XLSR vs. SPY

Last updated Aug 2, 2026

XLSR (SPDR SSGA US Sector Rotation ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XLSR is a Large Cap Growth Equities fund actively managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. XLSR is actively managed, while SPY is passively managed. Over the past 5 years, XLSR returned 8.89%/yr vs 12.76%/yr for SPY. Their 0.97 correlation means they have historically moved very closely together. XLSR charges 0.70%/yr vs 0.09%/yr for SPY.

Performance

XLSR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Sector Rotation ETF (XLSR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLSR achieves a 3.14% return, which is significantly lower than SPY's 10.13% return.

XLSR

• 1D: 0.60%
• 1M: -0.23%
• 6M: 2.83%
• YTD: 3.14%
• 1Y: 17.26%
• 3Y*: 13.79%
• 5Y*: 8.89%
• 10Y*: —
• ALL TIME*: 12.39%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
XLSR SPDR SSGA US Sector Rotation ETF	$2.68M	$3.15M	$4.30M

XLSR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XLSR SPDR SSGA US Sector Rotation ETF	3.14%	17.34%	17.60%	18.95%	-15.70%	20.47%	20.23%	13.86%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	14.18%

Correlation

The correlation between XLSR and SPY is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.97

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

XLSR vs. SPY - Sectors Allocation Comparison

Sectors	XLSR	SPY
Technology	42.4%	36.9%
Communication Services	23.3%	9.7%
Industrials	18.4%	7.6%
Energy	6.2%	3.4%
Consumer Cyclical	4.9%	8.9%
Consumer Defensive	4.9%	4.8%
Healthcare	3.8%	9.4%
Financial Services	0.7%	12.5%
Basic Materials	-	1.9%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

XLSR vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLSR

XLSR Risk / Return Rank: 43
XLSR Sharpe Ratio Rank: 44
XLSR Sortino Ratio Rank: 44
XLSR Omega Ratio Rank: 43
XLSR Calmar Ratio Rank: 39
XLSR Martin Ratio Rank: 47

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XLSR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Sector Rotation ETF (XLSR) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.52	-0.42
Sortino ratio: Return per unit of downside risk	1.62	2.11	-0.50
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.37	2.20	-0.84
Martin ratio: Return relative to average drawdown	5.36	9.40	-4.04

XLSR vs. SPY - Sharpe Ratio Comparison

The current XLSR Sharpe Ratio is 1.10, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of XLSR and SPY, 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. SPY - Drawdown Comparison

The maximum XLSR drawdown since its inception was -32.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XLSR and SPY.

Drawdown Indicators

	XLSR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-55.19%	+22.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.88%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-18.76%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-24.50%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-3.60%	-1.40%	-2.20%
Average Drawdown Average peak-to-trough decline	-5.28%	-9.01%	+3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.08%	+0.74%

Volatility

XLSR vs. SPY - Volatility Comparison

SPDR SSGA US Sector Rotation ETF (XLSR) has a higher volatility of 3.88% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that XLSR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLSR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.58%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	10.82%	10.14%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	12.89%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	17.18%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	17.95%	+2.03%

XLSR vs. SPY - Expense Ratio Comparison

XLSR has a 0.70% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XLSR vs. SPY - Dividend Comparison

XLSR's dividend yield for the trailing twelve months is around 0.46%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XLSR SPDR SSGA US Sector Rotation ETF	0.46%	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 SPY in my portfolio?

With a correlation of 0.97, XLSR and SPY 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 SPY?

XLSR has higher volatility (3.88%) compared to SPY (3.58%). In terms of maximum drawdown, XLSR dropped -32.94% vs SPY's -55.19%.

Which ETF is better, XLSR or SPY?

On 5-year performance, SPY leads with 12.76% vs 8.89% for XLSR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLSR or SPY?

Over the 5-year period, SPY has performed better with a 12.76% return vs 8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLSR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.70% for XLSR.

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

SPY has the higher dividend yield at 1.01%, compared with 0.46% for XLSR.

What is the main difference between XLSR and SPY?

XLSR is categorized as Large Cap Growth Equities, while SPY is S&P 500. Their fees differ too: 0.70% for XLSR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.10), 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.