XRAY vs. XLI

Last updated Jun 24, 2026

XRAY (DENTSPLY SIRONA Inc.) is a stock, while XLI (Industrial Select Sector SPDR Fund) is Industrials Equities fund tracking the Industrial Select Sector Index. Over the past 10 years, XRAY returned -15.21%/yr vs 14.55%/yr for XLI. At a 0.49 correlation, their price movements are largely independent.

Performance

XRAY vs. XLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DENTSPLY SIRONA Inc. (XRAY) and Industrial Select Sector SPDR Fund (XLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XRAY achieves a -10.76% return, which is significantly lower than XLI's 15.45% return. Over the past 10 years, XRAY has underperformed XLI with an annualized return of -15.21%, while XLI has yielded a comparatively higher 14.55% annualized return.

XRAY

• 1D: 0.49%
• 1M: -0.10%
• YTD: -10.76%
• 6M: -6.61%
• 1Y: -31.60%
• 3Y*: -33.89%
• 5Y*: -29.19%
• 10Y*: -15.21%

XLI

• 1D: -2.01%
• 1M: 3.97%
• YTD: 15.45%
• 6M: 14.08%
• 1Y: 25.43%
• 3Y*: 21.67%
• 5Y*: 13.47%
• 10Y*: 14.55%

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

XRAY vs. XLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XRAY DENTSPLY SIRONA Inc.	-10.76%	-36.84%	-45.28%	13.50%	-42.11%	7.32%	-6.59%	53.14%	-43.00%	14.66%
XLI Industrial Select Sector SPDR Fund	15.45%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%

Correlation

The correlation between XRAY and XLI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.49

The correlation between XRAY and XLI has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

Return for Risk

XRAY vs. XLI — Risk / Return Rank

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

XRAY

XRAY Risk / Return Rank: 13
XRAY Sharpe Ratio Rank: 12
XRAY Sortino Ratio Rank: 13
XRAY Omega Ratio Rank: 14
XRAY Calmar Ratio Rank: 13
XRAY Martin Ratio Rank: 15

XLI

XLI Risk / Return Rank: 46
XLI Sharpe Ratio Rank: 47
XLI Sortino Ratio Rank: 47
XLI Omega Ratio Rank: 43
XLI Calmar Ratio Rank: 43
XLI Martin Ratio Rank: 50

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.

XRAY vs. XLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DENTSPLY SIRONA Inc. (XRAY) and Industrial Select Sector SPDR Fund (XLI). 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.

	XRAY	XLI	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	1.57	-2.28
Sortino ratio: Return per unit of downside risk	-0.91	2.25	-3.16
Omega ratio: Gain probability vs. loss probability	0.89	1.27	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.77	2.09	-2.86
Martin ratio: Return relative to average drawdown	-1.20	8.24	-9.44

XRAY vs. XLI - Sharpe Ratio Comparison

The current XRAY Sharpe Ratio is -0.71, which is lower than the XLI Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of XRAY and XLI, 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

XRAY vs. XLI - Drawdown Comparison

The maximum XRAY drawdown since its inception was -84.45%, which is greater than XLI's maximum drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for XRAY and XLI.

Drawdown Indicators

	XRAY	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-84.45%	-62.26%	-22.19%
Max Drawdown (1Y) Largest decline over 1 year	-41.20%	-12.21%	-28.99%
Max Drawdown (3Y) Largest decline over 3 years	-74.81%	-18.49%	-56.32%
Max Drawdown (5Y) Largest decline over 5 years	-83.92%	-21.64%	-62.28%
Max Drawdown (10Y) Largest decline over 10 years	-84.45%	-42.33%	-42.12%
Current Drawdown Current decline from peak	-83.55%	-2.01%	-81.54%
Average Drawdown Average peak-to-trough decline	-20.54%	-9.19%	-11.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.28%	3.09%	+23.19%

Volatility

XRAY vs. XLI - Volatility Comparison

DENTSPLY SIRONA Inc. (XRAY) has a higher volatility of 11.47% compared to Industrial Select Sector SPDR Fund (XLI) at 6.25%. This indicates that XRAY's price experiences larger fluctuations and is considered to be riskier than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XRAY	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.47%	6.25%	+5.22%
Volatility (6M) Calculated over the trailing 6-month period	34.05%	13.67%	+20.38%
Volatility (1Y) Calculated over the trailing 1-year period	44.50%	16.33%	+28.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.55%	17.55%	+20.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.74%	20.02%	+14.72%

Dividends

XRAY vs. XLI - Dividend Comparison

XRAY's dividend yield for the trailing twelve months is around 4.71%, more than XLI's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLI Industrial Select Sector SPDR Fund	1.16%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%
XRAY DENTSPLY SIRONA Inc.	4.71%	5.60%	3.37%	1.57%	1.57%	0.77%	0.76%	0.66%	0.94%	0.53%	0.54%	0.48%

Frequently Asked Questions

Can I hold both XRAY and XLI in my portfolio?

XRAY and XLI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRAY or XLI?

XRAY has higher volatility (11.47%) compared to XLI (6.25%). In terms of maximum drawdown, XRAY dropped -84.45% vs XLI's -62.26%.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.57 vs -0.71), 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.