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XLI vs. XBM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLI vs. XBM.TO

Last updated Jun 14, 2026

XLI (Industrial Select Sector SPDR Fund) and XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD. Both are passively managed. Over the past 10 years, XLI returned 14.15%/yr vs 18.63%/yr for XBM.TO. At a 0.49 correlation, their price movements are largely independent. XLI charges 0.08%/yr vs 0.60%/yr for XBM.TO.

Performance

XLI vs. XBM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) and iShares S&P/TSX Global Base Metals Index ETF (XBM.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XLI is traded in USD, while XBM.TO is traded in CAD. To make them comparable, the XBM.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLI achieves a 13.90% return, which is significantly lower than XBM.TO's 28.49% return. Over the past 10 years, XLI has underperformed XBM.TO with an annualized return of 14.15%, while XBM.TO has yielded a comparatively higher 18.63% annualized return.

XLI

1D
0.59%
1M
0.96%
YTD
13.90%
6M
13.10%
1Y
25.17%
3Y*
20.87%
5Y*
12.93%
10Y*
14.15%

XBM.TO

1D
2.55%
1M
-1.15%
YTD
28.49%
6M
36.69%
1Y
99.27%
3Y*
24.72%
5Y*
14.48%
10Y*
18.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLI vs. XBM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLI
Industrial Select Sector SPDR Fund		13.90%19.35%17.31%18.13%-5.57%21.08%10.91%29.08%-13.25%23.98%
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		28.49%57.90%-2.31%5.35%-2.55%28.01%34.73%14.67%-28.44%42.10%

Correlation

The correlation between XLI and XBM.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.49

The correlation between XLI and XBM.TO has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

XLI vs. XBM.TO - Sectors Allocation Comparison

Sectors
XLI
XBM.TO

Industrials

90.9%
0.2%

Utilities

4.8%

-

Technology

3.8%

-

Consumer Cyclical

0.5%

-

Basic Materials

-

99.8%

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Industrials

XLI
90.9%
XBM.TO
0.2%

Utilities

XLI
4.8%
XBM.TO

-

Technology

XLI
3.8%
XBM.TO

-

Consumer Cyclical

XLI
0.5%
XBM.TO

-

Basic Materials

XLI

-

XBM.TO
99.8%

Communication Services

XLI

-

XBM.TO

-

Consumer Defensive

XLI

-

XBM.TO

-

Energy

XLI

-

XBM.TO

-

Financial Services

XLI

-

XBM.TO

-

Healthcare

XLI

-

XBM.TO

-

Real Estate

XLI

-

XBM.TO

-

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Industrial Select Sector SPDR Fund

iShares S&P/TSX Global Base Metals Index ETF

Often compared with XLI:
XLI vs. VISXLI vs. PAVEXLI vs. XLKXLI vs. SPYXLI vs. FIDUXLI vs. ITAXLI vs. AIRR
Often compared with XBM.TO:
XBM.TO vs. XMEXBM.TO vs. ZMT.TOXBM.TO vs. XEG.TOXBM.TO vs. XETM.TOXBM.TO vs. GDXXBM.TO vs. XMA.TOXBM.TO vs. VDE

Return for Risk

XLI vs. XBM.TO — 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
XBM.TO
XBM.TO Risk / Return Rank: 8585
Overall Rank
XBM.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XBM.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XBM.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XBM.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XBM.TO Martin Ratio Rank: 8787
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. XBM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and iShares S&P/TSX Global Base Metals Index ETF (XBM.TO). 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.

XLIXBM.TODifference
Sharpe ratioReturn per unit of total volatility
1.50
2.61

-1.12

Sortino ratioReturn per unit of downside risk
2.17
2.95

-0.78

Omega ratioGain probability vs. loss probability

1.26

1.40

-0.14

Calmar ratioReturn relative to maximum drawdown

1.98

4.11

-2.12

Martin ratioReturn relative to average drawdown

7.82

14.92

-7.11

XLI vs. XBM.TO - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is lower than the XBM.TO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of XLI and XBM.TO, 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. XBM.TO - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, smaller than the maximum XBM.TO drawdown of -78.69%. Use the drawdown chart below to compare losses from any high point for XLI and XBM.TO.

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Drawdown Indicators

XLIXBM.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.26%

-78.69%

+16.43%

Max Drawdown (1Y)

Largest decline over 1 year

-12.21%

-24.22%

+12.01%

Max Drawdown (3Y)

Largest decline over 3 years

-18.49%

-40.16%

+21.67%

Max Drawdown (5Y)

Largest decline over 5 years

-21.64%

-42.87%

+21.23%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-63.09%

+20.76%

Current Drawdown

Current decline from peak

-1.24%

-9.21%

+7.97%

Average Drawdown

Average peak-to-trough decline

-9.20%

-36.01%

+26.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

6.65%

-3.56%

Volatility

XLI vs. XBM.TO - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 6.22%, while iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a volatility of 17.01%. This indicates that XLI experiences smaller price fluctuations and is considered to be less risky than XBM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLIXBM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.22%

17.01%

-10.79%

Volatility (6M)

Calculated over the trailing 6-month period

13.59%

32.24%

-18.65%

Volatility (1Y)

Calculated over the trailing 1-year period

16.17%

38.07%

-21.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.55%

34.29%

-16.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.04%

33.66%

-13.62%

XLI vs. XBM.TO - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than XBM.TO's 0.60% expense ratio.

Dividends

XLI vs. XBM.TO - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, more than XBM.TO's 0.65% yield.

PositionTTM20252024202320222021202020192018201720162015
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		0.65%0.86%1.25%2.09%4.78%3.05%1.81%3.73%3.38%1.65%2.41%5.75%
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 XBM.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLI is cheaper with a 0.08% expense ratio, compared with 0.60% for XBM.TO.

XLI is categorized as Industrials Equities, while XBM.TO is Energy Equities. XLI tracks Industrial Select Sector Index, while XBM.TO tracks Morningstar Can Natural Resource NR CAD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLI and 0.60% for XBM.TO.

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