XLSR vs. NAVFX

Last updated Jun 4, 2026

XLSR (SPDR SSGA US Sector Rotation ETF) and NAVFX (Sector Rotation Fund) are both funds - XLSR is a Large Cap Growth Equities fund actively managed by State Street, while NAVFX is a Tactical Allocation fund managed by Nottingham. Over the past 5 years, XLSR returned 10.06%/yr vs 10.13%/yr for NAVFX. Their correlation of 0.94 suggests significant overlap in exposure. XLSR charges 0.70%/yr vs 1.97%/yr for NAVFX.

Performance

XLSR vs. NAVFX - Performance Comparison

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

Returns By Period

In the year-to-date period, XLSR achieves a 6.52% return, which is significantly lower than NAVFX's 8.69% return.

XLSR

• 1D: -0.45%
• 1M: 5.12%
• YTD: 6.52%
• 6M: 6.27%
• 1Y: 25.83%
• 3Y*: 17.65%
• 5Y*: 10.06%
• 10Y*: —

NAVFX

• 1D: 0.05%
• 1M: 4.28%
• YTD: 8.69%
• 6M: 9.35%
• 1Y: 20.96%
• 3Y*: 19.02%
• 5Y*: 10.13%
• 10Y*: 11.09%

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

XLSR vs. NAVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XLSR SPDR SSGA US Sector Rotation ETF	6.52%	17.34%	17.60%	18.95%	-15.70%	20.47%	20.23%	14.13%
NAVFX Sector Rotation Fund	8.69%	13.35%	21.19%	24.55%	-17.89%	15.78%	11.54%	9.85%

Correlation

The correlation between XLSR and NAVFX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019	0.94

The correlation between XLSR and NAVFX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

XLSR vs. NAVFX — Risk / Return Rank

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

XLSR

XLSR Risk / Return Rank: 59
XLSR Sharpe Ratio Rank: 63
XLSR Sortino Ratio Rank: 63
XLSR Omega Ratio Rank: 63
XLSR Calmar Ratio Rank: 47
XLSR Martin Ratio Rank: 59

NAVFX

NAVFX Risk / Return Rank: 41
NAVFX Sharpe Ratio Rank: 39
NAVFX Sortino Ratio Rank: 40
NAVFX Omega Ratio Rank: 40
NAVFX Calmar Ratio Rank: 33
NAVFX Martin Ratio Rank: 53

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. NAVFX - Risk-Adjusted Trends Comparison

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

	XLSR	NAVFX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.82	+0.30
Sortino ratio: Return per unit of downside risk	2.98	2.65	+0.33
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	2.35	2.14	+0.20
Martin ratio: Return relative to average drawdown	10.44	10.82	-0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLSR vs. NAVFX - Sharpe Ratio Comparison

The current XLSR Sharpe Ratio is 2.12, which is comparable to the NAVFX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of XLSR and NAVFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XLSR	NAVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.82	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.62	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.68	-0.02

Drawdowns

XLSR vs. NAVFX - Drawdown Comparison

The maximum XLSR drawdown since its inception was -32.94%, which is greater than NAVFX's maximum drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for XLSR and NAVFX.

Drawdown Indicators

	XLSR	NAVFX	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-30.79%	-2.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-10.14%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-20.39%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-24.30%	+0.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.79%	—
Current Drawdown Current decline from peak	-0.45%	-0.31%	-0.14%
Average Drawdown Average peak-to-trough decline	-5.33%	-4.56%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.00%	+0.48%

Volatility

XLSR vs. NAVFX - Volatility Comparison

The current volatility for SPDR SSGA US Sector Rotation ETF (XLSR) is 2.97%, while Sector Rotation Fund (NAVFX) has a volatility of 3.14%. This indicates that XLSR experiences smaller price fluctuations and is considered to be less risky than NAVFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLSR	NAVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	3.14%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	10.01%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	11.93%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	16.42%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	16.56%	+3.48%

XLSR vs. NAVFX - Expense Ratio Comparison

XLSR has a 0.70% expense ratio, which is lower than NAVFX's 1.97% expense ratio.

Dividends

XLSR vs. NAVFX - Dividend Comparison

XLSR's dividend yield for the trailing twelve months is around 0.52%, less than NAVFX's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAVFX Sector Rotation Fund	2.04%	2.21%	7.02%	1.66%	7.80%	5.16%	1.16%	8.54%	10.05%	6.08%	2.96%	3.14%
XLSR SPDR SSGA US Sector Rotation ETF	0.52%	0.58%	0.66%	1.04%	1.80%	3.44%	1.25%	0.94%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLSR and NAVFX in my portfolio?

XLSR and NAVFX have a correlation of 0.88, 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 NAVFX?

NAVFX has higher volatility (3.14%) compared to XLSR (2.97%). In terms of maximum drawdown, XLSR dropped -32.94% vs NAVFX's -30.79%.

Which has better risk-adjusted returns?

XLSR currently has the higher Sharpe Ratio (2.12 vs 1.82), 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.