fund	1.13%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both XLI and BOAT in my portfolio?

XLI and BOAT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLI or BOAT?

BOAT has higher volatility (7.78%) compared to XLI (4.78%). In terms of maximum drawdown, XLI dropped -62.26% vs BOAT's -33.94%.

Which ETF is better, XLI or BOAT?

On 3-year performance, BOAT leads with 27.79% vs 20.05% for XLI. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLI or BOAT?

Over the 3-year period, BOAT has performed better with a 27.79% return vs 20.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLI or BOAT?

XLI is cheaper with a 0.08% expense ratio, compared with 0.69% for BOAT.

Which ETF pays a higher dividend yield, XLI or BOAT?

BOAT has the higher dividend yield at 6.50%, compared with 1.13% for XLI.

What is the main difference between XLI and BOAT?

XLI tracks Industrial Select Sector Index, while BOAT tracks Solactive Global Shipping Index. They also come from different issuers: State Street and Tidal Investments. Their fees differ too: 0.08% for XLI and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.50 vs 1.20), 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.