XLI vs. SPYG

Last updated Jun 4, 2026

XLI (Industrial Select Sector SPDR Fund) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, XLI returned 13.99%/yr vs 18.20%/yr for SPYG. A 0.74 correlation means they provide meaningful diversification when combined. XLI charges 0.08%/yr vs 0.04%/yr for SPYG.

Performance

XLI vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLI achieves a 12.52% return, which is significantly lower than SPYG's 13.75% return. Over the past 10 years, XLI has underperformed SPYG with an annualized return of 13.99%, while SPYG has yielded a comparatively higher 18.20% annualized return.

XLI

• 1D: -0.08%
• 1M: 1.80%
• YTD: 12.52%
• 6M: 13.57%
• 1Y: 22.72%
• 3Y*: 21.72%
• 5Y*: 12.26%
• 10Y*: 13.99%

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

XLI vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLI Industrial Select Sector SPDR Fund	12.52%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between XLI and SPYG is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.74

Over the past year, the correlation between XLI and SPYG has dropped to 0.53 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

XLI vs. SPYG - Sectors Allocation Comparison

Sectors	XLI	SPYG
Industrials	90.3%	5.0%
Utilities	5.2%	1.2%
Technology	3.8%	51.9%
Consumer Cyclical	0.5%	8.9%
Basic Materials	-	0.3%
Communication Services	-	16.8%
Consumer Defensive	-	1.0%
Energy	-	0.1%
Financial Services	-	8.5%
Healthcare	-	5.8%
Real Estate	-	0.6%

Return for Risk

XLI vs. SPYG — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 41
XLI Sharpe Ratio Rank: 41
XLI Sortino Ratio Rank: 43
XLI Omega Ratio Rank: 38
XLI Calmar Ratio Rank: 37
XLI Martin Ratio Rank: 45

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.12	-0.64
Sortino ratio: Return per unit of downside risk	2.18	2.90	-0.72
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	1.87	2.48	-0.61
Martin ratio: Return relative to average drawdown	7.41	10.25	-2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLI vs. SPYG - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.49, which is lower than the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of XLI and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XLI	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.12	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.76	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.88	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.35	+0.10

Drawdowns

XLI vs. SPYG - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for XLI and SPYG.

Drawdown Indicators

	XLI	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-67.63%	+5.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-13.76%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-22.14%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-32.67%	+11.03%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-32.67%	-9.66%
Current Drawdown Current decline from peak	-2.44%	-1.13%	-1.31%
Average Drawdown Average peak-to-trough decline	-9.21%	-24.33%	+15.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.32%	-0.25%

Volatility

XLI vs. SPYG - Volatility Comparison

Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 4.80% compared to State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) at 4.35%. This indicates that XLI's price experiences larger fluctuations and is considered to be riskier than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.35%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	12.79%	12.46%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.38%	16.06%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	21.17%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	20.64%	-0.66%

XLI vs. SPYG - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is higher than SPYG's 0.04% 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

XLI vs. SPYG - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.18%, more than SPYG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%
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

Can I hold both XLI and SPYG in my portfolio?

XLI and SPYG have a correlation of 0.53, 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 SPYG?

XLI has higher volatility (4.80%) compared to SPYG (4.35%). In terms of maximum drawdown, XLI dropped -62.26% vs SPYG's -67.63%.

Which ETF is better, XLI or SPYG?

On 10-year performance, SPYG leads with 18.20% vs 13.99% for XLI. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLI or SPYG?

Over the 10-year period, SPYG has performed better with a 18.20% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLI or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.08% for XLI.

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

XLI has the higher dividend yield at 1.18%, compared with 0.47% for SPYG.

What is the main difference between XLI and SPYG?

XLI is categorized as Industrials Equities, while SPYG is S&P 500. XLI tracks Industrial Select Sector Index, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.08% for XLI and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.12 vs 1.49), 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.