XLI vs. SPDN
XLI (Industrial Select Sector SPDR Fund) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLI returned 13.86%/yr vs -12.43%/yr for SPDN. At a correlation of -0.80, they often move in opposite directions. XLI charges 0.08%/yr vs 0.50%/yr for SPDN.
Performance
XLI vs. SPDN - 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 SPDN's -5.89% return. Over the past 10 years, XLI has outperformed SPDN with an annualized return of 13.86%, while SPDN has yielded a comparatively lower -12.43% 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%
SPDN
- 1D
- -0.11%
- 1M
- 0.11%
- YTD
- -5.89%
- 6M
- -5.63%
- 1Y
- -14.82%
- 3Y*
- -12.12%
- 5Y*
- -8.55%
- 10Y*
- -12.43%
XLI vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.89% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between XLI and SPDN is -0.68, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.80 |
The correlation between XLI and SPDN shifts across timeframes, from -0.80 (5 years) to -0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XLI vs. SPDN — Risk / Return Rank
XLI
SPDN
XLI vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.60 | ||
| Sortino ratioReturn per unit of downside risk | +3.80 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.81 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.84 | +2.60 |
| Martin ratioReturn relative to average drawdown | 6.97 | -1.53 | +8.50 |
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 | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | -1.21 | +2.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | -0.51 | +1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | -0.69 | +1.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | -0.69 | +1.14 |
Drawdowns
XLI vs. SPDN - Drawdown Comparison
The maximum XLI drawdown since its inception was -62.26%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for XLI and SPDN.
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Drawdown Indicators
| XLI | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.26% | -75.31% | +13.05% |
Max Drawdown (1Y)Largest decline over 1 year | -12.21% | -17.73% | +5.52% |
Max Drawdown (3Y)Largest decline over 3 years | -18.49% | -38.24% | +19.75% |
Max Drawdown (5Y)Largest decline over 5 years | -21.64% | -43.85% | +22.21% |
Max Drawdown (10Y)Largest decline over 10 years | -42.33% | -75.31% | +32.98% |
Current DrawdownCurrent decline from peak | -2.67% | -74.65% | +71.98% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -48.57% | +39.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 9.71% | -6.63% |
Volatility
XLI vs. SPDN - Volatility Comparison
Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 3.98% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that XLI's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLI | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 3.55% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 12.84% | 9.44% | +3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 12.33% | +3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 16.90% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.99% | 18.05% | +1.94% |
XLI vs. SPDN - Expense Ratio Comparison
XLI has a 0.08% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
XLI vs. SPDN - Dividend Comparison
XLI's dividend yield for the trailing twelve months is around 1.18%, less than SPDN's 4.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.01% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% | 0.00% |
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 SPDN have a correlation of -0.68, 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 SPDN (3.55%). In terms of maximum drawdown, XLI dropped -62.26% vs SPDN's -75.31%.
On 10-year performance, XLI leads with 13.86% vs -12.43% for SPDN. On fees, XLI is cheaper at 0.08% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 -12.43%. 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 0.50% for SPDN.
SPDN has the higher dividend yield at 4.01%, compared with 1.18% for XLI.
XLI is categorized as Industrials Equities, while SPDN is Inverse Equities. XLI tracks Industrial Select Sector Index, while SPDN tracks S&P 500 Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.08% for XLI and 0.50% for SPDN.
XLI currently has the higher Sharpe Ratio (1.39 vs -1.21), 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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