XLI vs. XMA.TO

Last updated Jun 14, 2026

XLI (Industrial Select Sector SPDR Fund) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while XMA.TO is a Materials fund tracking the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 10 years, XLI returned 14.15%/yr vs 12.52%/yr for XMA.TO. At a 0.32 correlation, their price movements are largely independent. XLI charges 0.08%/yr vs 0.60%/yr for XMA.TO.

Performance

XLI vs. XMA.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 Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLI is traded in USD, while XMA.TO is traded in CAD. To make them comparable, the XMA.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 higher than XMA.TO's -0.05% return. Over the past 10 years, XLI has outperformed XMA.TO with an annualized return of 14.15%, while XMA.TO has yielded a comparatively lower 12.52% 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%

XMA.TO

• 1D: 2.84%
• 1M: -6.22%
• YTD: -0.05%
• 6M: 1.92%
• 1Y: 49.51%
• 3Y*: 31.32%
• 5Y*: 15.40%
• 10Y*: 12.52%

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

XLI vs. XMA.TO - 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%	23.98%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	-0.05%	108.74%	11.29%	0.35%	-4.69%	3.37%	22.64%	30.00%	-17.38%	14.90%

Correlation

The correlation between XLI and XMA.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006	0.32

XLI vs. XMA.TO - Sectors Allocation Comparison

Sectors	XLI	XMA.TO
Industrials	90.9%	0.0%
Utilities	4.8%	-
Technology	3.8%	-
Consumer Cyclical	0.5%	1.6%
Basic Materials	-	98.1%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

XLI vs. XMA.TO — 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

XMA.TO

XMA.TO Risk / Return Rank: 44
XMA.TO Sharpe Ratio Rank: 48
XMA.TO Sortino Ratio Rank: 39
XMA.TO Omega Ratio Rank: 47
XMA.TO Calmar Ratio Rank: 45
XMA.TO Martin Ratio Rank: 38

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. XMA.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 Capped Materials Index ETF (XMA.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.

	XLI	XMA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.35	+0.14
Sortino ratio: Return per unit of downside risk	2.17	1.74	+0.43
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	1.98	1.76	+0.22
Martin ratio: Return relative to average drawdown	7.82	4.94	+2.88

XLI vs. XMA.TO - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is comparable to the XMA.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of XLI and XMA.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.

Drawdowns

XLI vs. XMA.TO - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, smaller than the maximum XMA.TO drawdown of -76.39%. Use the drawdown chart below to compare losses from any high point for XLI and XMA.TO.

Drawdown Indicators

	XLI	XMA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-76.39%	+14.13%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-29.93%	+17.72%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-29.93%	+11.44%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-37.18%	+15.54%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-37.18%	-5.15%
Current Drawdown Current decline from peak	-1.24%	-24.63%	+23.39%
Average Drawdown Average peak-to-trough decline	-9.20%	-37.72%	+28.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	10.66%	-7.57%

Volatility

XLI vs. XMA.TO - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 6.22%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 15.40%. This indicates that XLI experiences smaller price fluctuations and is considered to be less risky than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	XMA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	15.40%	-9.18%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	32.78%	-19.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	38.99%	-22.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	28.82%	-11.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	27.56%	-7.52%

XLI vs. XMA.TO - Expense Ratio Comparison

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

Dividends

XLI vs. XMA.TO - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, more than XMA.TO's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	0.39%	0.41%	0.83%	1.26%	1.24%	0.87%	0.63%	0.64%	0.75%	0.47%	0.82%	1.87%

Frequently Asked Questions

Can I hold both XLI and XMA.TO in my portfolio?

XLI and XMA.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLI or XMA.TO?

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.

Which ETF is cheaper, XLI or XMA.TO?

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

What is the main difference between XLI and XMA.TO?

XLI is categorized as Industrials Equities, while XMA.TO is Materials. XLI tracks Industrial Select Sector Index, while XMA.TO tracks S&P/TSX Capped Materials TR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLI and 0.60% for XMA.TO.