XLSR vs. FISR

Last updated Jul 15, 2026

XLSR (SPDR SSGA US Sector Rotation ETF) and FISR (SPDR SSGA Fixed Income Sector Rotation ETF) are both exchange-traded funds - XLSR is a Large Cap Growth Equities fund actively managed by State Street, while FISR is a Intermediate Core-Plus Bond fund actively managed by State Street. Both are actively managed. Over the past 5 years, XLSR returned 9.30%/yr vs -1.09%/yr for FISR. At a 0.15 correlation, their price movements are largely independent. XLSR charges 0.70%/yr vs 0.50%/yr for FISR.

Performance

XLSR vs. FISR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Sector Rotation ETF (XLSR) and SPDR SSGA Fixed Income Sector Rotation ETF (FISR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLSR achieves a 4.40% return, which is significantly higher than FISR's 0.03% return.

XLSR

• 1D: 0.45%
• 1M: 0.54%
• 6M: 3.71%
• YTD: 4.40%
• 1Y: 17.86%
• 3Y*: 14.83%
• 5Y*: 9.30%
• 10Y*: —

FISR

• 1D: 0.32%
• 1M: -0.26%
• 6M: -0.21%
• YTD: 0.03%
• 1Y: 3.73%
• 3Y*: 3.28%
• 5Y*: -1.09%
• 10Y*: —

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

XLSR vs. FISR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XLSR SPDR SSGA US Sector Rotation ETF	4.40%	17.34%	17.60%	18.95%	-15.70%	20.47%	20.23%	13.86%
FISR SPDR SSGA Fixed Income Sector Rotation ETF	0.03%	6.32%	1.01%	5.28%	-15.73%	-1.70%	5.86%	6.74%

Correlation

The correlation between XLSR and FISR is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.15

The correlation between XLSR and FISR shifts across timeframes, from 0.15 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XLSR vs. FISR — Risk / Return Rank

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

XLSR

XLSR Risk / Return Rank: 46
XLSR Sharpe Ratio Rank: 48
XLSR Sortino Ratio Rank: 48
XLSR Omega Ratio Rank: 47
XLSR Calmar Ratio Rank: 39
XLSR Martin Ratio Rank: 50

FISR

FISR Risk / Return Rank: 28
FISR Sharpe Ratio Rank: 29
FISR Sortino Ratio Rank: 28
FISR Omega Ratio Rank: 26
FISR Calmar Ratio Rank: 30
FISR Martin Ratio Rank: 29

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.

XLSR vs. FISR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Sector Rotation ETF (XLSR) and SPDR SSGA Fixed Income Sector Rotation ETF (FISR). 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.

	XLSR	FISR	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.86	+0.48
Sortino ratio: Return per unit of downside risk	1.93	1.28	+0.65
Omega ratio: Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio: Return relative to maximum drawdown	1.62	1.22	+0.40
Martin ratio: Return relative to average drawdown	6.69	3.26	+3.43

XLSR vs. FISR - Sharpe Ratio Comparison

The current XLSR Sharpe Ratio is 1.35, which is higher than the FISR Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of XLSR and FISR, 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

XLSR vs. FISR - Drawdown Comparison

The maximum XLSR drawdown since its inception was -32.94%, which is greater than FISR's maximum drawdown of -20.27%. Use the drawdown chart below to compare losses from any high point for XLSR and FISR.

Drawdown Indicators

	XLSR	FISR	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-20.27%	-12.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-3.06%	-8.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-6.60%	-13.97%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-20.10%	-3.22%
Current Drawdown Current decline from peak	-2.43%	-6.34%	+3.91%
Average Drawdown Average peak-to-trough decline	-5.29%	-7.68%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	1.15%	+1.53%

Volatility

XLSR vs. FISR - Volatility Comparison

SPDR SSGA US Sector Rotation ETF (XLSR) has a higher volatility of 4.75% compared to SPDR SSGA Fixed Income Sector Rotation ETF (FISR) at 1.20%. This indicates that XLSR's price experiences larger fluctuations and is considered to be riskier than FISR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLSR	FISR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	1.20%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	10.69%	3.48%	+7.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.34%	4.35%	+8.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	6.60%	+10.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	6.33%	+13.68%

XLSR vs. FISR - Expense Ratio Comparison

XLSR has a 0.70% expense ratio, which is higher than FISR's 0.50% expense ratio.

Dividends

XLSR vs. FISR - Dividend Comparison

XLSR's dividend yield for the trailing twelve months is around 0.46%, less than FISR's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FISR SPDR SSGA Fixed Income Sector Rotation ETF	4.25%	3.97%	3.59%	3.50%	2.19%	1.87%	2.47%	2.99%
XLSR SPDR SSGA US Sector Rotation ETF	0.46%	0.58%	0.66%	1.04%	1.80%	3.44%	1.25%	0.94%

Frequently Asked Questions

Can I hold both XLSR and FISR in my portfolio?

XLSR and FISR have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLSR or FISR?

XLSR has higher volatility (4.75%) compared to FISR (1.20%). In terms of maximum drawdown, XLSR dropped -32.94% vs FISR's -20.27%.

Which ETF is better, XLSR or FISR?

On 5-year performance, XLSR leads with 9.30% vs -1.09% for FISR. On fees, FISR is cheaper at 0.50% per year. On volatility, FISR has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLSR or FISR?

Over the 5-year period, XLSR has performed better with a 9.30% return vs -1.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLSR or FISR?

FISR is cheaper with a 0.50% expense ratio, compared with 0.70% for XLSR.

Which ETF pays a higher dividend yield, XLSR or FISR?

FISR has the higher dividend yield at 4.25%, compared with 0.46% for XLSR.

What is the main difference between XLSR and FISR?

XLSR is categorized as Large Cap Growth Equities, while FISR is Intermediate Core-Plus Bond. Their fees differ too: 0.70% for XLSR and 0.50% for FISR.

Which has better risk-adjusted returns?

XLSR currently has the higher Sharpe Ratio (1.35 vs 0.86), 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.