ZBH vs. XLF

Last updated Jun 13, 2026

ZBH (Zimmer Biomet Holdings, Inc.) is a stock, while XLF (State Street Financial Select Sector SPDR ETF) is Financials Equities fund tracking the Financial Select Sector Index. Over the past 10 years, ZBH returned -1.64%/yr vs 13.33%/yr for XLF. At a 0.46 correlation, their price movements are largely independent.

Performance

ZBH vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zimmer Biomet Holdings, Inc. (ZBH) and State Street Financial Select Sector SPDR ETF (XLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZBH achieves a -1.23% return, which is significantly higher than XLF's -2.11% return. Over the past 10 years, ZBH has underperformed XLF with an annualized return of -1.64%, while XLF has yielded a comparatively higher 13.33% annualized return.

ZBH

• 1D: 1.64%
• 1M: 7.16%
• YTD: -1.23%
• 6M: -2.78%
• 1Y: -1.95%
• 3Y*: -12.72%
• 5Y*: -9.68%
• 10Y*: -1.64%

XLF

• 1D: 1.37%
• 1M: 4.00%
• YTD: -2.11%
• 6M: -2.09%
• 1Y: 8.41%
• 3Y*: 18.86%
• 5Y*: 9.15%
• 10Y*: 13.33%

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

ZBH vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZBH Zimmer Biomet Holdings, Inc.	-1.23%	-14.03%	-12.46%	-3.81%	4.24%	-17.02%	3.77%	45.37%	-13.30%	17.86%
XLF State Street Financial Select Sector SPDR ETF	-2.11%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between ZBH and XLF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 25, 2001	0.46

Return for Risk

ZBH vs. XLF — Risk / Return Rank

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

ZBH

ZBH Risk / Return Rank: 36
ZBH Sharpe Ratio Rank: 38
ZBH Sortino Ratio Rank: 33
ZBH Omega Ratio Rank: 33
ZBH Calmar Ratio Rank: 38
ZBH Martin Ratio Rank: 38

XLF

XLF Risk / Return Rank: 15
XLF Sharpe Ratio Rank: 17
XLF Sortino Ratio Rank: 15
XLF Omega Ratio Rank: 15
XLF Calmar Ratio Rank: 15
XLF Martin Ratio Rank: 15

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.

ZBH vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zimmer Biomet Holdings, Inc. (ZBH) and State Street Financial Select Sector SPDR ETF (XLF). 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.

	ZBH	XLF	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	0.42	-0.56
Sortino ratio: Return per unit of downside risk	0.03	0.67	-0.64
Omega ratio: Gain probability vs. loss probability	1.00	1.08	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.16	0.42	-0.58
Martin ratio: Return relative to average drawdown	-0.31	1.08	-1.39

ZBH vs. XLF - Sharpe Ratio Comparison

The current ZBH Sharpe Ratio is -0.13, which is lower than the XLF Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of ZBH and XLF, 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

ZBH vs. XLF - Drawdown Comparison

The maximum ZBH drawdown since its inception was -65.03%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for ZBH and XLF.

Drawdown Indicators

	ZBH	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-65.03%	-82.69%	+17.66%
Max Drawdown (1Y) Largest decline over 1 year	-25.54%	-14.79%	-10.75%
Max Drawdown (3Y) Largest decline over 3 years	-43.94%	-15.54%	-28.40%
Max Drawdown (5Y) Largest decline over 5 years	-48.62%	-25.81%	-22.81%
Max Drawdown (10Y) Largest decline over 10 years	-52.14%	-42.86%	-9.28%
Current Drawdown Current decline from peak	-46.73%	-4.94%	-41.79%
Average Drawdown Average peak-to-trough decline	-20.08%	-20.01%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.04%	5.76%	+7.28%

Volatility

ZBH vs. XLF - Volatility Comparison

Zimmer Biomet Holdings, Inc. (ZBH) has a higher volatility of 5.90% compared to State Street Financial Select Sector SPDR ETF (XLF) at 4.23%. This indicates that ZBH's price experiences larger fluctuations and is considered to be riskier than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBH	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	4.23%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	20.40%	11.26%	+9.14%
Volatility (1Y) Calculated over the trailing 1-year period	30.57%	14.69%	+15.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.65%	18.66%	+7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.45%	22.17%	+6.28%

Dividends

ZBH vs. XLF - Dividend Comparison

ZBH's dividend yield for the trailing twelve months is around 1.08%, less than XLF's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLF State Street Financial Select Sector SPDR ETF	1.49%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%
ZBH Zimmer Biomet Holdings, Inc.	1.08%	1.07%	0.91%	0.79%	0.75%	0.76%	0.62%	0.64%	0.93%	0.80%	0.93%	0.86%

Frequently Asked Questions

Can I hold both ZBH and XLF in my portfolio?

ZBH and XLF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZBH or XLF?

ZBH has higher volatility (5.90%) compared to XLF (4.23%). In terms of maximum drawdown, ZBH dropped -65.03% vs XLF's -82.69%.

Which has better risk-adjusted returns?

XLF currently has the higher Sharpe Ratio (0.42 vs -0.13), 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.