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XLVI vs. XLV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLVI vs. XLV

Last updated Jun 24, 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. With a 0.96 correlation, they move nearly in lockstep. 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.

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Returns By Period

In the year-to-date period, XLVI achieves a 2.50% return, which is significantly higher than XLV's -0.85% return.

XLVI

1D
1.53%
1M
2.15%
YTD
2.50%
6M
2.57%
1Y
—
3Y*
—
5Y*
—
10Y*
—

XLV

1D
1.41%
1M
1.98%
YTD
-0.85%
6M
-0.97%
1Y
17.16%
3Y*
6.63%
5Y*
5.69%
10Y*
10.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLVI vs. XLV - Yearly Performance Comparison

2026 (YTD)2025
XLVI
State Street Health Care Select Sector SPDR Premium Income ETF		2.50%12.41%
XLV
State Street Health Care Select Sector SPDR ETF		-0.85%16.17%

Correlation

The correlation between XLVI and XLV 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

XLVI vs. XLV - Sectors Allocation Comparison

Sectors
XLVI
XLV

Financial Services

100.2%

-

Healthcare

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

XLVI
100.2%
XLV

-

Healthcare

XLVI
100.0%
XLV
100.0%

Basic Materials

XLVI

-

XLV

-

Communication Services

XLVI

-

XLV

-

Consumer Cyclical

XLVI

-

XLV

-

Consumer Defensive

XLVI

-

XLV

-

Energy

XLVI

-

XLV

-

Industrials

XLVI

-

XLV

-

Real Estate

XLVI

-

XLV

-

Technology

XLVI

-

XLV

-

Utilities

XLVI

-

XLV

-

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State Street Health Care Select Sector SPDR Premium Income ETF

State Street Health Care Select Sector SPDR ETF

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

Return for Risk

XLVI vs. XLV — Risk / Return Rank

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

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

XLV
XLV Risk / Return Rank: 3232
Overall Rank
XLV Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
XLV Sortino Ratio Rank: 3636
Sortino Ratio Rank
XLV Omega Ratio Rank: 3131
Omega Ratio Rank
XLV Calmar Ratio Rank: 3434
Calmar Ratio Rank
XLV Martin Ratio Rank: 2929
Martin Ratio Rank
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.

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.

XLVIXLVDifference
Sharpe ratioReturn per unit of total volatility

—

1.14

—

Sortino ratioReturn per unit of downside risk

—

1.81

—

Omega ratioGain probability vs. loss probability

—

1.20

—

Calmar ratioReturn relative to maximum drawdown

—

1.65

—

Martin ratioReturn relative to average drawdown

—

3.89

—

XLVI vs. XLV - Sharpe Ratio Comparison

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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.

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Drawdown Indicators

XLVIXLVDifference

Max Drawdown

Largest peak-to-trough decline

-8.14%

-39.17%

+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

-0.97%

-4.20%

+3.23%

Average Drawdown

Average peak-to-trough decline

-1.94%

-7.12%

+5.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

4.42%

—

Volatility

XLVI vs. XLV - Volatility Comparison

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Volatility by Period

XLVIXLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

5.27%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

10.68%

—

Volatility (1Y)

Calculated over the trailing 1-year period

11.06%

15.09%

-4.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.06%

14.77%

-3.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.06%

16.57%

-5.51%

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 11.17%, more than XLV's 1.66% yield.

PositionTTM20252024202320222021202020192018201720162015
XLV
State Street Health Care Select Sector SPDR ETF		1.66%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		11.17%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, 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.

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 11.17%, compared with 1.66% for 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.

Portfolio Optimizer

Find the right allocation for XLVI and XLV

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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