XTL vs. M

Last updated Jun 14, 2026

XTL (SPDR S&P Telecom ETF) is Communications Equities fund tracking the S&P Telecom Select Industry Index, while M (Macy's, Inc.) is a stock. Over the past 10 years, XTL returned 16.27%/yr vs 2.22%/yr for M. At a 0.39 correlation, their price movements are largely independent.

Performance

XTL vs. M - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Telecom ETF (XTL) and Macy's, Inc. (M). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTL achieves a 51.28% return, which is significantly higher than M's 16.35% return. Over the past 10 years, XTL has outperformed M with an annualized return of 16.27%, while M has yielded a comparatively lower 2.22% annualized return.

XTL

• 1D: 0.16%
• 1M: 2.24%
• YTD: 51.28%
• 6M: 51.62%
• 1Y: 120.42%
• 3Y*: 46.01%
• 5Y*: 18.76%
• 10Y*: 16.27%

M

• 1D: 1.32%
• 1M: 37.81%
• YTD: 16.35%
• 6M: 7.05%
• 1Y: 132.50%
• 3Y*: 20.95%
• 5Y*: 9.42%
• 10Y*: 2.22%

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

XTL vs. M - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XTL SPDR S&P Telecom ETF	51.28%	44.95%	34.89%	-1.17%	-19.18%	21.58%	22.46%	12.51%	-6.60%	0.56%
M Macy's, Inc.	16.35%	36.55%	-12.41%	1.64%	-18.66%	135.80%	-31.08%	-38.20%	23.64%	-25.29%

Correlation

The correlation between XTL and M is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.39

The correlation between XTL and M shifts across timeframes, from 0.25 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XTL vs. M — Risk / Return Rank

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

XTL

XTL Risk / Return Rank: 95
XTL Sharpe Ratio Rank: 96
XTL Sortino Ratio Rank: 94
XTL Omega Ratio Rank: 93
XTL Calmar Ratio Rank: 96
XTL Martin Ratio Rank: 96

M

M Risk / Return Rank: 92
M Sharpe Ratio Rank: 94
M Sortino Ratio Rank: 94
M Omega Ratio Rank: 91
M Calmar Ratio Rank: 91
M Martin Ratio Rank: 89

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.

XTL vs. M - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Telecom ETF (XTL) and Macy's, Inc. (M). 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.

	XTL	M	Difference
Sharpe ratio: Return per unit of total volatility	3.88	2.67	+1.21
Sortino ratio: Return per unit of downside risk	4.26	3.66	+0.60
Omega ratio: Gain probability vs. loss probability	1.56	1.43	+0.14
Calmar ratio: Return relative to maximum drawdown	7.95	4.33	+3.62
Martin ratio: Return relative to average drawdown	33.56	10.47	+23.09

XTL vs. M - Sharpe Ratio Comparison

The current XTL Sharpe Ratio is 3.88, which is higher than the M Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of XTL and M, 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

XTL vs. M - Drawdown Comparison

The maximum XTL drawdown since its inception was -37.01%, smaller than the maximum M drawdown of -91.95%. Use the drawdown chart below to compare losses from any high point for XTL and M.

Drawdown Indicators

	XTL	M	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-91.95%	+54.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-28.61%	+13.91%
Max Drawdown (3Y) Largest decline over 3 years	-22.79%	-51.33%	+28.54%
Max Drawdown (5Y) Largest decline over 5 years	-37.01%	-69.65%	+32.64%
Max Drawdown (10Y) Largest decline over 10 years	-37.01%	-87.79%	+50.78%
Current Drawdown Current decline from peak	-6.72%	-44.51%	+37.79%
Average Drawdown Average peak-to-trough decline	-9.76%	-34.61%	+24.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	11.79%	-8.31%

Volatility

XTL vs. M - Volatility Comparison

The current volatility for SPDR S&P Telecom ETF (XTL) is 11.43%, while Macy's, Inc. (M) has a volatility of 14.61%. This indicates that XTL experiences smaller price fluctuations and is considered to be less risky than M based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTL	M	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.43%	14.61%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	24.28%	29.51%	-5.23%
Volatility (1Y) Calculated over the trailing 1-year period	30.13%	46.38%	-16.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.34%	54.14%	-28.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.66%	56.17%	-32.51%

Dividends

XTL vs. M - Dividend Comparison

XTL's dividend yield for the trailing twelve months is around 0.86%, less than M's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
M Macy's, Inc.	2.19%	3.31%	4.10%	3.29%	3.05%	1.15%	3.36%	8.88%	5.07%	5.99%	4.17%	3.98%
XTL SPDR S&P Telecom ETF	0.86%	1.05%	0.62%	0.80%	0.74%	1.25%	0.88%	0.92%	1.90%	2.08%	1.11%	1.38%

Frequently Asked Questions

Can I hold both XTL and M in my portfolio?

XTL and M have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTL or M?

M has higher volatility (14.61%) compared to XTL (11.43%). In terms of maximum drawdown, XTL dropped -37.01% vs M's -91.95%.

Which has better risk-adjusted returns?

XTL currently has the higher Sharpe Ratio (3.88 vs 2.67), 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.