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XLU vs. DVY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLU vs. DVY

Last updated Jun 14, 2026

XLU (State Street Utilities Select Sector SPDR ETF) and DVY (iShares Select Dividend ETF) are both exchange-traded funds - XLU is a Utilities Equities fund tracking the Utilities Select Sector Index, while DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, XLU returned 9.20%/yr vs 10.49%/yr for DVY. A 0.65 correlation means they provide meaningful diversification when combined. XLU charges 0.08%/yr vs 0.39%/yr for DVY.

Performance

XLU vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Utilities Select Sector SPDR ETF (XLU) and iShares Select Dividend ETF (DVY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLU achieves a 5.04% return, which is significantly lower than DVY's 13.40% return. Over the past 10 years, XLU has underperformed DVY with an annualized return of 9.20%, while DVY has yielded a comparatively higher 10.49% annualized return.

XLU

1D
1.09%
1M
-0.82%
YTD
5.04%
6M
5.48%
1Y
12.50%
3Y*
13.79%
5Y*
9.41%
10Y*
9.20%

DVY

1D
1.18%
1M
4.16%
YTD
13.40%
6M
12.29%
1Y
25.66%
3Y*
15.86%
5Y*
9.31%
10Y*
10.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLU vs. DVY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLU
State Street Utilities Select Sector SPDR ETF		5.04%16.03%23.31%-7.18%1.44%17.70%0.51%25.93%3.94%12.05%
DVY
iShares Select Dividend ETF		13.40%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-6.36%14.82%

Correlation

The correlation between XLU and DVY is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.54

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2003

0.65

The correlation between XLU and DVY shifts across timeframes, from 0.54 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

XLU vs. DVY - Sectors Allocation Comparison

Sectors
XLU
DVY

Utilities

100.0%
23.7%

Basic Materials

-

2.1%

Communication Services

-

5.5%

Consumer Cyclical

-

9.6%

Consumer Defensive

-

13.5%

Energy

-

8.8%

Financial Services

-

25.1%

Healthcare

-

5.2%

Industrials

-

2.0%

Real Estate

-

-

Technology

-

4.0%

Utilities

XLU
100.0%
DVY
23.7%

Basic Materials

XLU

-

DVY
2.1%

Communication Services

XLU

-

DVY
5.5%

Consumer Cyclical

XLU

-

DVY
9.6%

Consumer Defensive

XLU

-

DVY
13.5%

Energy

XLU

-

DVY
8.8%

Financial Services

XLU

-

DVY
25.1%

Healthcare

XLU

-

DVY
5.2%

Industrials

XLU

-

DVY
2.0%

Real Estate

XLU

-

DVY

-

Technology

XLU

-

DVY
4.0%

Compare stocks, funds, or ETFs

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State Street Utilities Select Sector SPDR ETF

iShares Select Dividend ETF

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Often compared with DVY:
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Return for Risk

XLU vs. DVY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLU
XLU Risk / Return Rank: 2626
Overall Rank
XLU Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XLU Sortino Ratio Rank: 2424
Sortino Ratio Rank
XLU Omega Ratio Rank: 2424
Omega Ratio Rank
XLU Calmar Ratio Rank: 3030
Calmar Ratio Rank
XLU Martin Ratio Rank: 2424
Martin Ratio Rank
DVY
DVY Risk / Return Rank: 7878
Overall Rank
DVY Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 8282
Sortino Ratio Rank
DVY Omega Ratio Rank: 7474
Omega Ratio Rank
DVY Calmar Ratio Rank: 7878
Calmar Ratio Rank
DVY Martin Ratio Rank: 7676
Martin Ratio Rank
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.

XLU vs. DVY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Utilities Select Sector SPDR ETF (XLU) and iShares Select Dividend ETF (DVY). 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.

XLUDVYDifference
Sharpe ratioReturn per unit of total volatility
0.81
2.19

-1.37

Sortino ratioReturn per unit of downside risk
1.18
3.19

-2.01

Omega ratioGain probability vs. loss probability

1.15

1.37

-0.22

Calmar ratioReturn relative to maximum drawdown

1.30

3.54

-2.25

Martin ratioReturn relative to average drawdown

2.80

12.51

-9.71

XLU vs. DVY - Sharpe Ratio Comparison

The current XLU Sharpe Ratio is 0.81, which is lower than the DVY Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of XLU and DVY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XLU vs. DVY - Drawdown Comparison

The maximum XLU drawdown since its inception was -51.98%, smaller than the maximum DVY drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for XLU and DVY.

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Drawdown Indicators

XLUDVYDifference

Max Drawdown

Largest peak-to-trough decline

-51.98%

-62.59%

+10.61%

Max Drawdown (1Y)

Largest decline over 1 year

-9.18%

-6.89%

-2.29%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-16.00%

-1.26%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-17.54%

-7.72%

Max Drawdown (10Y)

Largest decline over 10 years

-36.07%

-41.59%

+5.52%

Current Drawdown

Current decline from peak

-6.05%

0.00%

-6.05%

Average Drawdown

Average peak-to-trough decline

-10.22%

-8.78%

-1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

1.95%

+2.30%

Volatility

XLU vs. DVY - Volatility Comparison

State Street Utilities Select Sector SPDR ETF (XLU) has a higher volatility of 5.59% compared to iShares Select Dividend ETF (DVY) at 2.94%. This indicates that XLU's price experiences larger fluctuations and is considered to be riskier than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLUDVYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.59%

2.94%

+2.65%

Volatility (6M)

Calculated over the trailing 6-month period

11.68%

7.54%

+4.14%

Volatility (1Y)

Calculated over the trailing 1-year period

14.66%

11.16%

+3.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.34%

15.22%

+2.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.27%

18.01%

+1.26%

XLU vs. DVY - Expense Ratio Comparison

XLU has a 0.08% expense ratio, which is lower than DVY's 0.39% expense ratio.

Dividends

XLU vs. DVY - Dividend Comparison

XLU's dividend yield for the trailing twelve months is around 2.67%, less than DVY's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.30%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
XLU
State Street Utilities Select Sector SPDR ETF		2.67%2.71%2.96%3.39%2.92%2.79%3.14%2.95%3.33%3.33%3.41%3.67%

Frequently Asked Questions

XLU and DVY have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLU has higher volatility (5.59%) compared to DVY (2.94%). In terms of maximum drawdown, XLU dropped -51.98% vs DVY's -62.59%.

On 10-year performance, DVY leads with 10.49% vs 9.20% for XLU. On fees, XLU is cheaper at 0.08% per year. On volatility, DVY has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DVY has performed better with a 10.49% return vs 9.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLU is cheaper with a 0.08% expense ratio, compared with 0.39% for DVY.

DVY has the higher dividend yield at 3.30%, compared with 2.67% for XLU.

XLU is categorized as Utilities Equities, while DVY is Large Cap Value Equities. XLU tracks Utilities Select Sector Index, while DVY tracks Dow Jones U.S. Select Dividend Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLU and 0.39% for DVY.

DVY currently has the higher Sharpe Ratio (2.19 vs 0.81), 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.

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