XLI vs. SHV
XLI (Industrial Select Sector SPDR Fund) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial 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, XLI returned 13.86%/yr vs 2.23%/yr for SHV. At a correlation of -0.06, they often move in opposite directions. XLI charges 0.08%/yr vs 0.15%/yr for SHV.
Performance
XLI vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, XLI achieves a 12.25% return, which is significantly higher than SHV's 1.47% return. Over the past 10 years, XLI has outperformed SHV with an annualized return of 13.86%, while SHV has yielded a comparatively lower 2.23% annualized return.
XLI
- 1D
- -0.32%
- 1M
- 0.25%
- YTD
- 12.25%
- 6M
- 13.16%
- 1Y
- 21.42%
- 3Y*
- 21.04%
- 5Y*
- 12.54%
- 10Y*
- 13.86%
SHV
- 1D
- 0.01%
- 1M
- 0.26%
- YTD
- 1.47%
- 6M
- 1.74%
- 1Y
- 3.90%
- 3Y*
- 4.63%
- 5Y*
- 3.33%
- 10Y*
- 2.23%
XLI vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLI Industrial Select Sector SPDR Fund | 12.25% | 19.35% | 17.31% | 18.13% | -5.57% | 21.08% | 10.91% | 29.08% | -13.25% | 23.98% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.47% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between XLI and SHV is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | -0.06 |
The correlation between XLI and SHV shifts across timeframes, from -0.06 (all time) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XLI vs. SHV — Risk / Return Rank
XLI
SHV
XLI vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) 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.
| XLI | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.10 | ||
| Sortino ratioReturn per unit of downside risk | -147.48 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 53.77 | -52.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 431.38 | -429.62 |
| Martin ratioReturn relative to average drawdown | 6.97 | 2,419.80 | -2,412.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XLI | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 19.49 | -18.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 11.62 | -10.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 8.09 | -7.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 4.50 | -4.05 |
Drawdowns
XLI vs. SHV - Drawdown Comparison
The maximum XLI drawdown since its inception was -62.26%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for XLI and SHV.
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Drawdown Indicators
| XLI | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.26% | -0.45% | -61.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.21% | -0.01% | -12.20% |
Max Drawdown (3Y)Largest decline over 3 years | -18.49% | -0.03% | -18.46% |
Max Drawdown (5Y)Largest decline over 5 years | -21.64% | -0.39% | -21.25% |
Max Drawdown (10Y)Largest decline over 10 years | -42.33% | -0.45% | -41.88% |
Current DrawdownCurrent decline from peak | -2.67% | 0.00% | -2.67% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -0.03% | -9.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 0.00% | +3.08% |
Volatility
XLI vs. SHV - Volatility Comparison
Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 3.98% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that XLI'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
| XLI | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 0.05% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 12.84% | 0.12% | +12.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 0.20% | +15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 0.29% | +17.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.99% | 0.28% | +19.71% |
XLI vs. SHV - Expense Ratio Comparison
XLI 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
XLI vs. SHV - Dividend Comparison
XLI's dividend yield for the trailing twelve months is around 1.18%, 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% |
XLI Industrial Select Sector SPDR Fund | 1.18% | 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 SHV have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLI has higher volatility (3.98%) compared to SHV (0.05%). In terms of maximum drawdown, XLI dropped -62.26% vs SHV's -0.45%.
On 10-year performance, XLI leads with 13.86% vs 2.23% for SHV. On fees, XLI is cheaper at 0.08% per year. On volatility, SHV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLI has performed better with a 13.86% return vs 2.23%. 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 0.15% for SHV.
SHV has the higher dividend yield at 3.83%, compared with 1.18% for XLI.
XLI is categorized as Industrials Equities, while SHV is Government Bonds. XLI tracks Industrial 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 XLI and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 1.39), 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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