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XLV vs. XLVI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLV vs. XLVI

Last updated Jun 26, 2026

XLV (State Street Health Care Select Sector SPDR ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index, while XLVI is a Derivative Income fund actively managed by State Street. XLV is passively managed, while XLVI is actively managed. With a 0.96 correlation, they move nearly in lockstep. XLV charges 0.08%/yr vs 0.35%/yr for XLVI.

Performance

XLV vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Health Care Select Sector SPDR ETF (XLV) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLV achieves a 1.39% return, which is significantly lower than XLVI's 3.87% return.

XLV

1D
1.49%
1M
5.26%
YTD
1.39%
6M
0.74%
1Y
18.26%
3Y*
7.63%
5Y*
6.07%
10Y*
10.40%

XLVI

1D
0.85%
1M
4.06%
YTD
3.87%
6M
3.46%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLV vs. XLVI - Yearly Performance Comparison

2026 (YTD)2025
XLV
State Street Health Care Select Sector SPDR ETF		1.39%16.17%
XLVI
State Street Health Care Select Sector SPDR Premium Income ETF		3.87%12.41%

Correlation

The correlation between XLV and XLVI 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 (All Time)
Calculated using the full available price history since Jul 30, 2025

0.96

XLV vs. XLVI - Sectors Allocation Comparison

Sectors
XLV
XLVI

Healthcare

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

100.2%

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Healthcare

XLV
100.0%
XLVI
100.0%

Basic Materials

XLV

-

XLVI

-

Communication Services

XLV

-

XLVI

-

Consumer Cyclical

XLV

-

XLVI

-

Consumer Defensive

XLV

-

XLVI

-

Energy

XLV

-

XLVI

-

Financial Services

XLV

-

XLVI
100.2%

Industrials

XLV

-

XLVI

-

Real Estate

XLV

-

XLVI

-

Technology

XLV

-

XLVI

-

Utilities

XLV

-

XLVI

-

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State Street Health Care Select Sector SPDR ETF

State Street Health Care Select Sector SPDR Premium Income ETF

Often compared with XLV:
XLV vs. VHTXLV vs. SPYXLV vs. XLFXLV vs. IXJXLV vs. VOOXLV vs. FHLCXLV vs. IHI
Often compared with XLVI:
XLVI vs. TMEDXLVI vs. VHTXLVI vs. FXHXLVI vs. BCDXLVI vs. GLDXLVI vs. IPDPXLVI vs. BUCK

Return for Risk

XLV vs. XLVI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLV
XLV Risk / Return Rank: 3737
Overall Rank
XLV Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
XLV Sortino Ratio Rank: 4242
Sortino Ratio Rank
XLV Omega Ratio Rank: 3535
Omega Ratio Rank
XLV Calmar Ratio Rank: 3939
Calmar Ratio Rank
XLV Martin Ratio Rank: 3131
Martin Ratio Rank
XLVI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

XLV vs. XLVI - 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 State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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.

XLVXLVIDifference
Sharpe ratioReturn per unit of total volatility
1.21

—

—

Sortino ratioReturn per unit of downside risk
1.91

—

—

Omega ratioGain probability vs. loss probability

1.21

—

—

Calmar ratioReturn relative to maximum drawdown

1.75

—

—

Martin ratioReturn relative to average drawdown

4.13

—

—

XLV vs. XLVI - Sharpe Ratio Comparison

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Drawdowns

XLV vs. XLVI - Drawdown Comparison

The maximum XLV drawdown since its inception was -39.17%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for XLV and XLVI.

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Drawdown Indicators

XLVXLVIDifference

Max Drawdown

Largest peak-to-trough decline

-39.17%

-8.14%

-31.03%

Max Drawdown (1Y)

Largest decline over 1 year

-10.47%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-17.11%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-17.11%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.40%

—

—

Current Drawdown

Current decline from peak

-2.02%

0.00%

-2.02%

Average Drawdown

Average peak-to-trough decline

-7.11%

-1.93%

-5.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.43%

—

—

Volatility

XLV vs. XLVI - Volatility Comparison

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Volatility by Period

XLVXLVIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.25%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

10.76%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

15.13%

11.05%

+4.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.79%

11.05%

+3.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.57%

11.05%

+5.52%

XLV vs. XLVI - Expense Ratio Comparison

XLV has a 0.08% expense ratio, which is lower than XLVI's 0.35% expense ratio.

Dividends

XLV vs. XLVI - Dividend Comparison

XLV's dividend yield for the trailing twelve months is around 1.63%, less than XLVI's 11.02% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XLVI
State Street Health Care Select Sector SPDR Premium Income ETF		11.02%5.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.96, XLV and XLVI 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.

On fees, XLV is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLV is cheaper with a 0.08% expense ratio, compared with 0.35% for XLVI.

XLVI has the higher dividend yield at 11.02%, compared with 1.63% for XLV.

XLV is categorized as Health & Biotech Equities, while XLVI is Derivative Income. Their fees differ too: 0.08% for XLV and 0.35% for XLVI.

Portfolio Optimizer

Find the right allocation for XLV and XLVI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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