XTR vs. IVV

Last updated Jun 4, 2026

XTR (Global X S&P 500 Tail Risk ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, XTR returned 18.55%/yr vs 22.43%/yr for IVV. With a 0.98 correlation, they move nearly in lockstep. XTR charges 0.25%/yr vs 0.03%/yr for IVV.

Performance

XTR vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTR achieves a 8.67% return, which is significantly lower than IVV's 10.85% return.

XTR

• 1D: -0.65%
• 1M: 5.03%
• YTD: 8.67%
• 6M: 8.51%
• 1Y: 22.85%
• 3Y*: 18.55%
• 5Y*: —
• 10Y*: —

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

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

XTR vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTR Global X S&P 500 Tail Risk ETF	8.67%	13.66%	21.85%	21.16%	-17.67%	4.43%
IVV iShares Core S&P 500 ETF	10.85%	17.85%	24.93%	26.31%	-18.16%	7.16%

Correlation

The correlation between XTR and IVV is 0.98 - 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 (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.98

The correlation between XTR and IVV has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

XTR vs. IVV - Sectors Allocation Comparison

Sectors	XTR	IVV
Technology	35.6%	35.6%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

XTR vs. IVV — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 61
XTR Sharpe Ratio Rank: 63
XTR Sortino Ratio Rank: 63
XTR Omega Ratio Rank: 60
XTR Calmar Ratio Rank: 54
XTR Martin Ratio Rank: 63

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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.

XTR vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) and iShares Core S&P 500 ETF (IVV). 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.

	XTR	IVV	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.39	-0.25
Sortino ratio: Return per unit of downside risk	2.98	3.25	-0.27
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	2.70	3.17	-0.47
Martin ratio: Return relative to average drawdown	11.51	14.71	-3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTR vs. IVV - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 2.14, which is comparable to the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of XTR and IVV, 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

	XTR	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.39	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.45	+0.27

Drawdowns

XTR vs. IVV - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for XTR and IVV.

Drawdown Indicators

	XTR	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-55.25%	+34.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.89%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-18.75%	+4.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.90%	—
Current Drawdown Current decline from peak	-0.65%	-0.76%	+0.11%
Average Drawdown Average peak-to-trough decline	-5.95%	-10.78%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.91%	+0.08%

Volatility

XTR vs. IVV - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) and iShares Core S&P 500 ETF (IVV) have volatilities of 2.99% and 2.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTR	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.87%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	8.90%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.76%	11.80%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	16.88%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.78%	18.05%	-4.27%

XTR vs. IVV - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is higher than IVV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XTR vs. IVV - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.40%, more than IVV's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
XTR Global X S&P 500 Tail Risk ETF	16.40%	17.82%	20.89%	1.09%	1.08%	2.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTR and IVV in my portfolio?

With a correlation of 0.98, XTR and IVV 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, XTR or IVV?

XTR has higher volatility (2.99%) compared to IVV (2.87%). In terms of maximum drawdown, XTR dropped -20.83% vs IVV's -55.25%.

Which ETF is better, XTR or IVV?

On 3-year performance, IVV leads with 22.43% vs 18.55% for XTR. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or IVV?

Over the 3-year period, IVV has performed better with a 22.43% return vs 18.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.25% for XTR.

Which ETF pays a higher dividend yield, XTR or IVV?

XTR has the higher dividend yield at 16.40%, compared with 1.06% for IVV.

What is the main difference between XTR and IVV?

XTR is categorized as Equity Hedged, while IVV is S&P 500. XTR tracks Cboe S&P 500 Tail Risk Index, while IVV tracks S&P 500 Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.25% for XTR and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.39 vs 2.14), 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.