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XLI vs. ION
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLI vs. ION

Last updated Jun 14, 2026

XLI (Industrial Select Sector SPDR Fund) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, XLI returned 20.87%/yr vs 17.31%/yr for ION. At a 0.42 correlation, their price movements are largely independent. XLI charges 0.08%/yr vs 0.58%/yr for ION.

Performance

XLI vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLI achieves a 13.90% return, which is significantly higher than ION's 13.12% return.

XLI

1D
0.59%
1M
2.79%
YTD
13.90%
6M
13.10%
1Y
25.17%
3Y*
20.87%
5Y*
12.93%
10Y*
14.15%

ION

1D
4.15%
1M
-8.49%
YTD
13.12%
6M
23.38%
1Y
112.30%
3Y*
17.31%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLI vs. ION - Yearly Performance Comparison

2026 (YTD)2025202420232022
XLI
Industrial Select Sector SPDR Fund		13.90%19.35%17.31%18.13%-2.99%
ION
Proshares S&P Global Core Battery Metals ETF		13.12%108.37%-20.02%-14.10%-8.45%

Correlation

The correlation between XLI and ION is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.36

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

0.39

Correlation (All Time)
Calculated using the full available price history since Dec 1, 2022

0.42

XLI vs. ION - Sectors Allocation Comparison

Sectors
XLI
ION

Industrials

90.9%
1.7%

Utilities

4.8%

-

Technology

3.8%

-

Consumer Cyclical

0.5%

-

Basic Materials

-

13.7%

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

2.3%

Financial Services

-

13.0%

Healthcare

-

1.7%

Real Estate

-

2.3%

Industrials

XLI
90.9%
ION
1.7%

Utilities

XLI
4.8%
ION

-

Technology

XLI
3.8%
ION

-

Consumer Cyclical

XLI
0.5%
ION

-

Basic Materials

XLI

-

ION
13.7%

Communication Services

XLI

-

ION

-

Consumer Defensive

XLI

-

ION

-

Energy

XLI

-

ION
2.3%

Financial Services

XLI

-

ION
13.0%

Healthcare

XLI

-

ION
1.7%

Real Estate

XLI

-

ION
2.3%

Compare stocks, funds, or ETFs

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

Industrial Select Sector SPDR Fund

Proshares S&P Global Core Battery Metals ETF

Often compared with XLI:
XLI vs. VISXLI vs. PAVEXLI vs. XLKXLI vs. SPYXLI vs. FIDUXLI vs. ITAXLI vs. AIRR
Often compared with ION:
ION vs. LITION vs. IBATION vs. COPXION vs. NVDGION vs. BATTION vs. UFOION vs. TSLA

Return for Risk

XLI vs. ION — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLI
XLI Risk / Return Rank: 4848
Overall Rank
XLI Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
XLI Sortino Ratio Rank: 5050
Sortino Ratio Rank
XLI Omega Ratio Rank: 4646
Omega Ratio Rank
XLI Calmar Ratio Rank: 4545
Calmar Ratio Rank
XLI Martin Ratio Rank: 5252
Martin Ratio Rank
ION
ION Risk / Return Rank: 8484
Overall Rank
ION Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ION Sortino Ratio Rank: 7979
Sortino Ratio Rank
ION Omega Ratio Rank: 7878
Omega Ratio Rank
ION Calmar Ratio Rank: 8989
Calmar Ratio Rank
ION Martin Ratio Rank: 8484
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.

XLI vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and Proshares S&P Global Core Battery Metals ETF (ION). 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.

XLIIONDifference
Sharpe ratioReturn per unit of total volatility
1.50
2.81

-1.31

Sortino ratioReturn per unit of downside risk
2.17
3.09

-0.91

Omega ratioGain probability vs. loss probability

1.26

1.40

-0.14

Calmar ratioReturn relative to maximum drawdown

1.98

4.74

-2.75

Martin ratioReturn relative to average drawdown

7.82

15.01

-7.19

XLI vs. ION - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is lower than the ION Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of XLI and ION, 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

XLI vs. ION - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than ION's maximum drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for XLI and ION.

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Drawdown Indicators

XLIIONDifference

Max Drawdown

Largest peak-to-trough decline

-62.26%

-52.08%

-10.18%

Max Drawdown (1Y)

Largest decline over 1 year

-12.21%

-23.30%

+11.09%

Max Drawdown (3Y)

Largest decline over 3 years

-18.49%

-46.47%

+27.98%

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

-1.24%

-14.68%

+13.44%

Average Drawdown

Average peak-to-trough decline

-9.20%

-23.64%

+14.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

7.34%

-4.25%

Volatility

XLI vs. ION - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 6.22%, while Proshares S&P Global Core Battery Metals ETF (ION) has a volatility of 15.42%. This indicates that XLI experiences smaller price fluctuations and is considered to be less risky than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLIIONDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.22%

15.42%

-9.20%

Volatility (6M)

Calculated over the trailing 6-month period

13.59%

31.74%

-18.15%

Volatility (1Y)

Calculated over the trailing 1-year period

16.17%

39.38%

-23.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.55%

31.51%

-13.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.04%

31.51%

-11.47%

XLI vs. ION - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than ION's 0.58% expense ratio.

Dividends

XLI vs. ION - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, less than ION's 1.41% yield.

PositionTTM20252024202320222021202020192018201720162015
ION
Proshares S&P Global Core Battery Metals ETF		1.41%1.63%1.74%2.23%0.13%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XLI
Industrial Select Sector SPDR Fund		1.16%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

XLI and ION have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ION has higher volatility (15.42%) compared to XLI (6.22%). In terms of maximum drawdown, XLI dropped -62.26% vs ION's -52.08%.

On 3-year performance, XLI leads with 20.87% vs 17.31% for ION. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, XLI has performed better with a 20.87% return vs 17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLI is cheaper with a 0.08% expense ratio, compared with 0.58% for ION.

ION has the higher dividend yield at 1.41%, compared with 1.16% for XLI.

XLI is categorized as Industrials Equities, while ION is Lithium & Battery Metals. XLI tracks Industrial Select Sector Index, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.08% for XLI and 0.58% for ION.

ION currently has the higher Sharpe Ratio (2.81 vs 1.50), 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.

Portfolio Optimizer

Find the right allocation for XLI and ION

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