Data as of Oct 28, 2026.
FNCL vs XLF: Differences, Returns & Fees
Over the year to Oct 28, 2026, FNCL and XLF finished level, +7.6% against +7.6%, and they share 82% of their weight.
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Net assets: $2.2bn on Sep 30, 2026 for Fidelity MSCI Financials Index ETF, and $51.6bn on Oct 27, 2026 for State Street Financial Select Sector SPDR ETF.
Pair scorecard
Both cost 0.08% a year; both returned +7.6% over a year; XLF is far larger, $51.0bn against $2.2bn.
Points (pts) are percentage points.
| Measure | FNCL | XLF |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.6% | +7.6% |
| Drawdown | ||
| Below its high | 4.4%, high on Sep 3, 2026 | 3.8%, high on Sep 3, 2026 |
| Benchmark | ||
| What it tracks | MSCI USA IMI Financials 25/50 Index | Financial Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.08% | 0.08% |
| Net assets, as of Sep 30, 2026 | $2.2bn | $51.0bn |
| Holdings | ||
| Holdings in common | 82% | |
| Top ten holdings, share of the fund | 48.4% | 57.4% |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Nov 1, 2013 to Oct 23, 2026 · 677 weekly returnsXLF returned slightly more: +324.3% to +317.7%. FNCL and XLF swung about the same: 20.8% and 20.6%. XLF fell slightly less at its worst: −39.3% to −40.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FNCL | XLF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +317.7% | +324.3% | XLF (slight) | Price change plus distributions, reinvested. |
| Annualized | +11.6% | +11.7% | Tie | Total return as a yearly rate. |
| Price return | +219.9% | +171.1% | FNCL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 20.8% | 20.6% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.4% | 14.2% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.6% | −39.3% | XLF (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.54 | 0.55 | Tie | Return above Treasury bills per unit of volatility. |
| Sortino | 0.78 | 0.79 | Tie | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.29 | 0.30 | XLF (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 677 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FNCL and XLF hold 82% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
82% in common
Only in one fund ↓
Side by side
FNCL and XLF on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FNCL and XLF are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FNCL follows MSCI USA IMI Financials 25/50 Index and XLF follows Financial Select Sector Index.
- Number of holdings. FNCL holds 383 positions and XLF holds 77.
- Size. FNCL has $2.2bn in net assets and XLF $51.0bn (net assets, as of Sep 30, 2026); XLF is 23.2 times larger.
Data as of Oct 28, 2026.
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FNCL
FNCL tracks an index. Over the year to Oct 28, 2026 it returned +7.6% with distributions reinvested, against +7.5% for its benchmark, the MSCI USA IMI Financials 25/50 Index. The prospectus expense ratio is 0.08% a year. By its holdings filed for Jul 31, 2026, 86% of the fund by weight is stocks the S&P 500 also holds, across 383 positions, with the top ten at 48.4%. It sat 4.4% below its high of Sep 3, 2026 on Oct 28, 2026.
XLF
XLF tracks an index of Financials. Over the year to Oct 28, 2026 it returned +7.6% with distributions reinvested. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 77 positions, with the top ten at 57.4%. It sat 3.8% below its high of Sep 3, 2026 on Oct 28, 2026.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, FNCL against XLF, data as of Oct 28, 2026. https://etfiq.com/compare/any/fncl-vs-xlf
ETFIQ. (Oct 28, 2026). FNCL against XLF. Retrieved from https://etfiq.com/compare/any/fncl-vs-xlf
[FNCL against XLF (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/fncl-vs-xlf)
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