State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/15/2026): $54.88

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/15/2026): $54.88

Key Takeaways

XLF has returned +0.4% YTD vs +13.5% for SPY; +3.7% over the past 12 months (SPY +17.2%). details →
Priced in gold, XLF has returned -23.2% over the past 3 years, vs +71.4% in dollars — its dollar gains have lagged gold. details →
Over the past month, XLF has seen net outflows of −$1.79B (−3.5% of assets). details →
XLF's portfolio trades at 13.9x forward earnings — a 81% premium to SPY (7.7x). details →
Analysts expect +5% revenue growth across XLF's holdings (next fiscal year) vs +13% for SPY; expected earnings growth: +8% vs +19%. details →

Last updated: 10/14/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with XLF

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+11.0%

Volatility

12.7%

Sharpe

0.66

YTD

+1.4%

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%	-0.5%	1.4%	-4.1%	0.4%
Bond	BND	50.0%	0.1%	0.6%	-0.7%	-2.0%
Gold	GLD	10.0%	-1.5%	0.0%	-4.6%	-5.1%
Commodity	DBC	2.5%	-0.5%	2.5%	-1.1%	49.0%
Real Estate	VNQ	5.0%	-0.9%	1.9%	-3.2%	5.0%
Bitcoin	BTCUSD	0.0%	0.1%	-0.1%	10.0%	-4.9%
Cash	GOVT	7.5%	0.1%	0.5%	-0.8%	-2.3%
Conservative Portfolio		100.0%	-0.3%	0.8%	-2.1%	-0.1%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	55.0%	-0.5%	1.4%	-4.1%	0.4%
Bond	BND	25.0%	0.1%	0.6%	-0.7%	-2.0%
Gold	GLD	7.0%	-1.5%	0.0%	-4.6%	-5.1%
Commodity	DBC	4.0%	-0.5%	2.5%	-1.1%	49.0%
Real Estate	VNQ	5.0%	-0.9%	1.9%	-3.2%	5.0%
Bitcoin	BTCUSD	2.0%	0.1%	-0.1%	10.0%	-4.9%
Cash	GOVT	2.0%	0.1%	0.5%	-0.8%	-2.3%
Moderate Portfolio		100.0%	-0.4%	1.1%	-2.8%	1.4%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	80.0%	-0.5%	1.4%	-4.1%	0.4%
Bond	BND	5.0%	0.1%	0.6%	-0.7%	-2.0%
Gold	GLD	3.0%	-1.5%	0.0%	-4.6%	-5.1%
Commodity	DBC	2.2%	-0.5%	2.5%	-1.1%	49.0%
Real Estate	VNQ	4.5%	-0.9%	1.9%	-3.2%	5.0%
Bitcoin	BTCUSD	5.2%	0.1%	-0.1%	10.0%	-4.9%
Cash	GOVT	0.0%	0.1%	0.5%	-0.8%	-2.3%
Aggressive Portfolio		100.0%	-0.5%	1.3%	-3.1%	1.1%

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	25.0%	13.0%	19.5%	0.59
Bond	BND	50.0%	1.2%	5.2%	-0.29
Gold	GLD	10.0%	12.0%	15.4%	0.63
Commodity	DBC	2.5%	8.2%	17.2%	0.37
Real Estate	VNQ	5.0%	4.8%	17.6%	0.18
Bitcoin	BTCUSD	0.0%	63.5%	76.7%	0.97
Cash	GOVT	7.5%	0.3%	5.0%	-0.50
Conservative Portfolio		100.0%	5.9%	7.5%	0.42

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	55.0%	13.0%	19.5%	0.59
Bond	BND	25.0%	1.2%	5.2%	-0.29
Gold	GLD	7.0%	12.0%	15.4%	0.63
Commodity	DBC	4.0%	8.2%	17.2%	0.37
Real Estate	VNQ	5.0%	4.8%	17.6%	0.18
Bitcoin	BTCUSD	2.0%	63.5%	76.7%	0.97
Cash	GOVT	2.0%	0.3%	5.0%	-0.50
Moderate Portfolio		100.0%	11.0%	12.7%	0.66

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	80.0%	13.0%	19.5%	0.59
Bond	BND	5.0%	1.2%	5.2%	-0.29
Gold	GLD	3.0%	12.0%	15.4%	0.63
Commodity	DBC	2.2%	8.2%	17.2%	0.37
Real Estate	VNQ	4.5%	4.8%	17.6%	0.18
Bitcoin	BTCUSD	5.2%	63.5%	76.7%	0.97
Cash	GOVT	0.0%	0.3%	5.0%	-0.50
Aggressive Portfolio		100.0%	15.9%	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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Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	10/31/27	10/15/26	2025	2024	2023	2022	2021
Share Price CYE		$54.52	$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	3.33	3.48	3.88	3.58	3.07	3.17	3.58
P/E		15.29	18.17	16.31	15.35	15.70	14.14
P/E (Non-GAAP) [2]	14.12	15.61	18.39	18.89	15.03	13.67	18.99
P/FCF		17.34	23.71	27.31	15.74	12.18	17.02
Yields TTM
Earnings Yield	7.08%	6.54%	5.50%	6.13%	6.52%	6.37%	7.07%
Dividend Yield	1.15%	1.15%	1.33%	1.45%	1.77%	2.16%	1.76%
Total Yield (TY)	8.24%	7.70%	6.83%	7.58%	8.29%	8.53%	8.83%
Risk Premium [3]
Risk Free Rate (Rf)	5.21%	5.21%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	3.03%	2.49%	2.65%	3.00%	4.41%	4.65%	7.31%
Growth Rates [6]
Sales Growth	5.4%	7.4%	4.3%	10.3%	13.3%	-3.4%
Earnings Growth [7]	8.1%	16.3%	2.5%	30.3%	18.7%	-35.8%

[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 6.54%, based on its 15.3x trailing P/E. With a 1.15% dividend yield, XLF is yielding 7.70% in total.

RISK

Compared to US Treasuries at 5.21%, XLF's total yield implies a reasonable 2.49% risk premium. Risk premiums at this level suggest valuations are not excessive.

FORWARD EXPECTATIONS

Based on analyst estimates, XLF's forward total yield is 8.24%, implying a 3.03% 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%	3.1	13.9	+5.4%	+8.1%
Top 20		72.87%	62.16%	72.35%	3.6	14.7	+4.9%	+8.1%
BRK-B	Berkshire Hathaway	12.46%	15.60%	14.17%	2.8	23.7	+1.6%	-0.5%
JPM	JPMorgan Chase	11.53%	8.08%	12.51%	4.2	12.8	+3.7%	+1.3%
V	Visa	8.37%	1.64%	3.86%	14.4	24.7	+10.4%	+14.7%
MA	Mastercard	6.08%	1.30%	2.79%	12.9	26.2	+12.6%	+15.7%
BAC	Bank of America	4.56%	4.87%	6.29%	2.8	9.5	+5.7%	+12.1%
GS	Goldman Sachs	3.36%	2.74%	4.02%	3.6	11.3	+2.4%	+12.8%
WFC	Wells Fargo	3.25%	3.71%	4.48%	2.7	9.7	+5.1%	+11.3%
MS	Morgan Stanley	2.93%	2.46%	3.15%	3.3	13.6	+5.9%	+4.8%
C	Citigroup	2.81%	4.00%	3.63%	2.1	8.9	+4.1%	+16.5%
AXP	American Express	2.12%	2.50%	1.75%	2.4	15.1	+9.0%	+13.5%
SCHW	Charles Schwab	2.06%	1.03%	1.86%	5.3	13.0	+15.0%	+18.2%
BLK	BlackRock	2.01%	1.07%	1.19%	5.2	16.3	+11.6%	+13.2%
PGR	Progressive	1.66%	3.95%	2.35%	1.4	12.8	+4.7%	-12.4%
COF	Capital One Financial	1.60%	2.66%	2.10%	1.8	9.6	+6.0%	+16.1%
SPGI	S&P Global	1.59%	0.69%	0.98%	7.8	19.8	+5.4%	+13.9%
CB	Chubb	1.58%	2.35%	1.96%	2.2	12.4	+7.9%	+0.2%
CME	CME Group	1.30%	0.28%	0.81%	14.0	22.4	+4.9%	+4.4%
BNY	Bank of New York Mellon	1.28%	0.92%	1.28%	4.1	13.3	+4.8%	+13.1%
USB	U.S. Bancorp	1.16%	1.28%	1.63%	2.7	9.8	+6.9%	+11.9%
PNC	PNC Financial Services	1.15%	1.05%	1.51%	3.2	10.6	+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 10/14	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XLF	State Street Financial Select Sector SPDR ETF	100.00%	54.52	-0.5%	-4.4%	0.4%	3.7%	71.4%	49.8%	236.2%
BRK-B	Berkshire Hathaway	12.46%	526.35	1.1%	2.2%	4.7%	6.1%	52.5%	85.2%	265.1%
JPM	JPMorgan Chase	11.53%	335.28	1.2%	-3.8%	6.1%	13.1%	141.4%	127.8%	544.3%
V	Visa	8.37%	391.43	-1.2%	4.3%	12.3%	13.3%	68.5%	76.0%	409.5%
MA	Mastercard	6.08%	603.24	-0.3%	5.2%	6.3%	6.9%	54.3%	74.6%	534.0%
BAC	Bank of America	4.56%	51.39	-4.8%	-13.6%	-5.1%	4.8%	106.4%	25.3%	301.5%
GS	Goldman Sachs	3.36%	878.72	-1.5%	-11.1%	1.4%	16.2%	203.7%	144.3%	533.7%
WFC	Wells Fargo	3.25%	80.90	0.2%	-8.8%	-11.8%	-2.2%	112.4%	88.9%	138.3%
MS	Morgan Stanley	2.93%	181.51	-2.7%	-12.1%	3.9%	19.5%	155.8%	108.4%	649.9%
C	Citigroup	2.81%	122.27	-1.8%	-10.2%	6.4%	25.1%	223.5%	100.6%	239.8%
AXP	American Express	2.12%	306.95	-0.9%	-6.1%	-16.1%	-6.7%	110.1%	85.6%	484.4%
SCHW	Charles Schwab	2.06%	96.80	0.9%	-9.8%	-2.2%	5.0%	96.5%	28.3%	245.1%
BLK	BlackRock	2.01%	1,073.79	0.7%	0.8%	2.0%	-8.2%	82.9%	33.6%	287.0%
PGR	Progressive	1.66%	213.46	-4.2%	-3.4%	-0.2%	-5.4%	50.7%	161.3%	761.1%
COF	Capital One Financial	1.60%	194.35	-1.9%	-6.0%	-18.9%	-7.9%	113.8%	26.7%	225.1%
SPGI	S&P Global	1.59%	408.57	-0.3%	-2.4%	-17.1%	-10.9%	21.1%	1.1%	282.6%
CB	Chubb	1.58%	350.15	1.2%	2.4%	13.2%	24.5%	72.6%	107.7%	232.6%
CME	CME Group	1.30%	285.59	2.7%	1.8%	8.1%	11.0%	47.9%	66.3%	297.9%
BNY	Bank of New York Mellon	1.28%	137.64	-2.4%	-12.7%	20.0%	30.7%	259.6%	175.8%	350.0%
USB	U.S. Bancorp	1.16%	56.26	-1.1%	-9.4%	8.4%	24.1%	98.7%	16.4%	90.2%
PNC	PNC Financial Services	1.15%	215.80	-0.8%	-10.3%	6.8%	17.5%	106.0%	30.6%	241.1%

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%	1%	104%
Peers Return	33%	-0%	26%	15%	18%	29%	191%
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%	54%
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 10/14/2026 (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 10/14/2026

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 10/14/2026

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 10/14/2026

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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
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-5.6%	157.72	10142026	167.03	8132026	62
IJH	iShares Core S&P Mid-Cap ETF	-8.1%	72.27	10142026	78.67	8162026	59
IWR	iShares Russell Mid-Cap ETF	-5.7%	108.22	10142026	114.82	8162026	59
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-8.0%	659.52	10142026	716.91	8162026	59
SCHM	Schwab U.S. Mid-Cap ETF	-7.6%	34.07	10142026	36.87	6302026	106
IVOO	Vanguard S&P Mid-Cap 400 ETF	-7.8%	122.36	10142026	132.68	8162026	59
IJR	iShares Core S&P Small-Cap ETF	-10.0%	135.41	10142026	150.44	8162026	59
VB	Vanguard Small-Cap ETF	-8.0%	283.82	10142026	308.38	8162026	59
IWM	iShares Russell 2000 ETF	-11.1%	271.37	10142026	305.09	8162026	59
SCHA	Schwab U.S. Small-Cap ETF	-11.5%	31.99	10142026	36.13	6302026	106
VTWO	Vanguard Russell 2000 ETF	-10.8%	109.61	10142026	122.90	8162026	59
DFAS	Dimensional U.S. Small Cap ETF	-8.5%	77.26	10142026	84.48	8162026	59
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-8.6%	51.75	10142026	56.64	8162026	59
NUSC	Nuveen ESG Small-Cap ETF	-9.0%	48.47	10142026	53.27	8162026	59
AKRE	Akre Focus ETF	-10.0%	55.68	10142026	61.85	8302026	45
IWP	iShares Russell Mid-Cap Growth ETF	-7.7%	136.36	10142026	147.70	8172026	58
VOT	Vanguard Mid-Cap Growth ETF	-7.3%	290.68	10142026	313.61	8162026	59
IJK	iShares S&P Mid-Cap 400 Growth ETF	-8.6%	108.88	10142026	119.11	8172026	58
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-8.5%	104.04	10142026	113.69	8172026	58
IWO	iShares Russell 2000 Growth ETF	-13.4%	342.83	10142026	395.65	8162026	59
VBK	Vanguard Small-Cap Growth ETF	-9.6%	330.73	10142026	365.91	8172026	58
IJT	iShares S&P Small-Cap 600 Growth ETF	-11.1%	159.17	10142026	179.07	8042026	71
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-11.0%	106.32	10142026	119.50	8042026	71
IWS	iShares Russell Mid-Cap Value ETF	-5.3%	164.28	10142026	173.44	8162026	59
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.7%	139.92	10142026	151.67	8162026	59
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-7.7%	89.92	10142026	97.39	8162026	59
VBR	Vanguard Small-Cap Value ETF	-6.8%	233.63	10142026	250.56	8162026	59
AVUV	Avantis U.S. Small Cap Value ETF	-7.4%	119.19	10142026	128.74	8042026	71
IWN	iShares Russell 2000 Value ETF	-8.7%	207.71	10142026	227.43	8162026	59
IJS	iShares S&P Small-Cap 600 Value ETF	-9.2%	127.78	10142026	140.68	8162026	59
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-9.2%	101.91	10142026	112.22	8162026	59
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-8.6%	109.89	10142026	120.28	8162026	59
VXUS	Vanguard Total International Stock ETF	-5.5%	83.58	10142026	88.41	9072026	37
VEU	Vanguard FTSE All-World Ex-US ETF	-5.3%	81.66	10142026	86.21	9072026	37
IXUS	iShares Core MSCI Total International Stock ETF	-5.2%	93.56	10142026	98.71	9072026	37
CWI	State Street SPDR MSCI ACWI ex-US ETF	-5.2%	39.74	10142026	41.90	9072026	37
CORO	iShares International Country Rotation Active ETF	-5.2%	35.59	10142026	37.54	9072026	37
VEA	Vanguard FTSE Developed Markets ETF	-5.9%	69.30	10142026	73.61	8252026	50
IEFA	iShares Core MSCI EAFE ETF	-5.5%	95.87	10142026	101.41	8252026	50
EFA	iShares MSCI EAFE ETF	-5.6%	102.75	10142026	108.81	8252026	50
SCHF	Schwab International Equity ETF	-5.9%	26.89	10142026	28.59	8252026	50
FNDF	Schwab Fundamental International Equity ETF	-5.1%	53.44	10142026	56.31	9072026	37
EFV	iShares MSCI EAFE Value ETF	-5.6%	78.45	10142026	83.08	9032026	41
AVIV	Avantis International Large Cap Value ETF	-5.9%	78.94	10142026	83.89	8252026	50
VGK	Vanguard FTSE Europe ETF	-7.5%	85.99	10142026	92.96	8252026	50
SCZ	iShares MSCI EAFE Small-Cap ETF	-5.0%	83.19	10142026	87.57	9072026	37
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-5.7%	152.33	10142026	161.49	5112026	156
SCHC	Schwab International Small-Cap Equity ETF	-6.2%	48.63	10142026	51.86	8272026	48
IEMG	iShares Core MSCI Emerging Markets ETF	-8.6%	78.64	10142026	86.00	6222026	114
EEM	iShares MSCI Emerging Markets ETF	-9.6%	64.39	10142026	71.21	6222026	114
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-15.9%	31.36	10142026	37.30	6222026	114
EWY	iShares MSCI South Korea ETF	-27.1%	159.83	10142026	219.20	6212026	115
FXI	iShares China Large-Cap ETF	-11.5%	33.86	10142026	38.26	5132026	154
KWEB	KraneShares CSI China Internet ETF	-19.9%	24.51	10142026	30.59	5132026	154
DVY	iShares Select Dividend ETF	-5.4%	156.59	10142026	165.50	8162026	59
RYLD	Global X Russell 2000 Covered Call ETF	-6.8%	15.20	10142026	16.31	8272026	48
MTUM	iShares MSCI USA Momentum Factor ETF	-11.7%	304.88	10142026	345.22	6222026	114
SPHQ	Invesco S&P 500 Quality ETF	-6.3%	84.46	10142026	90.10	6302026	106
FNDA	Schwab Fundamental U.S. Small Company ETF	-8.7%	35.16	10142026	38.52	8162026	59
SPMO	Invesco S&P 500 Momentum ETF	-10.2%	145.18	10142026	161.66	6222026	114
VLUE	iShares MSCI USA Value Factor ETF	-5.9%	193.46	10142026	205.51	9072026	37
MOAT	VanEck Morningstar Wide Moat ETF	-5.3%	109.06	10142026	115.14	8272026	48
SPGP	Invesco S&P 500 GARP ETF	-5.7%	121.62	10142026	129.02	8132026	62
ARKK	ARK Innovation ETF	-8.9%	84.48	10142026	92.78	10052026	9
URA	Global X Uranium ETF	-39.0%	35.54	10142026	58.26	5062026	161
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-18.1%	34.11	10142026	41.63	5132026	154
ROBO	ROBO Global Robotics & Automation Index ETF	-13.7%	77.99	10142026	90.34	6022026	134
LIT	Global X Lithium & Battery Tech ETF	-27.5%	66.38	10142026	91.62	5112026	156
ICLN	iShares Global Clean Energy ETF	-29.9%	16.64	10142026	23.75	6022026	134
ARKQ	ARK Autonomous Technology & Robotics ETF	-19.5%	115.84	10142026	143.82	5282026	139
ARKX	ARK Space & Defense Innovation ETF	-19.1%	30.52	10142026	37.74	5282026	139
NASA	Tema Space Innovators ETF	-48.5%	21.58	10142026	41.89	5272026	140
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-5.3%	21.25	10142026	22.43	10052026	9
AGIX	KraneShares Artificial Intelligence ETF	-8.1%	45.53	10142026	49.56	10062026	8
DRSK	Aptus Defined Risk ETF	-7.6%	27.17	10142026	29.39	6012026	135
ALLW	SSGA Active Trust State Street Bridgewater All Weather ETF	-5.2%	28.84	10142026	30.44	8252026	50
PCEF	Invesco CEF Income Composite ETF	-6.4%	19.16	10142026	20.47	8132026	62
YYY	Amplify CEF High Income ETF	-10.3%	10.20	10142026	11.37	8162026	59
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-11.1%	63.37	10142026	71.30	8252026	50
RAAX	VanEck Real Assets ETF	-5.4%	40.38	10142026	42.70	5112026	156
VGT	Vanguard Information Technology ETF	-5.4%	122.85	10142026	129.80	10062026	8
XLK	State Street Technology Select Sector SPDR ETF	-5.7%	190.43	10142026	202.00	10062026	8
XLF	State Street Financial Select Sector SPDR ETF	-6.9%	54.52	10142026	58.56	9032026	41
XLI	State Street Industrial Select Sector SPDR ETF	-10.4%	167.04	10142026	186.51	8162026	59
XLC	State Street Communication Services Select Sector SPDR ETF	-6.7%	110.82	10142026	118.79	4192026	178
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-8.5%	111.50	10142026	121.82	5282026	139
XLU	State Street Utilities Select Sector SPDR ETF	-10.4%	41.72	10142026	46.55	4302026	167
XLB	State Street Materials Select Sector SPDR ETF	-7.5%	49.67	10142026	53.67	8262026	49
IYJ	iShares U.S. Industrials ETF	-8.4%	155.52	10142026	169.86	8042026	71
IYM	iShares U.S. Basic Materials ETF	-8.2%	180.33	10142026	196.45	8252026	50
SMH	VanEck Semiconductor ETF	-15.6%	564.74	10142026	668.91	6222026	114
SOXX	iShares Semiconductor ETF	-20.7%	519.42	10142026	655.01	6222026	114
IBB	iShares Biotechnology ETF	-6.3%	203.25	10142026	216.96	8192026	56
XBI	State Street SPDR S&P Biotech ETF	-13.4%	146.77	10142026	169.55	8192026	56
ITA	iShares U.S. Aerospace & Defense ETF	-19.3%	204.24	10142026	253.22	8162026	59
IYT	iShares U.S. Transportation ETF	-11.7%	79.52	10142026	90.01	7162026	90
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-11.7%	174.82	10142026	198.06	9032026	41
KRE	State Street SPDR S&P Regional Banking ETF	-12.0%	68.54	10142026	77.93	8162026	59
MISL	First Trust Indxx Aerospace & Defense ETF	-16.4%	41.11	10142026	49.19	5282026	139
RING	iShares MSCI Global Gold Miners ETF	-22.0%	72.65	10142026	93.17	8252026	50
SOXQ	Invesco PHLX Semiconductor ETF	-20.1%	91.95	10142026	115.11	6222026	114
IGOV	iShares International Treasury Bond ETF	-6.2%	39.67	10142026	42.27	5102026	157
TLT	iShares 20+ Year Treasury Bond ETF	-8.4%	78.89	10142026	86.10	6292026	107
VGLT	Vanguard Long-Term Treasury ETF	-7.6%	50.70	10142026	54.89	6292026	107
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-7.7%	24.12	10142026	26.13	6292026	107
TLH	iShares 10-20 Year Treasury Bond ETF	-6.8%	92.95	10142026	99.78	6292026	107
EDV	Vanguard World Funds Extended Duration ETF	-12.7%	56.37	10142026	64.54	6242026	112
VCLT	Vanguard Long-Term Corporate Bond ETF	-7.3%	69.06	10142026	74.47	6292026	107
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.4%	20.54	10142026	22.18	6292026	107
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.1%	46.02	10142026	49.56	6292026	107
TFI	State Street SPDR Nuveen ICE Municipal Bond ETF	-5.1%	42.99	10142026	45.31	7052026	101
LMUB	iShares Long-Term National Muni Bond ETF	-7.6%	46.76	10142026	50.63	7052026	101
GLD	SPDR Gold Trust	-15.7%	375.99	10142026	445.93	4192026	178
IAU	iShares Gold Trust	-15.6%	77.07	10142026	91.34	4192026	178
GLDM	SPDR Gold MiniShares Trust	-15.5%	81.13	10142026	96.04	4192026	178
SLV	iShares Silver Trust	-36.7%	50.22	10142026	79.35	5132026	154
PPLT	ETFS Physical Platinum Shares	-25.9%	14.48	10142026	19.55	5132026	154
PALL	ETFS Physical Palladium Shares	-30.6%	19.83	10142026	28.57	4152026	182
USO	United States Oil Fund LP	-5.1%	153.56	10142026	161.86	9152026	29
UNG	United States Natural Gas Fund LP	-7.4%	11.22	10142026	12.12	6042026	132
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	10142026	60.13	5042026	163
VNQ	Vanguard Real Estate ETF	-9.7%	90.35	10142026	100.08	7282026	78
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.8%	41.49	10142026	46.01	7282026	78
SCHH	Schwab U.S. REIT ETF	-10.8%	22.18	10142026	24.86	7262026	80
IYR	iShares U.S. Real Estate ETF	-10.6%	95.93	10142026	107.26	7282026	78
REET	iShares Global REIT ETF	-11.2%	25.66	10142026	28.89	7262026	80
USRT	iShares Core U.S. REIT ETF	-12.0%	61.42	10142026	69.82	7262026	80
IBIT	iShares Bitcoin Trust ETF	-5.7%	46.24	10142026	49.01	9212026	23
FBTC	Fidelity Wise Origin Bitcoin Fund	-5.6%	71.08	10142026	75.31	9212026	23
ETHA	iShares Ethereum Trust ETF	-9.2%	54.89	10142026	60.45	9282026	16

ETF Fund Flows

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

Net fund flows · as of 2026-10-13

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$21.1B), followed by Bond (+$5.6B), while Commodity (−$1.0B) and Real Estate (−$326M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$8.4B) and out of Gold (−$898M).
Relative to fund size, CNEQ drew the largest inflow (+47.9% of AUM) and FYC the largest outflow (−30.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$5.86B	+3.2%
2	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$3.82B	+0.8%
3	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.35B	+0.2%
4	CNEQ	Alger Concentrated Equity ETF	Other	+$2.19B	+47.9%
5	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$1.5B	+3.0%
6	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.46B	+11.1%
7	MUB	iShares National Muni Bond ETF	Bond Municipal	+$1.22B	+2.5%
8	RSP	Invesco S&P 500 Equal Weight ETF	Equity Factor Smart Beta	+$1.17B	+1.2%
9	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.06B	+0.1%
10	BKLC	BNY Mellon US Large Cap Core Equity ETF	Other	+$802M	+11.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.19B	+47.9%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$517M	+34.5%
3	TAFM	Alliance Bernstein - AB Tax-Aware Intermediate Municipal ETF	Other	+$196M	+18.9%
4	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$757M	+17.9%
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	+$234M	+15.1%
6	BKLC	BNY Mellon US Large Cap Core Equity ETF	Other	+$802M	+11.9%
7	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.46B	+11.1%
8	MSTY	YieldMax MSTR Option Income Strategy ETF	Other	+$103M	+9.0%
9	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$162M	+8.7%
10	EVSM	Eaton Vance Short Duration Municipal Income ETF	Other	+$82M	+7.9%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	GLD	SPDR Gold Shares	Commodity Gold	-$861M	-0.6%
2	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$812M	-1.0%
3	IYW	iShares U.S. Technology ETF	Other	-$734M	-2.8%
4	DRAM	Roundhill Memory ETF	Other	-$614M	-2.6%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$531M	-2.8%
6	FYC	First Trust Small Cap Growth AlphaDEX Fund	Other	-$416M	-30.9%
7	ARKW	ARK Next Generation Internet ETF	Equity Thematic	-$408M	-20.6%
8	EUFN	iShares MSCI Europe Financials ETF	Other	-$405M	-11.9%
9	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$385M	-2.2%
10	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$356M	-0.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	FYC	First Trust Small Cap Growth AlphaDEX Fund	Other	-$416M	-30.9%
2	FYX	First Trust Small Cap Core AlphaDEX Fund	Other	-$336M	-25.1%
3	ARKW	ARK Next Generation Internet ETF	Equity Thematic	-$408M	-20.6%
4	EWS	iShares MSCI Singapore ETF	Other	-$236M	-19.2%
5	EWP	iShares MSCI Spain ETF	Other	-$283M	-12.3%
6	EUFN	iShares MSCI Europe Financials ETF	Other	-$405M	-11.9%
7	IYK	iShares U.S. Consumer Staples ETF	Other	-$109M	-6.9%
8	IBDR	iShares iBonds Dec 2026 Term Corporate ETF	Other	-$169M	-5.6%
9	IYJ	iShares U.S. Industrials ETF	Equity Broad Sector	-$93M	-4.8%
10	USO	United States Oil Fund, LP	Commodity Energy	-$89M	-4.8%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$67.9B), followed by Bond (+$37.7B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$28.3B) and out of Factor Smart Beta (−$3.9B).
Relative to fund size, CNEQ drew the largest inflow (+81.8% of AUM) and BKAG the largest outflow (−46.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$54.52B	+6.2%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$13.94B	+7.9%
3	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$6.44B	+13.7%
4	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$6.02B	+12.5%
5	MUB	iShares National Muni Bond ETF	Bond Municipal	+$6.01B	+13.0%
6	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$5.98B	+5.3%
7	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+32.3%
8	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.55B	+0.8%
9	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.11B	+39.7%
10	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	+$3.49B	+20.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.6B	+81.8%
2	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.39B	+41.5%
3	ALAI	Alger AI Enablers & Adopters ETF	Other	+$543M	+40.7%
4	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.11B	+39.7%
5	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$3.43B	+39.4%
6	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+32.3%
7	BLCR	iShares Large Cap Core Active ETF	Other	+$2.89B	+31.3%
8	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$322M	+28.5%
9	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$573M	+27.6%
10	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$1.05B	+26.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$41.06B	-3.9%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.45B	-26.5%
3	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.67B	-7.3%
4	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.16B	-8.3%
5	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.79B	-3.5%
6	DRAM	Roundhill Memory ETF	Other	-$1.75B	-6.8%
7	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.62B	-8.0%
8	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.42B	-5.4%
9	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.9%
10	PBUS	Invesco MSCI USA ETF	Other	-$1.01B	-8.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	BKAG	BNY Mellon Core Bond ETF	Other	-$916M	-46.6%
2	MTBA	Simplify MBS ETF	Other	-$429M	-40.1%
3	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.45B	-26.5%
4	EUFN	iShares MSCI Europe Financials ETF	Other	-$664M	-16.6%
5	EWW	iShares MSCI Mexico ETF	Other	-$235M	-15.5%
6	IWX	iShares Russell Top 200 Value ETF	Other	-$552M	-14.7%
7	CTA	Simplify Managed Futures Strategy ETF	Other	-$184M	-13.6%
8	IGOV	iShares International Treasury Bond ETF	Bond International	-$178M	-13.6%
9	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$851M	-13.0%
10	IDEF	iShares Defense Industrials Act	Other	-$477M	-12.5%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$143.3B), followed by Bond (+$67.9B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$30.8B) and out of Intermediate Treasury (−$4.2B).
Relative to fund size, CNEQ drew the largest inflow (+206.4% of AUM) and FTXL the largest outflow (−67.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$28.46B	+2.7%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.99B	+11.8%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$17.35B	+16.4%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.62B	+2.4%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.14B	+9.3%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.29B	+19.9%
7	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.37B	+8.0%
8	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$7.83B	+16.9%
9	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$7.79B	+4.8%
10	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$7.63B	+17.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$4.59B	+206.4%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$1.34B	+133.8%
3	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.95B	+81.7%
4	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.33B	+75.5%
5	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+74.7% ⚠
6	BFLX	iShares Flexible Equity Active ETF	Other	+$1.41B	+67.6%
7	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.58B	+66.8%
8	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$793M	+55.4%
9	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$866M	+55.1%
10	ARKK	ARK Innovation ETF	Equity Thematic	+$3.42B	+53.3% ⚠

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$22.93B	-2.6%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.82B	-27.7%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.9B	-15.2%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.98B	-9.4%
5	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.81B	-9.8%
6	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.05B	-3.7%
7	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.02B	-5.2%
8	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.6B	-11.4%
9	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$1.47B	-10.1%
10	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$903M	-67.8%
2	USO	United States Oil Fund, LP	Commodity Energy	-$826M	-41.5%
3	TAN	Invesco Solar ETF	Other	-$432M	-38.3%
4	MTBA	Simplify MBS ETF	Other	-$534M	-36.9%
5	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$660M	-35.7%
6	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$319M	-30.4%
7	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.82B	-27.7%
8	BKAG	BNY Mellon Core Bond ETF	Other	-$583M	-26.0%
9	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$938M	-22.3%
10	EWW	iShares MSCI Mexico ETF	Other	-$387M	-21.8%

Largest ETF fund flows across ~2645 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
LQDA	Liquidia	3.0	26.6%	-1.6%
ALMR	Alamar Biosciences	1.5	7.9%	15.3%
TRAX	First Tracks Biotherapeutics	1.2	7.7%	83.5%
NRIX	Nurix Therapeutics	2.6	7.0%	24.8%
HALO	Halozyme Therapeutics	13.7	6.6%	73.6%
SSII	SS Innovations International	0.5	5.9%	-52.5%
AADX	Applied Aerospace & Defense	1.6	5.8%	-42.0%
PHAT	Phathom Pharmaceuticals	0.6	5.7%	-55.4%
CHWY	Chewy	8.5	5.7%	-37.0%
WGS	GeneDx	2.0	5.6%	-47.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BLZE	Backblaze	0.6	-22.3%	108.7%
NUAI	New Era Energy & Digital	0.3	-20.5%	16.4%
DFH	Dream Finders Homes	0.7	-19.5%	-56.6%
PWP	Perella Weinberg Partners	1.0	-19.1%	-23.9%
EOSE	Eos Energy Enterprises	0.7	-15.9%	-83.0%
BRUN	Boost Run	0.6	-15.9%	-54.0%
CRWV	CoreWeave	36.2	-15.5%	-8.1%
UNIT	Uniti	1.4	-15.2%	-19.5%
FRMI	Fermi	2.0	-15.1%	-60.5%
DOCN	DigitalOcean	11.4	-14.8%	127.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PCRX	Pacira BioSciences	1.4	44.4%	40.6%
FIGS	FIGS	3.1	32.5%	64.0%
LQDA	Liquidia	3.0	27.2%	-1.6%
HAE	Haemonetics	5.5	19.1%	51.1%
CCC	CCC Intelligent Solutions	4.4	16.6%	-3.9%
HPK	HighPeak Energy	1.2	16.3%	109.1%
ETSY	Etsy	7.8	16.0%	49.6%
COCO	Vita Coco	3.4	15.6%	10.5%
MRNA	Moderna	90.1	15.2%	667.4%
CCI	Crown Castle	34.4	15.0%	-7.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NUAI	New Era Energy & Digital	0.3	-38.3%	16.4%
EOSE	Eos Energy Enterprises	0.7	-37.1%	-83.0%
CTNM	Contineum Therapeutics	0.3	-36.1%	-28.8%
CIFR	Cipher Digital	4.1	-31.7%	-32.7%
SHAZ	SharonAI	0.6	-31.3%	-66.5%
ASTS	AST SpaceMobile	12.6	-30.5%	-42.0%
BRUN	Boost Run	0.6	-29.8%	-54.0%
AAOI	Applied Optoelectronics	7.0	-29.6%	147.3%
BLZE	Backblaze	0.6	-29.2%	108.7%
XNDU	Xanadu Quantum Technologies	1.0	-29.0%	-72.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MYPS	PLAYSTUDIOS	0.5	723.2%	521.2%
KOD	Kodiak Sciences	5.1	145.8%	190.0%
GRAL	GRAIL	6.0	84.1%	63.2%
DNA	Ginkgo Bioworks	0.7	64.9%	38.7%
MRNA	Moderna	90.1	57.4%	667.4%
IOVA	Iovance Biotherapeutics	6.4	51.8%	420.5%
PCRX	Pacira BioSciences	1.4	51.2%	40.6%
PACB	Pacific Biosciences of California	0.6	48.5%	6.4%
SG	Sweetgreen	1.2	48.5%	50.0%
RXO	RXO	4.9	46.6%	127.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	9.0	-83.9%	-79.9%
XNDU	Xanadu Quantum Technologies	1.0	-59.1%	-72.3%
EMAT	Evolution Metals & Technologies	0.9	-54.7%	-93.0%
GLAS	Glass House Brands	0.3	-54.1%	-58.3%
EOSE	Eos Energy Enterprises	0.7	-52.1%	-83.0%
QURE	uniQure	1.4	-51.3%	-12.4%
LQDA	Liquidia	3.0	-48.4%	-1.6%
NKTR	Nektar Therapeutics	1.2	-44.6%	-12.7%
UNIT	Uniti	1.4	-42.3%	-19.5%
PCT	PureCycle Technologies	0.6	-42.3%	-62.5%

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	30.9%	76.6%	93.2%	58.0%	53.6%	34.0%	55.8%
Earnings Yield	6.7%	10.2%	12.2%	3.0%	5.3%	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)	3.2x	1.3x	1.1x	1.7x	1.9x	2.9x	1.8x
P/E (TTM)	15.0x	9.8x	8.2x	33.4x	18.8x	27.6x	16.9x
P/FCF (TTM)	31.5x	4.6x	3.6x	23.3x	18.2x	27.2x	20.8x
Forward P/E	13.9x	3.6x	2.9x	18.5x	14.2x	22.5x	14.1x
Forward P/S	3.1x	1.0x	0.8x	1.6x	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%	24.7%	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	1.69	1.74	0.28	-0.39	0.94	0.78
Beta (3Y)	0.78	1.50	1.50	0.45	0.44	0.91	0.84
Beta (5Y)	0.85	1.42	1.40	0.54	0.57	0.88	0.87
Sharpe Ratio (1Y)	0.39	1.21	1.25	1.43	2.26	0.70	1.23
Sharpe Ratio (3Y)	1.20	1.27	1.23	0.82	0.89	1.14	1.17
Sharpe Ratio (5Y)	0.56	0.84	0.87	0.60	0.97	0.75	0.79
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	-4.1%	3.5%	3.6%	3.8%	2.6%	-1.1%	3.1%
3M Return	-3.9%	7.7%	7.3%	7.5%	18.6%	-7.3%	7.4%
6M Return	4.9%	25.6%	26.9%	18.2%	22.2%	-2.2%	20.2%
YTD Return	0.4%	30.8%	32.6%	13.3%	53.4%	8.3%	22.1%
1Y Return	4.8%	30.7%	34.1%	24.1%	60.1%	11.2%	27.4%
2Y Return	22.3%	65.8%	67.0%	17.0%	56.0%	25.2%	40.6%
3Y Return	72.2%	134.3%	129.3%	39.6%	66.9%	69.7%	70.9%

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

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2	SeekingAlpha	ValueLine
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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 (10/15/2026): $54.88

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/15/2026): $54.88

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

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Trade & Investment Ideas

Wealth

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About XLF

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