XLVI vs. SPY
XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XLVI is a Derivative Income fund actively managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. XLVI is actively managed, while SPY is passively managed. At a 0.35 correlation, their price movements are largely independent. XLVI charges 0.35%/yr vs 0.09%/yr for SPY.
Performance
XLVI vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, XLVI achieves a 2.99% return, which is significantly lower than SPY's 8.10% return.
XLVI
- 1D
- 0.48%
- 1M
- 2.64%
- YTD
- 2.99%
- 6M
- 2.59%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -0.05%
- 1M
- -1.41%
- YTD
- 8.10%
- 6M
- 6.77%
- 1Y
- 22.18%
- 3Y*
- 20.66%
- 5Y*
- 12.96%
- 10Y*
- 15.53%
XLVI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XLVI State Street Health Care Select Sector SPDR Premium Income ETF | 2.99% | 12.41% |
SPY State Street SPDR S&P 500 ETF | 8.10% | 7.96% |
Correlation
The correlation between XLVI and SPY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025 | 0.35 |
XLVI vs. SPY - Sectors Allocation Comparison
Sectors
XLVI
SPY
Financial Services
Healthcare
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
XLVI
SPY
Healthcare
XLVI
SPY
Basic Materials
XLVI
-
SPY
Communication Services
XLVI
-
SPY
Consumer Cyclical
XLVI
-
SPY
Consumer Defensive
XLVI
-
SPY
Energy
XLVI
-
SPY
Industrials
XLVI
-
SPY
Real Estate
XLVI
-
SPY
Technology
XLVI
-
SPY
Utilities
XLVI
-
SPY
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Return for Risk
XLVI vs. SPY — Risk / Return Rank
XLVI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPY
XLVI vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) 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.
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.
| XLVI | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.33 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.51 | — |
| Martin ratioReturn relative to average drawdown | — | 11.15 | — |
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Drawdowns
XLVI vs. SPY - Drawdown Comparison
The maximum XLVI drawdown since its inception was -8.14%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XLVI and SPY.
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Drawdown Indicators
| XLVI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.14% | -55.19% | +47.05% |
Max Drawdown (1Y)Largest decline over 1 year | — | -8.88% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.49% | -3.22% | +2.73% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -9.03% | +7.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.99% | — |
Volatility
XLVI vs. SPY - Volatility Comparison
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Volatility by Period
| XLVI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.85% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.81% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.05% | 12.47% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 17.15% | -6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 17.95% | -6.90% |
XLVI vs. SPY - Expense Ratio Comparison
XLVI has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
XLVI vs. SPY - Dividend Comparison
XLVI's dividend yield for the trailing twelve months is around 11.12%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
XLVI State Street Health Care Select Sector SPDR Premium Income ETF | 11.12% | 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
XLVI and SPY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for XLVI.
XLVI has the higher dividend yield at 11.12%, compared with 1.03% for SPY.
XLVI is categorized as Derivative Income, while SPY is S&P 500. Their fees differ too: 0.35% for XLVI and 0.09% for SPY.
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