SPDR S&P Health Care Equipment ETF (XHE) Performance
XHE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +5.5% since Dec 31, 2025
- 1 year
- +14.5% total return
- 5 years
- −5.8% a year
- 10 years
- +6.5% a year
- Since first price
- +9.5% a year since 2011
XHE trailing returns vs SPY, QQQ, AGG
| Period | XHE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.0% | +2.0% | −1.0% | −5.0% | +0.9% |
| 3 months | +9.5% | +9.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +13.2% | +13.2% | +7.8% | +8.4% | −1.5% |
| YTD | +5.5% | +5.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +14.5% | +14.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +33.3%+10.0%/yr | +33.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −25.7%−5.8%/yr | −25.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +86.9%+6.5%/yr | +84.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +337.2%+10.3%/yr | +286.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 27, 2011 | +318.3%+9.5%/yr | +269.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: XHE vs SPY
From Jan 27, 2011: XHE grew to $41,829, SPY to $77,021.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
XHE returns by calendar year
11 of 14 full years positive. Best 2013 (+39.5%), worst 2022 (−23.3%). 2026 is year to date.
XHE annual returns table
| Year | XHE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +5.5% | −18.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −0.2% | −24.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.1% | −7.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −6.2% | −34.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −23.3% | −33.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +3.0% | −17.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +32.9% | −34.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +22.3% | −11.6% | +31.2% | +39.0% | +8.5% |
| 2018 | +8.9% | −27.4% | −4.6% | −0.1% | +0.1% |
| 2017 | +30.5% | −5.0% | +21.7% | +32.7% | +3.6% |
| 2016 | +11.8% | −14.3% | +12.0% | +7.1% | +2.4% |
| 2015 | +10.0% | −14.5% | +1.2% | +9.4% | +0.5% |
| 2014 | +16.0% | −9.2% | +13.5% | +19.2% | +6.0% |
| 2013 | +39.5% | −4.4% | +32.3% | +36.6% | −2.0% |
| 2012 | +12.9% | −10.4% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
XHE largest drawdowns
Now 30.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 2, 2021 | −49.9% | Oct 30, 2023 | not yet | 2.2 years | 5.1 years so far |
| Feb 19, 2020 | −34.2% | Mar 23, 2020 | Jul 2, 2020 | 33 days | 4 months |
| Sep 13, 2018 | −27.4% | Dec 24, 2018 | Jan 22, 2020 | 3 months | 1.4 years |
| Jul 7, 2011 | −22.1% | Oct 3, 2011 | May 1, 2012 | 3 months | 10 months |
| Jul 22, 2015 | −20.1% | Feb 12, 2016 | Jun 7, 2016 | 7 months | 11 months |
| Sep 7, 2016 | −11.9% | Nov 3, 2016 | Feb 9, 2017 | 57 days | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
XHE risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +5.2% | −6.2% | +5.9% | +9.5% |
| Volatility (annualized) | 21.2% | 22.4% | 20.6% | 18.8% |
| Sharpe ratio | 0.14 | -0.33 | 0.27 | 0.50 |
| Sortino ratio | 0.20 | -0.43 | 0.38 | 0.73 |
| Best month | +12.3% | +12.3% | +16.5% | +16.5% |
| Worst month | −12.8% | −15.1% | −15.1% | −15.1% |
| Best 12 months | +28.6% | +28.6% | +66.9% | +66.9% |
| Worst 12 months | −12.9% | −31.8% | −34.3% | −34.3% |
| Positive months | 56% | 53% | 62% | 65% |
| Beta vs S&P 500 | 0.98 | 0.96 | 0.97 | — |
| Correlation with S&P 500 | 0.57 | 0.67 | 0.72 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
XHE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 178 | −34.3% | +12.7% | +66.9% | 72% |
| 3-year (a year) | 154 | −13.2% | +14.8% | +30.0% | 77% |
| 5-year (a year) | 130 | −8.5% | +15.0% | +25.0% | 82% |
| 10-year (a year) | 70 | +5.3% | +9.6% | +19.7% | 100% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
XHE performance overview
SPDR S&P Health Care Equipment ETF (XHE) returned +14.5% over the past year and +6.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +9.5% a year, turning $10,000 into about $41,829. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −49.9%, from Sep 2, 2021 to Oct 30, 2023; the fund has not yet regained that high. XHE finished 11 of its 14 full calendar years with a gain; the best year was 2013 (+39.5%) and the worst 2022 (−23.3%). Volatility has been 18.8% a year.
Related: XHE chart, XHE holdings, XHE dividends. See the XHE overview for the latest quote and fund facts.
XHE performance FAQ
What is the XHE return over the past year?
XHE returned +14.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 14.4%.
What is the average annual return of XHE?
XHE has returned −5.8% a year over 5 years, +6.5% a year over 10 years, +9.5% a year since January 27, 2011 (total return, distributions reinvested).
How much would $10,000 invested in XHE be worth?
$10,000 invested in XHE at its first recorded close on January 27, 2011 would be worth about $41,829 on October 23, 2026 with distributions reinvested.
What was the worst year for XHE?
The worst calendar year was 2022, with a total return of −23.3%. The best was 2013 at +39.5%.
What is the biggest drawdown of XHE?
The largest peak-to-trough decline was −49.9% between September 2, 2021 and October 30, 2023. It has not yet recovered to that high; it is 30.1% below its peak.
How volatile is XHE?
Over the past 3 years XHE had an annualized volatility of 21.2% and a Sharpe ratio of 0.14 (excess return over 1–3 month T-bills per unit of risk).