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XLU vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLU vs. SPY

Last updated Apr 12, 2026

XLU (Utilities Select Sector SPDR Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds — XLU is a Utilities Equities fund tracking the Utilities Select Sector Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLU returned 10.18%/yr vs 14.53%/yr for SPY. At 0.49, their price movements are largely independent. XLU charges 0.13%/yr vs 0.09%/yr for SPY.

Performance

XLU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Utilities Select Sector SPDR Fund (XLU) and State Street SPDR S&P 500 ETF (SPY). 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 10.77% return, which is significantly higher than SPY's -0.09% return. Over the past 10 years, XLU has underperformed SPY with an annualized return of 10.18%, while SPY has yielded a comparatively higher 14.53% annualized return.

XLU

1D
-0.40%
1M
1.70%
YTD
10.77%
6M
5.64%
1Y
26.56%
3Y*
13.87%
5Y*
11.02%
10Y*
10.18%

SPY

1D
-0.07%
1M
2.29%
YTD
-0.09%
6M
4.64%
1Y
28.71%
3Y*
19.89%
5Y*
12.07%
10Y*
14.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLU vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLU
Utilities Select Sector SPDR Fund		10.77%16.03%23.31%-7.18%1.44%17.70%0.51%25.93%3.94%12.05%
SPY
State Street SPDR S&P 500 ETF		-0.09%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between XLU and SPY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.30

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

0.39

Correlation (All Time)
Calculated using the full available price history since Dec 23, 1998

0.49

The correlation between XLU and SPY shifts across timeframes, from 0.29 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Utilities Select Sector SPDR Fund

State Street SPDR S&P 500 ETF

Often compared with XLU:
XLU vs. VPUXLU vs. XLEXLU vs. XLPXLU vs. FUTYXLU vs. UTESXLU vs. IDUXLU vs. SCHD
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

XLU vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLU
XLU Risk / Return Rank: 4747
Overall Rank
XLU Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XLU Sortino Ratio Rank: 4747
Sortino Ratio Rank
XLU Omega Ratio Rank: 4545
Omega Ratio Rank
XLU Calmar Ratio Rank: 5555
Calmar Ratio Rank
XLU Martin Ratio Rank: 3838
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6565
Sortino Ratio Rank
SPY Omega Ratio Rank: 6666
Omega Ratio Rank
SPY Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Utilities Select Sector SPDR Fund (XLU) 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.

XLUSPYDifference

Sharpe ratio

Return per unit of total volatility

2.00

2.35

-0.35

Sortino ratio

Return per unit of downside risk

2.68

3.26

-0.59

Omega ratio

Gain probability vs. loss probability

1.34

1.44

-0.10

Calmar ratio

Return relative to maximum drawdown

3.50

4.32

-0.82

Martin ratio

Return relative to average drawdown

8.71

18.78

-10.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLU vs. SPY - Sharpe Ratio Comparison

The current XLU Sharpe Ratio is 2.00, which is comparable to the SPY Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of XLU 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.

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Sharpe Ratios by Period

XLUSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.00

2.35

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.71

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.81

-0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.57

-0.15

Drawdowns

XLU vs. SPY - Drawdown Comparison

The maximum XLU drawdown since its inception was -51.98%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XLU and SPY.

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Drawdown Indicators

XLUSPYDifference

Max Drawdown

Largest peak-to-trough decline

-51.98%

-55.19%

+3.21%

Max Drawdown (1Y)

Largest decline over 1 year

-9.18%

-8.88%

-0.30%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-24.50%

-0.76%

Max Drawdown (10Y)

Largest decline over 10 years

-36.07%

-33.72%

-2.35%

Current Drawdown

Current decline from peak

-0.93%

-2.04%

+1.11%

Average Drawdown

Average peak-to-trough decline

-10.25%

-9.09%

-1.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.69%

2.05%

+1.64%

Volatility

XLU vs. SPY - Volatility Comparison

The current volatility for Utilities Select Sector SPDR Fund (XLU) is 5.11%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.74%. This indicates that XLU experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLUSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.11%

5.74%

-0.63%

Volatility (6M)

Calculated over the trailing 6-month period

10.30%

9.82%

+0.48%

Volatility (1Y)

Calculated over the trailing 1-year period

14.21%

14.06%

+0.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.18%

17.08%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.20%

17.93%

+1.27%

XLU vs. SPY - Expense Ratio Comparison

XLU has a 0.13% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLU vs. SPY - Dividend Comparison

XLU's dividend yield for the trailing twelve months is around 2.53%, more than SPY's 1.09% yield.

TTM20252024202320222021202020192018201720162015
XLU
Utilities Select Sector SPDR Fund		2.53%2.71%2.96%3.39%2.92%2.79%3.14%2.95%3.33%3.33%3.41%3.67%
SPY
State Street SPDR S&P 500 ETF		1.09%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%