State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/16/2026): $55.38

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/16/2026): $55.38

Key Takeaways

XLF has returned +1.8% YTD vs +13.8% for SPY; +5.1% over the past 12 months (SPY +17.0%). details →
Priced in gold, XLF has returned -20.6% over the past 3 years, vs +71.9% in dollars — its dollar gains have lagged gold. details →
Over the past month, XLF has seen net outflows of −$2.26B (−4.4% of assets). details →
XLF's portfolio trades at 14.0x forward earnings — a 76% premium to SPY (8.0x). details →
Analysts expect +5% revenue growth across XLF's holdings (next fiscal year) vs +13% for SPY; expected earnings growth: +9% vs +19%. details →

Last updated: 10/15/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with XLF

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+10.9%

Volatility

12.7%

Sharpe

0.66

YTD

+2.5%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	XLF	25.0%	1.4%	1.9%	-1.2%	1.8%
Bond	BND	50.0%	0.6%	0.8%	-0.1%	-1.5%
Gold	GLD	10.0%	1.8%	1.1%	-2.3%	-3.4%
Commodity	DBC	2.5%	-0.0%	1.2%	0.4%	48.9%
Real Estate	VNQ	5.0%	1.2%	2.3%	-1.3%	6.3%
Bitcoin	BTCUSD	0.0%	-0.1%	-0.2%	7.0%	-6.9%
Cash	GOVT	7.5%	0.5%	0.8%	-0.2%	-1.9%
Conservative Portfolio		100.0%	0.9%	1.2%	-0.6%	0.8%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	55.0%	1.4%	1.9%	-1.2%	1.8%
Bond	BND	25.0%	0.6%	0.8%	-0.1%	-1.5%
Gold	GLD	7.0%	1.8%	1.1%	-2.3%	-3.4%
Commodity	DBC	4.0%	-0.0%	1.2%	0.4%	48.9%
Real Estate	VNQ	5.0%	1.2%	2.3%	-1.3%	6.3%
Bitcoin	BTCUSD	2.0%	-0.1%	-0.2%	7.0%	-6.9%
Cash	GOVT	2.0%	0.5%	0.8%	-0.2%	-1.9%
Moderate Portfolio		100.0%	1.1%	1.5%	-0.7%	2.5%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	80.0%	1.4%	1.9%	-1.2%	1.8%
Bond	BND	5.0%	0.6%	0.8%	-0.1%	-1.5%
Gold	GLD	3.0%	1.8%	1.1%	-2.3%	-3.4%
Commodity	DBC	2.2%	-0.0%	1.2%	0.4%	48.9%
Real Estate	VNQ	4.5%	1.2%	2.3%	-1.3%	6.3%
Bitcoin	BTCUSD	5.2%	-0.1%	-0.2%	7.0%	-6.9%
Cash	GOVT	0.0%	0.5%	0.8%	-0.2%	-1.9%
Aggressive Portfolio		100.0%	1.2%	1.7%	-0.7%	2.3%

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	25.0%	12.9%	19.4%	0.58
Bond	BND	50.0%	1.3%	5.2%	-0.28
Gold	GLD	10.0%	12.2%	15.4%	0.64
Commodity	DBC	2.5%	8.2%	17.3%	0.36
Real Estate	VNQ	5.0%	5.2%	17.5%	0.21
Bitcoin	BTCUSD	0.0%	63.1%	76.7%	0.97
Cash	GOVT	7.5%	0.3%	5.0%	-0.49
Conservative Portfolio		100.0%	6.0%	7.5%	0.43

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	55.0%	12.9%	19.4%	0.58
Bond	BND	25.0%	1.3%	5.2%	-0.28
Gold	GLD	7.0%	12.2%	15.4%	0.64
Commodity	DBC	4.0%	8.2%	17.3%	0.36
Real Estate	VNQ	5.0%	5.2%	17.5%	0.21
Bitcoin	BTCUSD	2.0%	63.1%	76.7%	0.97
Cash	GOVT	2.0%	0.3%	5.0%	-0.49
Moderate Portfolio		100.0%	10.9%	12.7%	0.66

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	80.0%	12.9%	19.4%	0.58
Bond	BND	5.0%	1.3%	5.2%	-0.28
Gold	GLD	3.0%	12.2%	15.4%	0.64
Commodity	DBC	2.2%	8.2%	17.3%	0.36
Real Estate	VNQ	4.5%	5.2%	17.5%	0.21
Bitcoin	BTCUSD	5.2%	63.1%	76.7%	0.97
Cash	GOVT	0.0%	0.3%	5.0%	-0.49
Aggressive Portfolio		100.0%	15.7%	18.0%	0.75

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XLF	25.0%	-23.4%	-40.2%	-22.2%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-15.6%	-14.1%	-5.3%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XLF	55.0%	-23.4%	-40.2%	-22.2%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-19.0%	-26.7%	-13.5%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XLF	80.0%	-23.4%	-40.2%	-22.2%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-23.5%	-36.6%	-20.4%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

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Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

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[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	10/31/27	10/16/26	2025	2024	2023	2022	2021
Share Price CYE		$55.27	$54.30	$47.26	$36.20	$32.31	$36.14
Dividend/Share TTM		$0.63	$0.72	$0.69	$0.64	$0.70	$0.64
Valuation [1]
P/S	3.36	3.51	3.88	3.58	3.07	3.17	3.58
P/E		15.33	18.17	16.31	15.35	15.70	14.14
P/E (Non-GAAP) [2]	14.18	15.79	18.39	18.89	15.03	13.67	18.99
P/FCF		17.51	23.71	27.31	15.74	12.18	17.02
Yields TTM
Earnings Yield	7.05%	6.52%	5.50%	6.13%	6.52%	6.37%	7.07%
Dividend Yield	1.14%	1.14%	1.33%	1.45%	1.77%	2.16%	1.76%
Total Yield (TY)	8.19%	7.66%	6.83%	7.58%	8.29%	8.53%	8.83%
Risk Premium [3]
Risk Free Rate (Rf)	5.19%	5.19%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	3.00%	2.47%	2.65%	3.00%	4.41%	4.65%	7.31%
Growth Rates [6]
Sales Growth	5.3%	7.4%	4.3%	10.3%	13.4%	-3.4%
Earnings Growth [7]	8.5%	16.3%	2.4%	30.2%	19.1%	-35.9%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

XLF's earnings yield is 6.52%, based on its 15.3x trailing P/E. With a 1.14% dividend yield, XLF is yielding 7.66% in total.

RISK

Compared to US Treasuries at 5.19%, XLF's total yield implies a reasonable 2.47% risk premium. Risk premiums at this level suggest valuations are not excessive.

FORWARD EXPECTATIONS

Based on analyst estimates, XLF's forward total yield is 8.19%, implying a 3.00% risk premium assuming stable Treasury rates.

Top 20 Holdings for XLF

Total Weights
Top 5: 43.0% | Top 10: 57.5% | Top 20: 72.9%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.93%	100.00%	100.00%	3.2	14.0	+5.3%	+8.5%
Top 20		72.87%	62.34%	72.49%	3.6	14.8	+4.9%	+8.7%
BRK-B	Berkshire Hathaway	12.46%	15.75%	14.30%	2.8	23.6	+1.6%	-0.5%
JPM	JPMorgan Chase	11.53%	8.14%	12.60%	4.2	12.8	+3.8%	+2.0%
V	Visa	8.37%	1.62%	3.81%	14.7	25.2	+10.4%	+14.7%
MA	Mastercard	6.08%	1.28%	2.75%	13.2	26.8	+12.6%	+15.7%
BAC	Bank of America	4.56%	4.88%	6.30%	2.9	9.6	+6.0%	+18.0%
GS	Goldman Sachs	3.36%	2.72%	4.00%	3.6	11.3	+2.0%	+11.4%
WFC	Wells Fargo	3.25%	3.74%	4.52%	2.7	9.7	+5.3%	+11.7%
MS	Morgan Stanley	2.93%	2.47%	3.16%	3.3	13.6	+5.8%	+4.7%
C	Citigroup	2.81%	4.00%	3.63%	2.1	8.9	+4.1%	+16.2%
AXP	American Express	2.12%	2.47%	1.73%	2.5	15.5	+9.0%	+13.4%
SCHW	Charles Schwab	2.06%	1.07%	1.93%	5.1	12.7	+15.0%	+18.2%
BLK	BlackRock	2.01%	1.03%	1.15%	5.4	17.0	+10.6%	+13.3%
PGR	Progressive	1.66%	3.97%	2.37%	1.4	12.9	+4.2%	-11.2%
COF	Capital One Financial	1.60%	2.63%	2.07%	1.8	9.8	+6.0%	+16.2%
SPGI	S&P Global	1.59%	0.69%	0.98%	7.8	19.8	+5.4%	+14.1%
CB	Chubb	1.58%	2.35%	1.96%	2.2	12.5	+7.9%	+0.2%
CME	CME Group	1.30%	0.28%	0.81%	14.2	22.7	+4.9%	+4.4%
BNY	Bank of New York Mellon	1.28%	0.93%	1.29%	4.1	13.3	+4.8%	+13.1%
USB	U.S. Bancorp	1.16%	1.26%	1.61%	2.7	10.0	+6.9%	+11.9%
PNC	PNC Financial Services	1.15%	1.06%	1.53%	3.2	10.5	+5.3%	+12.0%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 10/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 10/31/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for XLF Top Holdings

Ticker	Holding	Weight	Mkt Price 10/15	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XLF	State Street Financial Select Sector SPDR ETF	100.00%	55.27	1.4%	-2.8%	1.8%	5.1%	71.9%	51.9%	242.4%
BRK-B	Berkshire Hathaway	12.46%	525.68	-0.1%	1.7%	4.6%	5.9%	51.8%	85.0%	265.6%
JPM	JPMorgan Chase	11.53%	335.53	0.1%	-4.3%	6.1%	11.9%	141.8%	128.0%	548.2%
V	Visa	8.37%	399.75	2.1%	6.4%	14.7%	16.6%	70.4%	79.7%	422.2%
MA	Mastercard	6.08%	616.32	2.2%	7.7%	8.7%	10.2%	56.4%	78.4%	547.9%
BAC	Bank of America	4.56%	51.70	0.6%	-13.1%	-4.5%	1.0%	105.8%	26.0%	302.7%
GS	Goldman Sachs	3.36%	891.28	1.4%	-8.7%	2.9%	18.3%	203.1%	147.8%	548.6%
WFC	Wells Fargo	3.25%	82.75	2.3%	-7.8%	-9.8%	-2.2%	113.7%	93.2%	144.9%
MS	Morgan Stanley	2.93%	182.10	0.3%	-11.7%	4.3%	14.5%	153.6%	109.1%	658.9%
C	Citigroup	2.81%	123.21	0.8%	-9.5%	7.2%	26.1%	229.8%	102.2%	242.5%
AXP	American Express	2.12%	313.87	2.3%	-3.0%	-14.2%	-4.0%	112.5%	89.8%	500.1%
SCHW	Charles Schwab	2.06%	94.16	-2.7%	-12.6%	-4.8%	1.1%	82.7%	24.8%	238.7%
BLK	BlackRock	2.01%	1,120.78	4.4%	5.9%	6.4%	-4.8%	88.6%	39.5%	304.3%
PGR	Progressive	1.66%	213.75	0.1%	-3.4%	-0.0%	0.5%	48.9%	161.7%	769.5%
COF	Capital One Financial	1.60%	198.86	2.3%	-3.9%	-17.0%	-6.1%	114.4%	29.7%	231.5%
SPGI	S&P Global	1.59%	424.81	4.0%	3.0%	-13.9%	-6.6%	24.6%	5.1%	299.7%
CB	Chubb	1.58%	352.79	0.8%	3.2%	14.1%	28.3%	71.4%	109.2%	235.6%
CME	CME Group	1.30%	289.46	1.4%	5.2%	9.6%	12.1%	50.3%	68.5%	310.0%
BNY	Bank of New York Mellon	1.28%	142.09	3.2%	-8.1%	23.9%	32.7%	265.3%	184.7%	366.6%
USB	U.S. Bancorp	1.16%	57.39	2.0%	-6.9%	10.6%	28.3%	99.9%	18.7%	94.6%
PNC	PNC Financial Services	1.15%	214.94	-0.4%	-9.9%	6.4%	21.8%	102.5%	30.1%	239.0%

Guidance Updates for XLF Top Holdings

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
XLF Return	35%	-11%	12%	31%	15%	0%	103%
Peers Return	33%	-0%	26%	15%	18%	28%	189%
S&P 500 Return	27%	-19%	24%	23%	16%	14%	108%
Monthly Win Rates [3]
XLF Win Rate	58%	42%	50%	67%	67%	50%
Peers Win Rate	73%	42%	62%	62%	63%	50%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
XLF Max Drawdown	-8%	-26%	-16%	-7%	-16%	-15%
Peers Max Drawdown	-11%	-26%	-13%	-14%	-21%	-13%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VGT, XLK, XLV, XLE, XLI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/15/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
XLF	-0.23	0.89	0.36
Equity Top Results (3Y)
IALT	2.30	2.30	2.30
VLUE	2.18	1.44	0.76
SPMO	0.89	1.43	0.86
SMH	1.69	1.38	0.95
CGDV	1.03	1.35	0.89

Results as of 9302026.

Event	XLF	S&P 500
2025 US Tariff Shock
% Loss	-15.5%	-18.8%
% Gain to Breakeven	18.4%	23.1%
Time to Breakeven	80 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.7%	-9.5%
% Gain to Breakeven	12.0%	10.5%
Time to Breakeven	26 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-16.1%	-6.7%
% Gain to Breakeven	19.1%	7.1%
Time to Breakeven	270 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-22.3%	-24.5%
% Gain to Breakeven	28.6%	32.4%
Time to Breakeven	467 days	427 days
2020 COVID-19 Crash
% Loss	-42.8%	-33.7%
% Gain to Breakeven	74.8%	50.9%
Time to Breakeven	289 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-19.7%	-19.2%
% Gain to Breakeven	24.5%	23.8%
Time to Breakeven	123 days	105 days

Compare to VGT, XLK, XLV, XLE, XLI

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	XLF	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-22.3%	-24.5%
% Gain to Breakeven	28.6%	32.4%
Time to Breakeven	467 days	427 days
2020 COVID-19 Crash
% Loss	-42.8%	-33.7%
% Gain to Breakeven	74.8%	50.9%
Time to Breakeven	289 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-21.4%	-12.2%
% Gain to Breakeven	27.3%	13.9%
Time to Breakeven	272 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-26.1%	-17.9%
% Gain to Breakeven	35.3%	21.8%
Time to Breakeven	162 days	123 days
2008-2009 Global Financial Crisis
% Loss	-78.3%	-53.4%
% Gain to Breakeven	359.8%	114.4%
Time to Breakeven	2329 days	1085 days

Compare to VGT, XLK, XLV, XLE, XLI

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

XLF Dip Buy History

XLF had 22 events since 1/1/2005 where the dip threshold of -5.0% within 60 trading days was triggered

21% median peak return within 1 year of dip event
262 days is the median time to peak return after a dip event
-7.2% median max drawdown within 1 year of dip event

60 Trading-Day Dip			XLF Subsequent Performance
Date	XLF	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			17%	21%	-7%	262
3/6/2026	-5%	-1%			-5%	181
4/4/2025	-8%	-14%	17%	29%	-1%	277
10/12/2023	-5%	-4%	44%	44%	-5%	368
3/10/2023	-5%	-3%	26%	26%	-6%	368
3/7/2022	-8%	-10%	0%	11%	-14%	18
1/21/2022	-5%	-4%	-4%	8%	-20%	19
9/1/2020	-5%	10%	55%	59%	-7%	360
2/27/2020	-9%	-5%	21%	26%	-35%	363
10/11/2018	-5%	-3%	7%	11%	-15%	288
4/11/2018	-6%	-5%	-1%	7%	-17%	162
5/17/2017	-6%	0%	24%	33%	0%	254
6/27/2016	-5%	-3%	41%	47%	0%	247
1/13/2016	-7%	-7%	35%	37%	-9%	357
8/24/2015	-8%	-10%	8%	11%	-12%	99
5/18/2012	-6%	-5%	47%	48%	-3%	368
5/11/2011	-6%	1%	-5%	2%	-29%	320
6/1/2010	-5%	-5%	11%	21%	-6%	262
2/5/2010	-6%	-2%	20%	23%	-3%	68
12/10/2009	-6%	4%	11%	20%	-5%	125
11/1/2007	-7%	1%	-50%	0%	-57%	0
7/24/2007	-7%	2%	-33%	5%	-49%	73
3/21/2005	-5%	-2%	17%	18%	-4%	364

[1] Dip event: the stock fell more than 5.0% over 60 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/15/2026

XLF had 14 events since 1/1/2005 where the dip threshold of -10% within 90 trading days was triggered

20% median peak return within 1 year of dip event
278 days is the median time to peak return after a dip event
-13% median max drawdown within 1 year of dip event

90 Trading-Day Dip			XLF Subsequent Performance
Date	XLF	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			3%	20%	-13%	278
4/4/2025	-11%	-14%	17%	29%	-1%	277
5/24/2023	-11%	4%	33%	36%	0%	359
3/23/2023	-12%	0%	35%	38%	0%	364
10/6/2022	-10%	-9%	7%	18%	-4%	124
5/5/2022	-10%	-13%	-5%	8%	-13%	278
3/7/2022	-11%	-8%	0%	11%	-14%	18
3/6/2020	-10%	-1%	37%	37%	-30%	367
12/10/2018	-11%	-6%	25%	25%	-9%	361
2/11/2016	-13%	-6%	52%	52%	0%	365
6/10/2011	-11%	-2%	-5%	10%	-23%	290
8/11/2010	-12%	-8%	-13%	22%	-13%	191
6/2/2008	-12%	4%	-48%	1%	-74%	3
10/19/2007	-12%	-1%	-49%	4%	-56%	10
8/28/2007	-10%	-3%	-36%	9%	-46%	38

[1] Dip event: the stock fell more than 10% over 90 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/15/2026

XLF had 6 events since 1/1/2005 where the dip threshold of -20% within 180 trading days was triggered

28% median peak return within 1 year of dip event
213 days is the median time to peak return after a dip event
-4.7% median max drawdown within 1 year of dip event

180 Trading-Day Dip			XLF Subsequent Performance
Date	XLF	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			20%	28%	-5%	213
9/22/2022	-21%	-21%	9%	18%	-4%	138
7/13/2022	-22%	-15%	12%	20%	-3%	209
9/21/2020	-21%	3%	55%	66%	-3%	340
3/12/2020	-24%	-14%	75%	75%	-13%	365
8/22/2011	-20%	-7%	29%	36%	-5%	217
1/2/2008	-21%	0%	-54%	5%	-66%	30

[1] Dip event: the stock fell more than 20% over 180 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/15/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
IJH	iShares Core S&P Mid-Cap ETF	-7.2%	73.03	10152026	78.67	8162026	60
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.1%	666.11	10152026	716.91	8162026	60
SCHM	Schwab U.S. Mid-Cap ETF	-6.3%	34.55	10152026	36.87	6302026	107
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.9%	123.53	10152026	132.68	8162026	60
IJR	iShares Core S&P Small-Cap ETF	-8.8%	137.19	10152026	150.44	8162026	60
VB	Vanguard Small-Cap ETF	-6.6%	287.97	10152026	308.38	8162026	60
IWM	iShares Russell 2000 ETF	-9.8%	275.08	10152026	305.09	8162026	60
SCHA	Schwab U.S. Small-Cap ETF	-10.1%	32.49	10152026	36.13	6302026	107
VTWO	Vanguard Russell 2000 ETF	-9.6%	111.09	10152026	122.90	8162026	60
DFAS	Dimensional U.S. Small Cap ETF	-7.2%	78.36	10152026	84.48	8162026	60
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-7.2%	52.58	10152026	56.64	8162026	60
NUSC	Nuveen ESG Small-Cap ETF	-7.6%	49.21	10152026	53.27	8162026	60
AKRE	Akre Focus ETF	-6.8%	57.65	10152026	61.85	8302026	46
IWP	iShares Russell Mid-Cap Growth ETF	-7.0%	137.43	10152026	147.70	8172026	59
VOT	Vanguard Mid-Cap Growth ETF	-6.1%	294.50	10152026	313.61	8162026	60
IJK	iShares S&P Mid-Cap 400 Growth ETF	-7.8%	109.84	10152026	119.11	8172026	59
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-7.8%	104.81	10152026	113.69	8172026	59
IWO	iShares Russell 2000 Growth ETF	-12.1%	347.65	10152026	395.65	8162026	60
VBK	Vanguard Small-Cap Growth ETF	-8.4%	335.02	10152026	365.91	8172026	59
IJT	iShares S&P Small-Cap 600 Growth ETF	-10.1%	161.01	10152026	179.07	8042026	72
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-10.0%	107.52	10152026	119.50	8042026	72
IJJ	iShares S&P Mid-Cap 400 Value ETF	-6.6%	141.62	10152026	151.67	8162026	60
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-6.5%	91.05	10152026	97.39	8162026	60
VBR	Vanguard Small-Cap Value ETF	-5.3%	237.24	10152026	250.56	8162026	60
AVUV	Avantis U.S. Small Cap Value ETF	-6.4%	120.44	10152026	128.74	8042026	72
IWN	iShares Russell 2000 Value ETF	-7.4%	210.54	10152026	227.43	8162026	60
IJS	iShares S&P Small-Cap 600 Value ETF	-7.8%	129.66	10152026	140.68	8162026	60
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-7.8%	103.44	10152026	112.22	8162026	60
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-7.4%	111.37	10152026	120.28	8162026	60
VXUS	Vanguard Total International Stock ETF	-5.2%	83.84	10152026	88.41	9072026	38
VEA	Vanguard FTSE Developed Markets ETF	-5.4%	69.66	10152026	73.61	8252026	51
SCHF	Schwab International Equity ETF	-5.5%	27.02	10152026	28.59	8252026	51
VGK	Vanguard FTSE Europe ETF	-6.2%	87.21	10152026	92.96	8252026	51
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-5.7%	152.30	10152026	161.49	5112026	157
SCHC	Schwab International Small-Cap Equity ETF	-6.0%	48.73	10152026	51.86	8272026	49
IEMG	iShares Core MSCI Emerging Markets ETF	-9.2%	78.09	10152026	86.00	6222026	115
EEM	iShares MSCI Emerging Markets ETF	-10.2%	63.96	10152026	71.21	6222026	115
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-15.6%	31.49	10152026	37.30	6222026	115
EWY	iShares MSCI South Korea ETF	-28.7%	156.22	10152026	219.20	6212026	116
FXI	iShares China Large-Cap ETF	-10.5%	34.26	10152026	38.26	5132026	155
KWEB	KraneShares CSI China Internet ETF	-19.5%	24.61	10152026	30.59	5132026	155
RYLD	Global X Russell 2000 Covered Call ETF	-5.6%	15.39	10152026	16.31	8272026	49
MTUM	iShares MSCI USA Momentum Factor ETF	-12.7%	301.54	10152026	345.22	6222026	115
SPHQ	Invesco S&P 500 Quality ETF	-5.8%	84.88	10152026	90.10	6302026	107
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.5%	35.63	10152026	38.52	8162026	60
SPMO	Invesco S&P 500 Momentum ETF	-10.8%	144.18	10152026	161.66	6222026	115
ARKK	ARK Innovation ETF	-7.6%	85.69	10152026	92.78	10052026	10
URA	Global X Uranium ETF	-38.0%	36.12	10152026	58.26	5062026	162
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-19.0%	33.74	10152026	41.63	5132026	155
ROBO	ROBO Global Robotics & Automation Index ETF	-14.4%	77.30	10152026	90.34	6022026	135
LIT	Global X Lithium & Battery Tech ETF	-28.4%	65.57	10152026	91.62	5112026	157
ICLN	iShares Global Clean Energy ETF	-30.3%	16.55	10152026	23.75	6022026	135
ARKQ	ARK Autonomous Technology & Robotics ETF	-19.6%	115.68	10152026	143.82	5282026	140
ARKX	ARK Space & Defense Innovation ETF	-19.1%	30.53	10152026	37.74	5282026	140
NASA	Tema Space Innovators ETF	-49.3%	21.25	10152026	41.89	5272026	141
AGIX	KraneShares Artificial Intelligence ETF	-8.1%	45.55	10152026	49.56	10062026	9
DRSK	Aptus Defined Risk ETF	-7.1%	27.30	10152026	29.39	6012026	136
PCEF	Invesco CEF Income Composite ETF	-5.4%	19.37	10152026	20.47	8132026	63
YYY	Amplify CEF High Income ETF	-9.3%	10.31	10152026	11.37	8162026	60
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-9.6%	64.44	10152026	71.30	8252026	51
RAAX	VanEck Real Assets ETF	-5.5%	40.35	10152026	42.70	5112026	157
VGT	Vanguard Information Technology ETF	-5.7%	122.34	10152026	129.80	10062026	9
XLK	State Street Technology Select Sector SPDR ETF	-6.3%	189.19	10152026	202.00	10062026	9
XLF	State Street Financial Select Sector SPDR ETF	-5.6%	55.27	10152026	58.56	9032026	42
XLI	State Street Industrial Select Sector SPDR ETF	-10.0%	167.89	10152026	186.51	8162026	60
XLC	State Street Communication Services Select Sector SPDR ETF	-5.3%	112.44	10152026	118.79	4192026	179
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-6.9%	113.41	10152026	121.82	5282026	140
XLU	State Street Utilities Select Sector SPDR ETF	-10.5%	41.65	10152026	46.55	4302026	168
XLB	State Street Materials Select Sector SPDR ETF	-5.8%	50.56	10152026	53.67	8262026	50
IYJ	iShares U.S. Industrials ETF	-7.6%	156.96	10152026	169.86	8042026	72
IYM	iShares U.S. Basic Materials ETF	-7.5%	181.77	10152026	196.45	8252026	51
SMH	VanEck Semiconductor ETF	-16.5%	558.84	10152026	668.91	6222026	115
SOXX	iShares Semiconductor ETF	-21.4%	514.71	10152026	655.01	6222026	115
XBI	State Street SPDR S&P Biotech ETF	-11.7%	149.78	10152026	169.55	8192026	57
ITA	iShares U.S. Aerospace & Defense ETF	-18.3%	206.92	10152026	253.22	8162026	60
IYT	iShares U.S. Transportation ETF	-10.1%	80.91	10152026	90.01	7162026	91
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-10.4%	177.49	10152026	198.06	9032026	42
KRE	State Street SPDR S&P Regional Banking ETF	-10.5%	69.75	10152026	77.93	8162026	60
MISL	First Trust Indxx Aerospace & Defense ETF	-15.8%	41.42	10152026	49.19	5282026	140
RING	iShares MSCI Global Gold Miners ETF	-18.4%	76.05	10152026	93.17	8252026	51
SOXQ	Invesco PHLX Semiconductor ETF	-20.8%	91.14	10152026	115.11	6222026	115
IGOV	iShares International Treasury Bond ETF	-5.5%	39.96	10152026	42.27	5102026	158
TLT	iShares 20+ Year Treasury Bond ETF	-7.1%	79.97	10152026	86.10	6292026	108
VGLT	Vanguard Long-Term Treasury ETF	-6.4%	51.36	10152026	54.89	6292026	108
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.4%	24.45	10152026	26.13	6292026	108
TLH	iShares 10-20 Year Treasury Bond ETF	-5.8%	94.02	10152026	99.78	6292026	108
EDV	Vanguard World Funds Extended Duration ETF	-10.7%	57.61	10152026	64.54	6242026	113
VCLT	Vanguard Long-Term Corporate Bond ETF	-6.0%	69.97	10152026	74.47	6292026	108
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-6.2%	20.81	10152026	22.18	6292026	108
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-6.0%	46.60	10152026	49.56	6292026	108
LMUB	iShares Long-Term National Muni Bond ETF	-6.6%	47.28	10152026	50.63	7052026	102
GLD	SPDR Gold Trust	-14.2%	382.71	10152026	445.93	4192026	179
IAU	iShares Gold Trust	-14.1%	78.47	10152026	91.34	4192026	179
GLDM	SPDR Gold MiniShares Trust	-14.0%	82.59	10152026	96.04	4192026	179
SLV	iShares Silver Trust	-34.6%	51.92	10152026	79.35	5132026	155
PPLT	ETFS Physical Platinum Shares	-24.5%	14.76	10152026	19.55	5132026	155
PALL	ETFS Physical Palladium Shares	-27.8%	20.58	10152026	28.51	4192026	179
UNG	United States Natural Gas Fund LP	-8.5%	11.09	10152026	12.12	6042026	133
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	10152026	60.13	5042026	164
VNQ	Vanguard Real Estate ETF	-8.6%	91.44	10152026	100.08	7282026	79
XLRE	State Street Real Estate Select Sector SPDR ETF	-8.7%	41.99	10152026	46.01	7282026	79
SCHH	Schwab U.S. REIT ETF	-10.0%	22.38	10152026	24.86	7262026	81
IYR	iShares U.S. Real Estate ETF	-9.5%	97.04	10152026	107.26	7282026	79
REET	iShares Global REIT ETF	-10.4%	25.89	10152026	28.89	7262026	81
USRT	iShares Core U.S. REIT ETF	-11.1%	62.05	10152026	69.82	7262026	81
ETHA	iShares Ethereum Trust ETF	-8.3%	55.41	10152026	60.45	9282026	17

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-10-14

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$27.7B), followed by Bond (+$3.2B), while Crypto (−$390M) and Commodity (−$339M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$15.9B) and out of Long Treasury (−$1.8B).
Relative to fund size, CNEQ drew the largest inflow (+36.8% of AUM) and EWS the largest outflow (−26.4%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$8.52B	+1.0%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$3.86B	+2.1%
3	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.31B	+0.2%
4	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$2.13B	+0.4%
5	CNEQ	Alger Concentrated Equity ETF	Other	+$1.91B	+36.8%
6	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$1.73B	+3.4%
7	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.31B	+9.9%
8	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	+$1.26B	+1.6%
9	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$1.21B	+0.1%
10	MUB	iShares National Muni Bond ETF	Bond Municipal	+$1.21B	+2.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.91B	+36.8%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$422M	+25.3%
3	IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	Other	+$412M	+19.8%
4	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$773M	+17.3%
5	SCMB	Schwab Municipal Bond ETF	Other	+$457M	+14.1%
6	DXJ	WisdomTree Japan Hedged Equity Fund	Other	+$939M	+13.2% ⚠
7	BKLC	BNY Mellon US Large Cap Core Equity ETF	Other	+$802M	+11.9%
8	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.31B	+9.9%
9	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$165M	+8.7%
10	EWG	iShares MSCI Germany ETF	Other	+$122M	+8.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$1.9B	-3.9%
2	DRAM	Roundhill Memory ETF	Other	-$898M	-4.1%
3	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$836M	-1.6%
4	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$624M	-3.6%
5	MBB	iShares MBS ETF	Bond Mortgage Backed	-$414M	-1.2%
6	EUFN	iShares MSCI Europe Financials ETF	Other	-$370M	-11.4%
7	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$364M	-2.8%
8	EWS	iShares MSCI Singapore ETF	Other	-$325M	-26.4%
9	EWP	iShares MSCI Spain ETF	Other	-$283M	-13.1%
10	ETHA	iShares Ethereum Trust ETF	Crypto	-$243M	-2.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	EWS	iShares MSCI Singapore ETF	Other	-$325M	-26.4%
2	EWP	iShares MSCI Spain ETF	Other	-$283M	-13.1%
3	EUFN	iShares MSCI Europe Financials ETF	Other	-$370M	-11.4%
4	KBE	State Street SPDR S&P Bank ETF	Other	-$117M	-8.3%
5	USO	United States Oil Fund, LP	Commodity Energy	-$150M	-8.2%
6	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$232M	-6.5%
7	IBDR	iShares iBonds Dec 2026 Term Corporate ETF	Other	-$156M	-5.2%
8	IYK	iShares U.S. Consumer Staples ETF	Other	-$70M	-4.4%
9	XME	State Street SPDR S&P Metals & Mining ETF	Other	-$171M	-4.2%
10	DRAM	Roundhill Memory ETF	Other	-$898M	-4.1%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$83.4B), followed by Bond (+$35.6B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$37.4B) and out of Factor Smart Beta (−$3.9B).
Relative to fund size, CNEQ drew the largest inflow (+85.1% of AUM) and MTBA the largest outflow (−38.3%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$57.03B	+6.4%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$11.26B	+6.4%
3	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$11.21B	+1.4%
4	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$6.19B	+12.9%
5	MUB	iShares National Muni Bond ETF	Bond Municipal	+$6.17B	+13.2%
6	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$6.09B	+12.6%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$5.83B	+5.2%
8	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.79B	+33.2%
9	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.71B	+0.8%
10	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.16B	+40.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.71B	+85.1%
2	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$3.76B	+43.1%
3	ALAI	Alger AI Enablers & Adopters ETF	Other	+$545M	+40.7%
4	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.16B	+40.0%
5	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.23B	+35.7%
6	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.79B	+33.2%
7	BLCR	iShares Large Cap Core Active ETF	Other	+$2.89B	+31.3%
8	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$585M	+27.3%
9	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$307M	+27.0%
10	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$1.08B	+26.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$41.91B	-4.0%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.4B	-26.3%
3	MBB	iShares MBS ETF	Bond Mortgage Backed	-$3.08B	-8.6%
4	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.26B	-4.4%
5	DRAM	Roundhill Memory ETF	Other	-$2.21B	-8.5%
6	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.79B	-6.9%
7	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.57B	-7.8%
8	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-9.0%
9	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$1.09B	-8.5%
10	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.08B	-4.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	MTBA	Simplify MBS ETF	Other	-$396M	-38.3%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.4B	-26.3%
3	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$653M	-17.8%
4	EUFN	iShares MSCI Europe Financials ETF	Other	-$666M	-16.8%
5	IWX	iShares Russell Top 200 Value ETF	Other	-$529M	-14.4%
6	EWW	iShares MSCI Mexico ETF	Other	-$212M	-14.2%
7	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$870M	-13.6%
8	IGOV	iShares International Treasury Bond ETF	Bond International	-$178M	-13.6%
9	USO	United States Oil Fund, LP	Commodity Energy	-$246M	-13.0%
10	IDEF	iShares Defense Industrials Act	Other	-$481M	-12.6%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$162.5B), followed by Bond (+$66.7B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$40.0B) and out of Intermediate Treasury (−$4.3B).
Relative to fund size, CNEQ drew the largest inflow (+197.6% of AUM) and FTXL the largest outflow (−67.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$28.5B	+2.7%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.9B	+11.7%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$17.25B	+16.3%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.41B	+2.4%
5	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$14.05B	+1.7%
6	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.0B	+9.1%
7	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$9.37B	+1.9%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.44B	+8.1%
9	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$8.3B	+17.9%
10	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$7.7B	+17.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$4.77B	+197.6%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$1.34B	+122.7%
3	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.95B	+81.0%
4	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+74.5%
5	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.32B	+74.0%
6	BFLX	iShares Flexible Equity Active ETF	Other	+$1.41B	+67.6%
7	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.62B	+67.2%
8	ARKK	ARK Innovation ETF	Equity Thematic	+$3.61B	+56.4% ⚠
9	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$882M	+56.0%
10	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$808M	+55.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$22.91B	-2.6%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.84B	-27.8%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.04B	-15.6%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$4.08B	-9.7%
5	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.77B	-9.7%
6	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.43B	-6.2%
7	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.39B	-4.3%
8	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$1.75B	-12.0%
9	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.2%
10	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$1.33B	-19.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$903M	-67.9%
2	USO	United States Oil Fund, LP	Commodity Energy	-$887M	-44.6%
3	MTBA	Simplify MBS ETF	Other	-$552M	-38.2%
4	TAN	Invesco Solar ETF	Other	-$393M	-36.5%
5	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$661M	-35.9%
6	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$600M	-34.0%
7	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$319M	-30.4%
8	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.84B	-27.8%
9	BKAG	BNY Mellon Core Bond ETF	Other	-$583M	-26.1%
10	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$1.07B	-25.5%

Largest ETF fund flows across ~2640 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About XLF

Holdings Count: 76
Expense Ratio: 0.08%
Inception Date: 1998-12-16

State Street Financial Select Sector SPDR ETF
The State Street Financial Select Sector SPDR ETF aims to mirror the price and yield performance of the Financial Select Sector Index, before accounting for expenses. This underlying Index is structured to accurately reflect the financial segment of the S&P 500 Index. The ETF offers targeted investment exposure to various financial sub-sectors, including financial services, insurance, banking, capital markets, mortgage real estate investment trusts (REITs), and consumer finance. Consequently, it enables investors to pursue more granular strategic or tactical portfolio adjustments than typical style-based investment approaches.
Asset Class: Equity | ETF Website

	Title	Date
0	DASHBOARDS
1	Is XLF's New High A Quiet Warning?	07/15/2026

	Title
0	ARTICLES

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
VSTM	Verastem	0.9	19.7%	19.6%
OPK	OPKO Health	1.2	17.5%	27.8%
FNMA	Federal National Mortgage Association...	21.5	16.2%	-65.9%
PRME	Prime Medicine	0.6	15.3%	4.0%
FMCC	Federal Home Loan Mortgage	10.8	14.0%	-67.2%
TRU	TransUnion	14.3	10.7%	-13.1%
APPS	Digital Turbine	1.3	10.7%	110.8%
CAPR	Capricor Therapeutics	0.4	10.3%	-74.8%
PAR	PAR Technology	0.7	9.7%	-52.2%
THM	International Tower Hill Mines	0.6	9.5%	17.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FMC	FMC	0.7	-30.5%	-58.6%
MAN	ManpowerGroup	2.1	-15.8%	50.6%
SMTC	Semtech	13.5	-10.0%	95.7%
TBN	Tamboran Resources	1.1	-9.7%	17.0%
LSCC	Lattice Semiconductor	14.7	-6.9%	45.5%
MTSI	MACOM Technology Solutions	20.7	-6.8%	58.4%
FET	Forum Energy Technologies	0.9	-6.2%	108.7%
ATEN	A10 Networks	1.8	-6.1%	44.6%
DHT	DHT	3.8	-6.1%	117.4%
AXTI	AXT	3.5	-6.0%	254.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FIGS	FIGS	3.1	24.4%	64.0%
CBRL	Cracker Barrel Old Country Store	1.5	21.8%	170.8%
LQDA	Liquidia	3.0	21.1%	-1.6%
MRNA	Moderna	94.1	20.1%	702.0%
ETSY	Etsy	8.4	18.7%	60.9%
OPK	OPKO Health	1.2	17.5%	27.8%
BLMN	Bloomin Brands	0.8	17.1%	60.9%
NVAX	Novavax	2.1	16.4%	90.8%
CCC	CCC Intelligent Solutions	4.4	16.3%	-3.9%
CCI	Crown Castle	34.6	16.1%	-6.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CTNM	Contineum Therapeutics	0.3	-40.1%	-30.9%
FMC	FMC	0.7	-37.0%	-58.6%
EOSE	Eos Energy Enterprises	0.7	-29.5%	-83.0%
NUAI	New Era Energy & Digital	0.3	-29.4%	16.4%
CIFR	Cipher Digital	4.1	-26.4%	-32.7%
ASTS	AST SpaceMobile	12.6	-26.0%	-42.0%
BLZE	Backblaze	0.6	-25.1%	108.7%
UAMY	United States Antimony	0.4	-25.0%	-44.4%
UNIT	Uniti	1.4	-23.8%	-19.5%
TMC	TMC The Metals	1.1	-23.3%	-57.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MYPS	PLAYSTUDIOS	0.5	710.0%	521.2%
KOD	Kodiak Sciences	5.1	147.5%	190.0%
GRAL	GRAIL	6.0	86.0%	63.2%
DNA	Ginkgo Bioworks	0.7	63.3%	38.7%
MRNA	Moderna	94.1	62.4%	702.0%
CBRL	Cracker Barrel Old Country Store	1.5	56.0%	170.8%
SG	Sweetgreen	1.2	53.2%	50.0%
RXO	RXO	4.9	50.4%	127.0%
IOVA	Iovance Biotherapeutics	6.6	49.1%	439.2%
PTC	PTC	22.1	47.3%	10.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	9.0	-83.5%	-79.9%
EMAT	Evolution Metals & Technologies	0.9	-60.5%	-93.0%
XNDU	Xanadu Quantum Technologies	1.0	-57.5%	-72.3%
GLAS	Glass House Brands	0.3	-54.0%	-58.3%
EOSE	Eos Energy Enterprises	0.7	-50.4%	-83.0%
LQDA	Liquidia	3.0	-50.4%	-1.6%
FMC	FMC	0.7	-47.5%	-58.6%
QURE	uniQure	1.5	-47.0%	-5.9%
NKTR	Nektar Therapeutics	1.2	-44.0%	-10.8%
CTNM	Contineum Therapeutics	0.3	-42.6%	-30.9%

Peer Comparisons

Peers to compare with:

Profile

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	51.7	170.2	131.1	44.3	42.4	30.8	48.0
Expense Ratio	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
10-D Avg Volume (Mil)	34.37	4.35	9.25	9.39	31.25	7.15	9.32
Latest Day Volume (Mil)	35.41	3.04	5.51	7.04	27.27	3.84	6.27
Holdings Count	76	310	75	61	21	83	76
Inception Date	12/16/1998	1/26/2004	12/16/1998	12/16/1998	12/16/1998	12/16/1998	-

Fundamentals

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Net Asset Value	54.73	126.49	198.80	170.81	65.08	169.24	-
Premium/Discount	-0.4%	-2.9%	-4.2%	1.8%	3.9%	-1.3%	-0.8%
Distribution Yield	1.5%	0.4%	0.4%	1.5%	2.3%	1.2%	1.3%
Sales Yield	30.6%	72.9%	88.4%	57.3%	54.3%	33.7%	55.8%
Earnings Yield	6.6%	9.8%	11.7%	3.0%	5.4%	3.6%	6.0%

Valuation

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
P/S (TTM)	3.3x	1.4x	1.1x	1.7x	1.8x	3.0x	1.8x
P/E (TTM)	15.1x	10.2x	8.6x	33.8x	18.6x	27.7x	16.9x
P/FCF (TTM)	32.1x	4.8x	3.8x	23.6x	18.0x	27.3x	20.8x
Forward P/E	14.0x	3.8x	3.0x	18.8x	14.0x	22.6x	14.0x
Forward P/S	3.2x	1.0x	0.8x	1.7x	1.7x	2.7x	1.7x

Risk

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Volatility (1Y)	14.6%	24.6%	26.2%	16.0%	21.9%	17.2%	19.6%
Volatility (3Y)	16.1%	24.6%	25.1%	14.9%	21.7%	16.7%	19.2%
Volatility (5Y)	18.3%	25.9%	25.9%	15.2%	25.5%	17.6%	21.9%
Beta (1Y)	0.61	1.68	1.74	0.28	-0.39	0.95	0.78
Beta (3Y)	0.78	1.50	1.50	0.45	0.45	0.91	0.84
Beta (5Y)	0.85	1.42	1.40	0.54	0.57	0.88	0.87
Sharpe Ratio (1Y)	0.32	1.26	1.30	1.41	2.26	0.64	1.28
Sharpe Ratio (3Y)	1.19	1.27	1.22	0.81	0.89	1.12	1.16
Sharpe Ratio (5Y)	0.55	0.83	0.86	0.58	0.97	0.74	0.78
Max Drawdown (1Y)	-14.8%	-16.4%	-15.9%	-10.5%	-15.0%	-12.2%	-14.9%
Max Drawdown (3Y)	-15.5%	-27.2%	-25.7%	-17.1%	-20.1%	-18.5%	-19.3%
Max Drawdown (5Y)	-25.8%	-35.1%	-33.6%	-17.1%	-26.0%	-21.6%	-25.9%

Returns

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
1M Return	-2.5%	3.4%	3.5%	3.7%	5.6%	-1.0%	3.5%
3M Return	-3.1%	8.7%	8.5%	8.0%	17.3%	-6.9%	8.2%
6M Return	5.2%	24.4%	25.4%	19.2%	20.4%	-1.7%	19.8%
YTD Return	0.4%	30.8%	32.6%	13.3%	53.4%	8.3%	22.1%
1Y Return	3.7%	32.4%	35.8%	23.8%	60.1%	10.0%	28.1%
2Y Return	22.7%	65.7%	67.0%	17.4%	54.9%	25.8%	40.4%
3Y Return	70.9%	133.6%	128.9%	39.0%	66.6%	68.7%	69.8%

Short Interest

Short Interest: As Of Date	9302026
Short Interest: Shares Quantity	143.2 Mil
Short Interest: % Change Since 9152026	5.1%
Average Daily Volume	42.6 Mil
Days-to-Cover Short Interest	3.4 days

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/16/2026): $55.38

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/16/2026): $55.38

Key Takeaways

Price Chart

Asset Allocation with XLF

Valuation & Yield

Top 20 Holdings for XLF

Performance for XLF Top Holdings

Guidance Updates for XLF Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

XLF Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About XLF

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Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

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