XLI vs. TBLL

Last updated Jun 13, 2026

XLI (Industrial Select Sector SPDR Fund) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, XLI returned 12.93%/yr vs 3.38%/yr for TBLL. At a correlation of -0.06, they often move in opposite directions. Both charge a 0.08% expense ratio.

Performance

XLI vs. TBLL - Performance Comparison

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

Returns By Period

In the year-to-date period, XLI achieves a 13.90% return, which is significantly higher than TBLL's 1.55% return.

XLI

• 1D: 0.59%
• 1M: 1.47%
• YTD: 13.90%
• 6M: 13.10%
• 1Y: 24.12%
• 3Y*: 20.87%
• 5Y*: 12.93%
• 10Y*: 14.15%

TBLL

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.55%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.64%
• 5Y*: 3.38%
• 10Y*: —

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

XLI vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLI Industrial Select Sector SPDR Fund	13.90%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	21.98%
TBLL Invesco Short Term Treasury ETF	1.55%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%

Correlation

The correlation between XLI and TBLL is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	-0.06

The correlation between XLI and TBLL shifts across timeframes, from -0.06 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

XLI vs. TBLL - Sectors Allocation Comparison

Sectors	XLI	TBLL
Industrials	90.7%	-
Utilities	4.8%	-
Technology	4.0%	-
Consumer Cyclical	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	64.1%
Healthcare	-	-
Real Estate	-	-

Return for Risk

XLI vs. TBLL — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 48
XLI Sharpe Ratio Rank: 49
XLI Sortino Ratio Rank: 50
XLI Omega Ratio Rank: 46
XLI Calmar Ratio Rank: 45
XLI Martin Ratio Rank: 52

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	1.50	20.89	-19.39
Sortino ratio: Return per unit of downside risk	2.17	217.77	-215.60
Omega ratio: Gain probability vs. loss probability	1.26	102.67	-101.41
Calmar ratio: Return relative to maximum drawdown	1.98	415.79	-413.81
Martin ratio: Return relative to average drawdown	7.82	3,524.23	-3,516.41

XLI vs. TBLL - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is lower than the TBLL Sharpe Ratio of 20.89. The chart below compares the historical Sharpe Ratios of XLI and TBLL, 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. TBLL - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for XLI and TBLL.

Drawdown Indicators

	XLI	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-0.63%	-61.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-0.01%	-12.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-0.36%	-18.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-0.36%	-21.28%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-1.24%	0.00%	-1.24%
Average Drawdown Average peak-to-trough decline	-9.20%	-0.14%	-9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	0.00%	+3.09%

Volatility

XLI vs. TBLL - Volatility Comparison

Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 6.22% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that XLI's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	0.04%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	0.12%	+13.47%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	0.19%	+15.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	0.45%	+17.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	0.56%	+19.48%

XLI vs. TBLL - Expense Ratio Comparison

Both XLI and TBLL have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XLI vs. TBLL - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, less than TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	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

Can I hold both XLI and TBLL in my portfolio?

XLI and TBLL have a correlation of 0.08, 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 TBLL?

XLI has higher volatility (6.22%) compared to TBLL (0.04%). In terms of maximum drawdown, XLI dropped -62.26% vs TBLL's -0.63%.

Which ETF is better, XLI or TBLL?

On 5-year performance, XLI leads with 12.93% vs 3.38% for TBLL. Both ETFs have the same 0.08% expense ratio. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLI or TBLL?

Over the 5-year period, XLI has performed better with a 12.93% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLI or TBLL?

XLI and TBLL have the same expense ratio: 0.08% per year.

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

TBLL has the higher dividend yield at 3.81%, compared with 1.16% for XLI.

What is the main difference between XLI and TBLL?

XLI is categorized as Industrials Equities, while TBLL is Ultrashort Bond. XLI tracks Industrial Select Sector Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: State Street and Invesco.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.89 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.