Data as of Oct 28, 2026.
VOO vs XLI: Differences, Returns & Fees
Over the year to Oct 28, 2026, VOO returned +13.7% to XLI's +10.2%; 8% of their weight is in the same names.
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Net assets: $1.0tn on Sep 30, 2026 for Vanguard S&P 500 ETF, and $30.8bn on Oct 27, 2026 for State Street Industrial Select Sector SPDR ETF.
Pair scorecard
VOO costs 0.05 points a year less; their one-year returns differ by 3.5 points; VOO is far larger, $1.0tn against $29.8bn.
| Measure | VOO | XLI |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | +10.2% |
| Drawdown | ||
| Below its high | 9.4%, high on Aug 14, 2026 | |
| Benchmark | ||
| What it tracks | S&P 500 Index | Industrial Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.08% |
| Net assets, as of Sep 30, 2026 | $1.0tn | $29.8bn |
| Holdings | ||
| Holdings in common | 8% | |
| Top ten holdings, share of the fund | 39.1% | 37.8% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Sep 17, 2010 to Oct 23, 2026 · 840 weekly returnsEach against its own benchmark: VOO against IVV, Sep 17, 2010 to Oct 23, 2026; XLI against SPY, Dec 31, 1998 to Oct 23, 2026.
VOO returned more: +804.0% to +620.0%. VOO swung less: 15.9% to 18.9%. VOO fell less at its worst: −31.8% to −39.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | VOO | XLI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +804.0% | +620.0% | VOO | Price change plus distributions, reinvested. |
| Annualized | +14.6% | +13.0% | VOO | Total return as a yearly rate. |
| Price return | +575.9% | +436.3% | VOO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 15.9% | 18.9% | VOO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.9% | 13.0% | VOO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −39.3% | VOO | Deepest fall from a high to the low after it. |
| Upside capture | 99.8% | 105.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.9% | 102.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 1.03 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.79 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.84 | 0.66 | VOO | Return above Treasury bills per unit of volatility. |
| Sortino | 1.22 | 0.96 | VOO | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.134 | 0.087 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.46 | 0.33 | VOO | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IVV | SPY | The ETF each fund is measured against. | |
| Alpha | 0.0% a year | +0.6% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.51 | 0.35 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.1% to +0.2% | −2.9% to +4.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.02 | 0.10 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 9.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 840 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, VOO and XLI hold 8% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
8% in common
Only in one fund ↓
Side by side
VOO and XLI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VOO and XLI do different jobs. What does each one do in a portfolio?
- What each follows. VOO follows S&P 500 Index and XLI follows Industrial Select Sector Index.
- Holdings in common. 8% of the weight is in the same securities (holdings dated Sep 30, 2026 and Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 VOO returned +13.7% and XLI +10.2% with distributions reinvested, a gap of 3.5 points.
Data as of Oct 28, 2026.
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VOO
VOO tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 507 positions, with the top ten at 39.1%.
XLI
XLI tracks an index of Industrials. Over the year to Oct 28, 2026 it returned +10.2% with distributions reinvested, against +13.6% for its benchmark, the S&P 500 Index. 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 84 positions, with the top ten at 37.8%. It sat 9.4% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, VOO or XLI?
- In the year to Oct 28, 2026, with distributions reinvested, VOO returned +13.7% and XLI +10.2%.
- Which is cheaper, VOO or XLI?
- VOO is cheaper, by 0.05 percentage points a year. That is about $5 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, VOO against XLI, data as of Oct 28, 2026. https://etfiq.com/compare/any/voo-vs-xli
ETFIQ. (Oct 28, 2026). VOO against XLI. Retrieved from https://etfiq.com/compare/any/voo-vs-xli
[VOO against XLI (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/voo-vs-xli)
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