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XLRE vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLRE vs. SPAXX

Last updated Jun 14, 2026

XLRE (Real Estate Select Sector SPDR Fund) and SPAXX (Fidelity Government Money Market Fund) are both funds - XLRE is a REIT fund tracking the Real Estate Select Sector Index, while SPAXX is a Money Market fund actively managed by Fidelity. XLRE is passively managed, while SPAXX is actively managed. Over the past 5 years, XLRE returned 3.32%/yr vs 1.45%/yr for SPAXX. At a 0.05 correlation, their price movements are largely independent. XLRE charges 0.13%/yr vs 0.42%/yr for SPAXX.

Performance

XLRE vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Real Estate Select Sector SPDR Fund (XLRE) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLRE achieves a 13.17% return, which is significantly higher than SPAXX's 1.37% return.

XLRE

1D
0.98%
1M
3.30%
YTD
13.17%
6M
13.29%
1Y
12.05%
3Y*
10.41%
5Y*
3.32%
10Y*
7.15%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLRE vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
XLRE
Real Estate Select Sector SPDR Fund		13.17%2.63%5.09%12.36%-26.25%23.57%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between XLRE and SPAXX is 0.06, 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

0.06

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

0.07

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

0.05

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.05

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Real Estate Select Sector SPDR Fund

Fidelity Government Money Market Fund

Often compared with XLRE:
XLRE vs. VNQXLRE vs. SCHHXLRE vs. SPYXLRE vs. USRTXLRE vs. IYRXLRE vs. REETXLRE vs. FREL
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

XLRE vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLRE
XLRE Risk / Return Rank: 2727
Overall Rank
XLRE Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XLRE Sortino Ratio Rank: 2424
Sortino Ratio Rank
XLRE Omega Ratio Rank: 2424
Omega Ratio Rank
XLRE Calmar Ratio Rank: 3131
Calmar Ratio Rank
XLRE Martin Ratio Rank: 2929
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

XLRE vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Real Estate Select Sector SPDR Fund (XLRE) and Fidelity Government Money Market Fund (SPAXX). 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.

XLRESPAXXDifference
Sharpe ratioReturn per unit of total volatility
0.81
3.65

-2.84

Sortino ratioReturn per unit of downside risk
1.18

—

—

Omega ratioGain probability vs. loss probability

1.15

—

—

Calmar ratioReturn relative to maximum drawdown

1.34

—

—

Martin ratioReturn relative to average drawdown

3.69

—

—

XLRE vs. SPAXX - Sharpe Ratio Comparison

The current XLRE Sharpe Ratio is 0.81, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of XLRE and SPAXX, 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

XLRE vs. SPAXX - Drawdown Comparison

The maximum XLRE drawdown since its inception was -38.83%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for XLRE and SPAXX.

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Drawdown Indicators

XLRESPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-38.83%

0.00%

-38.83%

Max Drawdown (1Y)

Largest decline over 1 year

-8.33%

0.00%

-8.33%

Max Drawdown (3Y)

Largest decline over 3 years

-16.74%

0.00%

-16.74%

Max Drawdown (5Y)

Largest decline over 5 years

-34.12%

0.00%

-34.12%

Max Drawdown (10Y)

Largest decline over 10 years

-38.83%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-9.58%

0.00%

-9.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

0.00%

+3.03%

Volatility

XLRE vs. SPAXX - Volatility Comparison

Real Estate Select Sector SPDR Fund (XLRE) has a higher volatility of 4.81% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that XLRE's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLRESPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.81%

0.28%

+4.53%

Volatility (6M)

Calculated over the trailing 6-month period

10.20%

0.66%

+9.54%

Volatility (1Y)

Calculated over the trailing 1-year period

13.83%

1.03%

+12.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.10%

0.69%

+18.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

0.69%

+19.73%

XLRE vs. SPAXX - Expense Ratio Comparison

XLRE has a 0.13% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

XLRE vs. SPAXX - Dividend Comparison

XLRE's dividend yield for the trailing twelve months is around 3.08%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XLRE
Real Estate Select Sector SPDR Fund		3.08%3.45%3.43%3.31%3.70%2.61%3.15%3.06%3.78%3.25%4.22%1.09%

Frequently Asked Questions

XLRE and SPAXX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLRE has higher volatility (4.81%) compared to SPAXX (0.28%). In terms of maximum drawdown, XLRE dropped -38.83% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 0.81), 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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