XLSR vs. VOO

Last updated Jun 24, 2026

XLSR (SPDR SSGA US Sector Rotation ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - XLSR is a Large Cap Growth Equities fund actively managed by State Street, while VOO is a S&P 500 fund tracking the S&P 500 Index. XLSR is actively managed, while VOO is passively managed. Over the past 5 years, XLSR returned 9.34%/yr vs 13.13%/yr for VOO. With a 0.97 correlation, they move nearly in lockstep. XLSR charges 0.70%/yr vs 0.03%/yr for VOO.

Performance

XLSR vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Sector Rotation ETF (XLSR) and Vanguard S&P 500 ETF (VOO). 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 VOO's 8.19% return.

XLSR

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

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

XLSR vs. VOO - 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%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	14.31%

Correlation

The correlation between XLSR and VOO 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	0.97

The correlation between XLSR and VOO has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

XLSR vs. VOO - Sectors Allocation Comparison

Sectors	XLSR	VOO
Technology	39.6%	39.1%
Communication Services	19.5%	10.5%
Industrials	17.9%	7.6%
Consumer Defensive	9.6%	4.5%
Energy	6.0%	3.2%
Healthcare	3.8%	8.3%
Consumer Cyclical	3.6%	9.8%
Financial Services	0.7%	10.9%
Basic Materials	-	1.7%
Real Estate	-	1.8%
Utilities	-	2.5%

Return for Risk

XLSR vs. VOO — 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

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Sector Rotation ETF (XLSR) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.91	-0.37
Sortino ratio: Return per unit of downside risk	2.18	2.60	-0.43
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	1.83	2.67	-0.84
Martin ratio: Return relative to average drawdown	7.89	11.96	-4.07

XLSR vs. VOO - Sharpe Ratio Comparison

The current XLSR Sharpe Ratio is 1.54, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of XLSR and VOO, 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. VOO - Drawdown Comparison

The maximum XLSR drawdown since its inception was -32.94%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for XLSR and VOO.

Drawdown Indicators

	XLSR	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-33.99%	+1.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.90%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-18.69%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-24.52%	+1.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-4.05%	-3.14%	-0.91%
Average Drawdown Average peak-to-trough decline	-5.31%	-3.68%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.99%	+0.57%

Volatility

XLSR vs. VOO - Volatility Comparison

SPDR SSGA US Sector Rotation ETF (XLSR) has a higher volatility of 5.38% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that XLSR's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLSR	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	4.83%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	9.82%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	12.46%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	16.91%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	18.02%	+2.04%

XLSR vs. VOO - Expense Ratio Comparison

XLSR has a 0.70% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

XLSR vs. VOO - Dividend Comparison

XLSR's dividend yield for the trailing twelve months is around 0.54%, less than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLSR and VOO in my portfolio?

With a correlation of 0.96, XLSR and VOO 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 VOO?

XLSR has higher volatility (5.38%) compared to VOO (4.83%). In terms of maximum drawdown, XLSR dropped -32.94% vs VOO's -33.99%.

Which ETF is better, XLSR or VOO?

On 5-year performance, VOO leads with 13.13% vs 9.34% for XLSR. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLSR or VOO?

Over the 5-year period, VOO has performed better with a 13.13% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.70% for XLSR.

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

VOO has the higher dividend yield at 1.05%, compared with 0.54% for XLSR.

What is the main difference between XLSR and VOO?

XLSR is categorized as Large Cap Growth Equities, while VOO is S&P 500. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.70% for XLSR and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 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.