XLV vs. ZTIP.TO

Last updated Jun 13, 2026

XLV (State Street Health Care Select Sector SPDR ETF) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both exchange-traded funds - XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index, while ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. Both are passively managed. Over the past 5 years, XLV returned 6.00%/yr vs 3.29%/yr for ZTIP.TO. At a correlation of -0.05, they often move in opposite directions. XLV charges 0.08%/yr vs 0.17%/yr for ZTIP.TO.

Performance

XLV vs. ZTIP.TO - 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 BMO Short-Term US TIPS Index ETF (ZTIP.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLV is traded in USD, while ZTIP.TO is traded in CAD. To make them comparable, the ZTIP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLV achieves a -0.23% return, which is significantly lower than ZTIP.TO's 1.43% return.

XLV

• 1D: -0.18%
• 1M: 4.90%
• YTD: -0.23%
• 6M: 0.67%
• 1Y: 15.00%
• 3Y*: 7.12%
• 5Y*: 6.00%
• 10Y*: 9.81%

ZTIP.TO

• 1D: -0.32%
• 1M: -0.54%
• YTD: 1.43%
• 6M: 1.78%
• 1Y: 4.31%
• 3Y*: 5.09%
• 5Y*: 3.29%
• 10Y*: —

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

XLV vs. ZTIP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XLV State Street Health Care Select Sector SPDR ETF	-0.23%	14.50%	2.47%	2.07%	-2.08%	20.80%
ZTIP.TO BMO Short-Term US TIPS Index ETF	1.53%	5.95%	4.95%	4.41%	-2.24%	4.41%

Correlation

The correlation between XLV and ZTIP.TO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021	-0.05

Return for Risk

XLV vs. ZTIP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XLV

XLV Risk / Return Rank: 30
XLV Sharpe Ratio Rank: 30
XLV Sortino Ratio Rank: 33
XLV Omega Ratio Rank: 28
XLV Calmar Ratio Rank: 32
XLV Martin Ratio Rank: 27

ZTIP.TO

ZTIP.TO Risk / Return Rank: 47
ZTIP.TO Sharpe Ratio Rank: 48
ZTIP.TO Sortino Ratio Rank: 47
ZTIP.TO Omega Ratio Rank: 63
ZTIP.TO Calmar Ratio Rank: 40
ZTIP.TO Martin Ratio Rank: 35

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. ZTIP.TO - 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 BMO Short-Term US TIPS Index ETF (ZTIP.TO). 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	ZTIP.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.75	+0.22
Sortino ratio: Return per unit of downside risk	1.55	1.15	+0.40
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.04
Calmar ratio: Return relative to maximum drawdown	1.38	2.48	-1.09
Martin ratio: Return relative to average drawdown	3.31	7.40	-4.09

XLV vs. ZTIP.TO - Sharpe Ratio Comparison

The current XLV Sharpe Ratio is 0.97, which is comparable to the ZTIP.TO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of XLV and ZTIP.TO, 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

XLV vs. ZTIP.TO - Drawdown Comparison

The maximum XLV drawdown since its inception was -39.17%, which is greater than ZTIP.TO's maximum drawdown of -6.85%. Use the drawdown chart below to compare losses from any high point for XLV and ZTIP.TO.

Drawdown Indicators

	XLV	ZTIP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.17%	-6.85%	-32.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-1.75%	-8.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.11%	-2.38%	-14.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	-6.85%	-10.26%
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	—	—
Current Drawdown Current decline from peak	-3.59%	-0.78%	-2.81%
Average Drawdown Average peak-to-trough decline	-7.12%	-1.58%	-5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	0.58%	+3.79%

Volatility

XLV vs. ZTIP.TO - Volatility Comparison

State Street Health Care Select Sector SPDR ETF (XLV) has a higher volatility of 4.90% compared to BMO Short-Term US TIPS Index ETF (ZTIP.TO) at 1.06%. This indicates that XLV's price experiences larger fluctuations and is considered to be riskier than ZTIP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLV	ZTIP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	1.06%	+3.84%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	3.94%	+6.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	5.79%	+9.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	7.81%	+6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	7.78%	+8.80%

XLV vs. ZTIP.TO - Expense Ratio Comparison

XLV has a 0.08% expense ratio, which is lower than ZTIP.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLV vs. ZTIP.TO - Dividend Comparison

XLV's dividend yield for the trailing twelve months is around 1.63%, less than ZTIP.TO's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZTIP.TO BMO Short-Term US TIPS Index ETF	3.42%	3.63%	3.63%	4.91%	4.93%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLV and ZTIP.TO in my portfolio?

XLV and ZTIP.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLV or ZTIP.TO?

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.

Which ETF is cheaper, XLV or ZTIP.TO?

XLV is cheaper with a 0.08% expense ratio, compared with 0.17% for ZTIP.TO.

What is the main difference between XLV and ZTIP.TO?

XLV is categorized as Health & Biotech Equities, while ZTIP.TO is Inflation-Protected Bonds. XLV tracks Health Care Select Sector Index, while ZTIP.TO tracks Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. They also come from different issuers: State Street and BMO. Their fees differ too: 0.08% for XLV and 0.17% for ZTIP.TO.