Financial Select Sector SPDR Fund (XLF) Performance
XLF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +3.3% since Dec 31, 2025
- 1 year
- +8.1% total return
- 5 years
- +8.4% a year
- 10 years
- +13.1% a year
- Since first price
- +6.0% a year since 1998
XLF trailing returns vs SPY, QQQ, AGG
| Period | XLF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.5% | +0.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.7% | +7.9% | +7.8% | +8.4% | −1.5% |
| YTD | +3.3% | +2.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.1% | +6.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +83.0%+22.3%/yr | +74.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +50.0%+8.4%/yr | +37.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +241.9%+13.1%/yr | +184.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +590.2%+13.7%/yr | +325.7% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +188.1%+5.4%/yr | +58.1% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionDec 22, 1998 | +404.3%+6.0%/yr | +139.8% | — | — | — |
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: XLF vs SPY
From Dec 22, 1998: XLF grew to $50,427, SPY to $101,831.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
XLF returns by calendar year
18 of 27 full years positive. Best 2013 (+35.5%), worst 2008 (−54.9%). 2026 is year to date.
XLF annual returns table
| Year | XLF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +3.3% | −14.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +14.9% | −15.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +30.6% | −7.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +12.0% | −16.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −10.6% | −25.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +34.8% | −8.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −1.7% | −42.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +31.9% | −9.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −13.1% | −24.7% | −4.6% | −0.1% | +0.1% |
| 2017 | +22.0% | −8.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +22.4% | −16.2% | +12.0% | +7.1% | +2.4% |
| 2015 | −1.8% | −12.7% | +1.2% | +9.4% | +0.5% |
| 2014 | +15.1% | −7.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +35.5% | −6.9% | +32.3% | +36.6% | −2.0% |
| 2012 | +28.4% | −16.4% | +16.0% | +18.1% | +3.8% |
| 2011 | −17.1% | −33.7% | +1.9% | +3.4% | +7.7% |
| 2010 | +11.9% | −21.0% | +15.1% | +19.9% | +6.4% |
| 2009 | +17.6% | −51.2% | +26.4% | +54.7% | +3.0% |
| 2008 | −54.9% | −67.5% | −36.8% | −41.7% | +7.9% |
| 2007 | −19.2% | −24.6% | +5.1% | +19.0% | +6.6% |
| 2006 | +18.9% | −7.8% | +15.8% | +7.1% | +3.9% |
| 2005 | +6.2% | −9.1% | +4.8% | +1.6% | +2.3% |
| 2004 | +10.9% | −10.2% | +10.7% | +10.5% | +3.8% |
| 2003 | +30.5% | −17.4% | +28.2% | +49.7% | — |
| 2002 | −14.7% | −31.9% | −21.6% | −37.4% | — |
| 2001 | −9.4% | −26.7% | −11.8% | −33.3% | — |
| 2000 | +25.9% | −17.2% | −9.7% | −36.1% | — |
| 1999 | +2.7% | −22.8% | +20.4% | — | — |
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.
XLF largest drawdowns
Now 4.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 1, 2007 | −82.7% | Mar 6, 2009 | Jul 5, 2017 | 1.8 years | 10.1 years |
| Feb 14, 2020 | −42.9% | Mar 23, 2020 | Jan 6, 2021 | 38 days | 11 months |
| Jan 3, 2001 | −36.6% | Oct 9, 2002 | Jan 15, 2004 | 1.8 years | 3.0 years |
| May 13, 1999 | −26.5% | Feb 25, 2000 | Jun 2, 2000 | 9 months | 1.1 years |
| Jan 12, 2022 | −25.8% | Oct 12, 2022 | Feb 22, 2024 | 9 months | 2.1 years |
| Jan 26, 2018 | −24.7% | Dec 24, 2018 | Nov 4, 2019 | 11 months | 1.8 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
XLF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1998 |
|---|---|---|---|---|
| Annualized return | +19.0% | +9.2% | +12.8% | +5.8% |
| Volatility (annualized) | 15.0% | 18.1% | 19.5% | 20.9% |
| Sharpe ratio | 0.96 | 0.38 | 0.60 | — |
| Sortino ratio | 1.75 | 0.58 | 0.92 | — |
| Best month | +10.9% | +11.9% | +16.8% | +21.8% |
| Worst month | −7.1% | −10.9% | −21.0% | −26.2% |
| Best 12 months | +46.0% | +46.0% | +71.8% | +97.4% |
| Worst 12 months | −0.1% | −17.5% | −17.5% | −69.3% |
| Positive months | 61% | 55% | 57% | 56% |
| Beta vs S&P 500 | 0.78 | 0.87 | 1.02 | — |
| Correlation with S&P 500 | 0.64 | 0.75 | 0.80 | — |
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.
XLF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 323 | −69.3% | +9.5% | +97.4% | 66% |
| 3-year (a year) | 299 | −36.6% | +9.4% | +27.4% | 81% |
| 5-year (a year) | 275 | −21.8% | +8.6% | +25.4% | 78% |
| 10-year (a year) | 215 | −9.0% | +2.9% | +17.7% | 60% |
Every holding period starting at a month-end since 1998. Returns for 3 years and longer are annualized.
XLF performance overview
Financial Select Sector SPDR Fund (XLF) returned +8.1% over the past year and +13.1% a year over ten years, with distributions reinvested. Since its first recorded price in 1998 it has returned +6.0% a year, turning $10,000 into about $50,427. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −82.7%, from Jun 1, 2007 to Mar 6, 2009, and it took 8.3 years to get back to the old high. XLF finished 18 of its 27 full calendar years with a gain; the best year was 2013 (+35.5%) and the worst 2008 (−54.9%). Volatility has been 20.9% a year.
Related: XLF chart, XLF holdings, XLF dividends, XLF valuation. See the XLF overview for the latest quote and fund facts.
XLF performance FAQ
What is the XLF return over the past year?
XLF returned +8.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 6.4%.
What is the average annual return of XLF?
XLF has returned +8.4% a year over 5 years, +13.1% a year over 10 years, +6.0% a year since December 22, 1998 (total return, distributions reinvested).
How much would $10,000 invested in XLF be worth?
$10,000 invested in XLF at its first recorded close on December 22, 1998 would be worth about $50,427 on October 23, 2026 with distributions reinvested.
What was the worst year for XLF?
The worst calendar year was 2008, with a total return of −54.9%. The best was 2013 at +35.5%.
What is the biggest drawdown of XLF?
The largest peak-to-trough decline was −82.7% between June 1, 2007 and March 6, 2009. It recovered to the old high on July 5, 2017, 8.3 years after the bottom.
How volatile is XLF?
Over the past 3 years XLF had an annualized volatility of 15.0% and a Sharpe ratio of 0.96 (excess return over 1–3 month T-bills per unit of risk).