Data as of Oct 28, 2026.
SPY vs XLV: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to XLV's +25.6%; 10% of their weight is in the same names.
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Net assets on Oct 27, 2026: $814.8bn for SPDR S&P 500 ETF Trust and $47.0bn for State Street Health Care Select Sector SPDR ETF.
Pair scorecard
XLV costs 0.01 points a year less; their one-year returns differ by 12.0 points; SPY is 17.3 times larger.
| Measure | SPY | XLV |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +25.6% |
| Benchmark | ||
| What it tracks | S&P 500 Index | Health Care Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.08% |
| Net assets, as of Oct 27, 2026 | $814.8bn | $47.0bn |
| Holdings | ||
| Holdings in common | 10% | |
| Top ten holdings, share of the fund | 38.1% | 60.6% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Dec 31, 1998 to Oct 23, 2026 · 1,451 weekly returnsXLV returned slightly more: +938.5% to +897.4%. SPY and XLV swung about the same: 17.7% and 17.4%. XLV fell less at its worst: −37.9% to −54.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | SPY | XLV | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +897.4% | +938.5% | XLV (slight) | Price change plus distributions, reinvested. |
| Annualized | +8.6% | +8.7% | Tie | Total return as a yearly rate. |
| Price return | +516.3% | +589.5% | XLV | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.7% | 17.4% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.6% | 12.2% | XLV (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −54.6% | −37.9% | XLV | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.46 | 0.47 | XLV (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.64 | 0.67 | XLV (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.16 | 0.23 | XLV | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,451 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and XLV hold 10% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
10% in common
Only in one fund ↓
Side by side
SPY and XLV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and XLV do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and XLV follows Health Care Select Sector Index.
- Holdings in common. 10% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SPY returned +13.6% and XLV +25.6% with distributions reinvested, a gap of 12.0 points.
Data as of Oct 28, 2026.
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SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. 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 504 positions, with the top ten at 38.1%.
XLV
XLV tracks an index of Health care. Over the year to Oct 28, 2026 it returned +25.6% with distributions reinvested. The prospectus expense ratio is 0.08% a year. 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 62 positions, with the top ten at 60.6%.
Questions people ask
- Which returned more over the last year, SPY or XLV?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and XLV +25.6%.
- Which is cheaper, SPY or XLV?
- XLV is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.
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.
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ETFIQ, SPY against XLV, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-xlv
ETFIQ. (Oct 28, 2026). SPY against XLV. Retrieved from https://etfiq.com/compare/any/spy-vs-xlv
[SPY against XLV (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-xlv)
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