XRT vs. PEZ

Last updated Jun 4, 2026

XRT (SPDR S&P Retail ETF) and PEZ (Invesco DWA Consumer Cyclicals Momentum ETF) are both exchange-traded funds - XRT is a Consumer Discretionary Equities fund tracking the S&P Retail Select Industry, while PEZ is a Momentum fund tracking the DWA Consumer Cyclicals Technical Leaders Index. Both are passively managed. Over the past 10 years, XRT returned 8.56%/yr vs 9.46%/yr for PEZ. A 0.79 correlation means they provide meaningful diversification when combined. XRT charges 0.35%/yr vs 0.60%/yr for PEZ.

Performance

XRT vs. PEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Retail ETF (XRT) and Invesco DWA Consumer Cyclicals Momentum ETF (PEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XRT achieves a -1.99% return, which is significantly higher than PEZ's -4.23% return. Over the past 10 years, XRT has underperformed PEZ with an annualized return of 8.56%, while PEZ has yielded a comparatively higher 9.46% annualized return.

XRT

• 1D: -0.39%
• 1M: -0.29%
• YTD: -1.99%
• 6M: -2.00%
• 1Y: 8.44%
• 3Y*: 13.38%
• 5Y*: -0.84%
• 10Y*: 8.56%

PEZ

• 1D: 0.45%
• 1M: 0.97%
• YTD: -4.23%
• 6M: -0.27%
• 1Y: 5.43%
• 3Y*: 14.83%
• 5Y*: 2.63%
• 10Y*: 9.46%

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

XRT vs. PEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XRT SPDR S&P Retail ETF	-1.99%	8.07%	11.78%	21.53%	-31.64%	42.60%	41.91%	14.12%	-8.04%	4.22%
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	-4.23%	5.40%	20.06%	29.55%	-29.59%	20.35%	38.97%	18.05%	-6.85%	19.87%

Correlation

The correlation between XRT and PEZ is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 13, 2006	0.79

The correlation between XRT and PEZ has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

XRT vs. PEZ - Sectors Allocation Comparison

Sectors	XRT	PEZ
Consumer Cyclical	73.6%	66.0%
Consumer Defensive	20.9%	8.7%
Communication Services	1.4%	11.9%
Healthcare	1.4%	6.9%
Technology	1.4%	4.0%
Energy	1.4%	-
Basic Materials	-	-
Financial Services	-	0.6%
Industrials	-	3.8%
Real Estate	-	1.9%
Utilities	-	-

Return for Risk

XRT vs. PEZ — Risk / Return Rank

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

XRT

XRT Risk / Return Rank: 15
XRT Sharpe Ratio Rank: 15
XRT Sortino Ratio Rank: 15
XRT Omega Ratio Rank: 14
XRT Calmar Ratio Rank: 16
XRT Martin Ratio Rank: 16

PEZ

PEZ Risk / Return Rank: 13
PEZ Sharpe Ratio Rank: 13
PEZ Sortino Ratio Rank: 12
PEZ Omega Ratio Rank: 12
PEZ Calmar Ratio Rank: 13
PEZ Martin Ratio Rank: 13

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.

XRT vs. PEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Retail ETF (XRT) and Invesco DWA Consumer Cyclicals Momentum ETF (PEZ). 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.

	XRT	PEZ	Difference
Sharpe ratio Return per unit of total volatility	0.42	0.27	+0.14
Sortino ratio Return per unit of downside risk	0.76	0.54	+0.22
Omega ratio Gain probability vs. loss probability	1.08	1.06	+0.02
Calmar ratio Return relative to maximum drawdown	0.63	0.34	+0.28
Martin ratio Return relative to average drawdown	1.45	0.91	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XRT vs. PEZ - Sharpe Ratio Comparison

The current XRT Sharpe Ratio is 0.42, which is higher than the PEZ Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of XRT and PEZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XRT	PEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	0.27	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.11	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.38	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.32	+0.02

Drawdowns

XRT vs. PEZ - Drawdown Comparison

The maximum XRT drawdown since its inception was -65.81%, which is greater than PEZ's maximum drawdown of -58.39%. Use the drawdown chart below to compare losses from any high point for XRT and PEZ.

Drawdown Indicators

	XRT	PEZ	Difference
Max Drawdown Largest peak-to-trough decline	-65.81%	-58.39%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-15.83%	+2.30%
Max Drawdown (3Y) Largest decline over 3 years	-25.62%	-31.48%	+5.86%
Max Drawdown (5Y) Largest decline over 5 years	-44.57%	-41.72%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-47.02%	-52.05%	+5.03%
Current Drawdown Current decline from peak	-13.82%	-11.25%	-2.57%
Average Drawdown Average peak-to-trough decline	-15.00%	-13.86%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.85%	5.96%	-0.11%

Volatility

XRT vs. PEZ - Volatility Comparison

SPDR S&P Retail ETF (XRT) has a higher volatility of 6.50% compared to Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) at 4.91%. This indicates that XRT's price experiences larger fluctuations and is considered to be riskier than PEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XRT	PEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	4.91%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	13.63%	15.13%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	20.42%	20.07%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.90%	24.48%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.16%	25.06%	+2.10%

XRT vs. PEZ - Expense Ratio Comparison

XRT has a 0.35% expense ratio, which is lower than PEZ's 0.60% expense ratio.

Dividends

XRT vs. PEZ - Dividend Comparison

XRT's dividend yield for the trailing twelve months is around 0.83%, more than PEZ's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	0.22%	0.11%	0.12%	0.60%	0.43%	0.23%	0.39%	0.01%	0.40%	0.42%	0.83%	0.64%
XRT SPDR S&P Retail ETF	0.83%	0.77%	1.52%	1.40%	2.15%	1.55%	1.01%	1.57%	1.51%	1.52%	1.36%	1.30%

Frequently Asked Questions

Can I hold both XRT and PEZ in my portfolio?

XRT and PEZ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRT or PEZ?

XRT has higher volatility (6.50%) compared to PEZ (4.91%). In terms of maximum drawdown, XRT dropped -65.81% vs PEZ's -58.39%.

Which ETF is better, XRT or PEZ?

On 10-year performance, PEZ leads with 9.46% vs 8.56% for XRT. On fees, XRT is cheaper at 0.35% per year. On volatility, PEZ has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XRT or PEZ?

Over the 10-year period, PEZ has performed better with a 9.46% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRT or PEZ?

XRT is cheaper with a 0.35% expense ratio, compared with 0.60% for PEZ.

Which ETF pays a higher dividend yield, XRT or PEZ?

XRT has the higher dividend yield at 0.83%, compared with 0.22% for PEZ.

What is the main difference between XRT and PEZ?

XRT is categorized as Consumer Discretionary Equities, while PEZ is Momentum. XRT tracks S&P Retail Select Industry, while PEZ tracks DWA Consumer Cyclicals Technical Leaders Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for XRT and 0.60% for PEZ.

Which has better risk-adjusted returns?

XRT currently has the higher Sharpe Ratio (0.42 vs 0.27), 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.