XLV vs. SPDN
XLV (State Street Health Care Select Sector SPDR ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLV returned 9.81%/yr vs -12.53%/yr for SPDN. At a correlation of -0.66, they often move in opposite directions. XLV charges 0.08%/yr vs 0.50%/yr for SPDN.
Performance
XLV vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, XLV achieves a -0.23% return, which is significantly higher than SPDN's -6.10% return. Over the past 10 years, XLV has outperformed SPDN with an annualized return of 9.81%, while SPDN has yielded a comparatively lower -12.53% annualized return.
XLV
- 1D
- -0.18%
- 1M
- 4.84%
- YTD
- -0.23%
- 6M
- 0.67%
- 1Y
- 14.43%
- 3Y*
- 7.12%
- 5Y*
- 6.00%
- 10Y*
- 9.81%
SPDN
- 1D
- -0.45%
- 1M
- 0.69%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -14.45%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
XLV vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLV State Street Health Care Select Sector SPDR ETF | -0.23% | 14.50% | 2.47% | 2.07% | -2.08% | 26.04% | 13.30% | 20.45% | 6.28% | 21.77% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between XLV and SPDN is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.66 |
Over the past year, the inverse relationship between XLV and SPDN has weakened: their correlation has moved from -0.66 to -0.32, meaning they move in opposite directions less often than they have historically.
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Return for Risk
XLV vs. SPDN — Risk / Return Rank
XLV
SPDN
XLV vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Health Care Select Sector SPDR ETF (XLV) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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.
| XLV | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.82 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.82 | +2.20 |
| Martin ratioReturn relative to average drawdown | 3.31 | -1.46 | +4.78 |
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Drawdowns
XLV vs. SPDN - Drawdown Comparison
The maximum XLV drawdown since its inception was -39.17%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for XLV and SPDN.
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Drawdown Indicators
| XLV | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.17% | -75.31% | +36.14% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -17.73% | +7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | -38.24% | +21.13% |
Max Drawdown (5Y)Largest decline over 5 years | -17.11% | -43.85% | +26.74% |
Max Drawdown (10Y)Largest decline over 10 years | -28.40% | -75.31% | +46.91% |
Current DrawdownCurrent decline from peak | -3.59% | -74.71% | +71.12% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -48.59% | +41.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 9.89% | -5.52% |
Volatility
XLV vs. SPDN - Volatility Comparison
State Street Health Care Select Sector SPDR ETF (XLV) has a higher volatility of 4.90% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.18%. This indicates that XLV's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLV | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 4.18% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 9.71% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.03% | 12.52% | +2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.75% | 16.92% | -2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.58% | 18.05% | -1.47% |
XLV vs. SPDN - Expense Ratio Comparison
XLV has a 0.08% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
XLV vs. SPDN - Dividend Comparison
XLV's dividend yield for the trailing twelve months is around 1.63%, less than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% | 0.00% |
XLV State Street Health Care Select Sector SPDR ETF | 1.63% | 1.60% | 1.67% | 1.59% | 1.47% | 1.33% | 1.49% | 2.17% | 1.57% | 1.47% | 1.60% | 1.43% |
Frequently Asked Questions
XLV and SPDN have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLV has higher volatility (4.90%) compared to SPDN (4.18%). In terms of maximum drawdown, XLV dropped -39.17% vs SPDN's -75.31%.
On 10-year performance, XLV leads with 9.81% vs -12.53% for SPDN. On fees, XLV is cheaper at 0.08% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLV has performed better with a 9.81% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLV is cheaper with a 0.08% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 1.63% for XLV.
XLV is categorized as Health & Biotech Equities, while SPDN is Inverse Equities. XLV tracks Health Care Select Sector Index, while SPDN tracks S&P 500 Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.08% for XLV and 0.50% for SPDN.
XLV currently has the higher Sharpe Ratio (0.97 vs -1.16), 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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