XLVI vs. XLV

Last updated Aug 2, 2026

XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - XLVI is a Derivative Income fund actively managed by State Street, while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. XLVI is actively managed, while XLV is passively managed. Over the past year, XLVI returned 23.20% vs 26.13% for XLV. Their 0.95 correlation means they have historically moved very closely together. XLVI charges 0.35%/yr vs 0.08%/yr for XLV.

Performance

XLVI vs. XLV - Performance Comparison

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

Returns By Period

In the year-to-date period, XLVI achieves a 7.10% return, which is significantly higher than XLV's 5.90% return.

XLVI

• 1D: -0.18%
• 1M: 1.17%
• 6M: 6.83%
• YTD: 7.10%
• 1Y: 23.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.35%

XLV

• 1D: -0.59%
• 1M: -0.73%
• 6M: 5.94%
• YTD: 5.90%
• 1Y: 26.13%
• 3Y*: 8.60%
• 5Y*: 5.93%
• 10Y*: 9.81%
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XLV State Street Health Care Select Sector SPDR ETF	$1.43B	$1.62B	$1.62B
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$951.77K	$684.72K	$477.94K

XLVI vs. XLV - Yearly Performance Comparison

	2026 (YTD)	2025
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	7.10%	12.41%
XLV State Street Health Care Select Sector SPDR ETF	5.90%	16.17%

Correlation

The correlation between XLVI and XLV is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.95

The correlation between XLVI and XLV has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

XLVI vs. XLV - Sectors Allocation Comparison

Sectors	XLVI	XLV
Financial Services	100.6%	-
Healthcare	100.0%	99.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.5%
Utilities	-	-

Return for Risk

XLVI vs. XLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLVI

XLVI Risk / Return Rank: 84
XLVI Sharpe Ratio Rank: 90
XLVI Sortino Ratio Rank: 92
XLVI Omega Ratio Rank: 90
XLVI Calmar Ratio Rank: 81
XLVI Martin Ratio Rank: 68

XLV

XLV Risk / Return Rank: 72
XLV Sharpe Ratio Rank: 76
XLV Sortino Ratio Rank: 83
XLV Omega Ratio Rank: 72
XLV Calmar Ratio Rank: 74
XLV Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XLVI vs. XLV - 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 Health Care Select Sector SPDR ETF (XLV). 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	XLV	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.72	+0.52
Sortino ratio: Return per unit of downside risk	3.37	2.70	+0.66
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	2.96	2.57	+0.39
Martin ratio: Return relative to average drawdown	8.37	6.15	+2.22

XLVI vs. XLV - Sharpe Ratio Comparison

The current XLVI Sharpe Ratio is 2.25, which is higher than the XLV Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of XLVI and XLV, 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

XLVI vs. XLV - Drawdown Comparison

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

Drawdown Indicators

	XLVI	XLV	Difference
Max Drawdown Largest peak-to-trough decline	-8.14%	-39.17%	+31.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-10.47%	+2.33%
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	-1.46%	-2.82%	+1.36%
Average Drawdown Average peak-to-trough decline	-1.78%	-7.09%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	4.37%	-1.50%

Volatility

XLVI vs. XLV - Volatility Comparison

The current volatility for State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) is 3.38%, while State Street Health Care Select Sector SPDR ETF (XLV) has a volatility of 6.03%. This indicates that XLVI experiences smaller price fluctuations and is considered to be less risky than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLVI	XLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	6.03%	-2.65%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	12.07%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.07%	15.90%	-4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.05%	15.04%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.05%	16.66%	-5.61%

XLVI vs. XLV - Expense Ratio Comparison

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

Dividends

XLVI vs. XLV - Dividend Comparison

XLVI's dividend yield for the trailing twelve months is around 11.80%, more than XLV's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLV State Street Health Care Select Sector SPDR ETF	1.56%	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	11.80%	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

Can I hold both XLVI and XLV in my portfolio?

With a correlation of 0.95, XLVI and XLV 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.

Which is riskier, XLVI or XLV?

XLV has higher volatility (6.03%) compared to XLVI (3.38%). In terms of maximum drawdown, XLVI dropped -8.14% vs XLV's -39.17%.

Which ETF is better, XLVI or XLV?

On 1-year performance, XLV leads with 26.13% vs 23.20% for XLVI. On fees, XLV is cheaper at 0.08% per year. On volatility, XLVI has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLVI or XLV?

Over the 1-year period, XLV has performed better with a 26.13% return vs 23.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLVI or XLV?

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

Which ETF pays a higher dividend yield, XLVI or XLV?

XLVI has the higher dividend yield at 11.80%, compared with 1.56% for XLV.

What is the main difference between XLVI and XLV?

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

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.25 vs 1.72), 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.