XLSR vs. PBUS

Last updated Jun 24, 2026

XLSR (SPDR SSGA US Sector Rotation ETF) and PBUS (Invesco PureBeta MSCI USA ETF) are both Large Cap Growth Equities funds. XLSR is actively managed, while PBUS is passively managed. Over the past 5 years, XLSR returned 9.34%/yr vs 12.60%/yr for PBUS. With a 0.95 correlation, they move nearly in lockstep. XLSR charges 0.70%/yr vs 0.04%/yr for PBUS.

Performance

XLSR vs. PBUS - Performance Comparison

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

Returns By Period

In the year-to-date period, XLSR achieves a 2.67% return, which is significantly lower than PBUS's 8.10% return.

XLSR

• 1D: -1.63%
• 1M: -2.30%
• YTD: 2.67%
• 6M: 1.98%
• 1Y: 20.16%
• 3Y*: 15.52%
• 5Y*: 9.34%
• 10Y*: —

PBUS

• 1D: -1.41%
• 1M: -1.27%
• YTD: 8.10%
• 6M: 7.04%
• 1Y: 23.30%
• 3Y*: 20.88%
• 5Y*: 12.60%
• 10Y*: —

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

XLSR vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XLSR SPDR SSGA US Sector Rotation ETF	2.67%	17.34%	17.60%	18.95%	-15.70%	20.47%	20.23%	13.86%
PBUS Invesco PureBeta MSCI USA ETF	8.10%	17.58%	24.99%	27.33%	-19.64%	26.77%	21.75%	13.54%

Correlation

The correlation between XLSR and PBUS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.95

The correlation between XLSR and PBUS has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

XLSR vs. PBUS - Sectors Allocation Comparison

Sectors	XLSR	PBUS
Technology	39.6%	38.9%
Communication Services	19.5%	10.7%
Industrials	17.9%	8.1%
Consumer Defensive	9.6%	4.4%
Energy	6.0%	3.2%
Healthcare	3.8%	8.4%
Consumer Cyclical	3.6%	9.9%
Financial Services	0.7%	10.9%
Basic Materials	-	1.7%
Real Estate	-	1.8%
Utilities	-	2.0%

Return for Risk

XLSR vs. PBUS — Risk / Return Rank

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

XLSR

XLSR Risk / Return Rank: 45
XLSR Sharpe Ratio Rank: 47
XLSR Sortino Ratio Rank: 46
XLSR Omega Ratio Rank: 47
XLSR Calmar Ratio Rank: 39
XLSR Martin Ratio Rank: 49

PBUS

PBUS Risk / Return Rank: 58
PBUS Sharpe Ratio Rank: 58
PBUS Sortino Ratio Rank: 56
PBUS Omega Ratio Rank: 57
PBUS Calmar Ratio Rank: 56
PBUS Martin Ratio Rank: 66

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. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Sector Rotation ETF (XLSR) and Invesco PureBeta MSCI USA ETF (PBUS). 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	PBUS	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.84	-0.29
Sortino ratio: Return per unit of downside risk	2.18	2.50	-0.33
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	1.83	2.59	-0.76
Martin ratio: Return relative to average drawdown	7.89	11.32	-3.43

XLSR vs. PBUS - Sharpe Ratio Comparison

The current XLSR Sharpe Ratio is 1.54, which is comparable to the PBUS Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of XLSR and PBUS, 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. PBUS - Drawdown Comparison

The maximum XLSR drawdown since its inception was -32.94%, roughly equal to the maximum PBUS drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for XLSR and PBUS.

Drawdown Indicators

	XLSR	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-33.15%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-9.02%	-2.04%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-19.07%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-25.40%	+2.08%
Current Drawdown Current decline from peak	-4.05%	-3.08%	-0.97%
Average Drawdown Average peak-to-trough decline	-5.31%	-5.11%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.06%	+0.50%

Volatility

XLSR vs. PBUS - Volatility Comparison

SPDR SSGA US Sector Rotation ETF (XLSR) has a higher volatility of 5.38% compared to Invesco PureBeta MSCI USA ETF (PBUS) at 5.01%. This indicates that XLSR's price experiences larger fluctuations and is considered to be riskier than PBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLSR	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	5.01%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	10.10%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	12.77%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	17.16%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	19.34%	+0.72%

XLSR vs. PBUS - Expense Ratio Comparison

XLSR has a 0.70% expense ratio, which is higher than PBUS's 0.04% expense ratio.

Dividends

XLSR vs. PBUS - Dividend Comparison

XLSR's dividend yield for the trailing twelve months is around 0.54%, less than PBUS's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBUS Invesco PureBeta MSCI USA ETF	1.04%	1.05%	1.20%	1.36%	1.71%	0.98%	1.35%	1.53%	2.33%	0.50%
XLSR SPDR SSGA US Sector Rotation ETF	0.54%	0.58%	0.66%	1.04%	1.80%	3.44%	1.25%	0.94%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLSR and PBUS in my portfolio?

With a correlation of 0.96, XLSR and PBUS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XLSR or PBUS?

XLSR has higher volatility (5.38%) compared to PBUS (5.01%). In terms of maximum drawdown, XLSR dropped -32.94% vs PBUS's -33.15%.

Which ETF is better, XLSR or PBUS?

On 5-year performance, PBUS leads with 12.60% vs 9.34% for XLSR. On fees, PBUS is cheaper at 0.04% per year. On volatility, PBUS has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLSR or PBUS?

Over the 5-year period, PBUS has performed better with a 12.60% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLSR or PBUS?

PBUS is cheaper with a 0.04% expense ratio, compared with 0.70% for XLSR.

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

PBUS has the higher dividend yield at 1.04%, compared with 0.54% for XLSR.

What is the main difference between XLSR and PBUS?

They also come from different issuers: State Street and Invesco. Their fees differ too: 0.70% for XLSR and 0.04% for PBUS.

Which has better risk-adjusted returns?

PBUS currently has the higher Sharpe Ratio (1.84 vs 1.54), 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.