State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/23/2026): $55.925

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/23/2026): $55.925

Key Takeaways

XLF has returned +4.3% YTD vs +12.6% for SPY; +9.4% over the past 12 months (SPY +15.3%). details →
Priced in gold, XLF has returned -11.5% over the past 3 years, vs +84.8% in dollars — its dollar gains have lagged gold. details →
Over the past month, XLF has seen net outflows of −$901M (−1.7% of assets). details →
XLF's portfolio trades at 14.5x forward earnings — a 82% 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: 10/22/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with XLF

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+11.2%

Volatility

12.7%

Sharpe

0.67

YTD

+4.0%

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%	1.1%	2.5%	3.9%	4.3%
Bond	BND	50.0%	0.9%	0.8%	1.1%	-0.7%
Gold	GLD	10.0%	-2.6%	-3.6%	-6.1%	-6.9%
Commodity	DBC	2.5%	0.2%	0.8%	2.1%	50.1%
Real Estate	VNQ	5.0%	1.3%	1.3%	1.3%	7.7%
Bitcoin	BTCUSD	0.0%	0.3%	2.6%	-0.1%	-3.7%
Cash	GOVT	7.5%	0.8%	0.8%	1.0%	-1.0%
Conservative Portfolio		100.0%	0.6%	0.8%	1.1%	1.6%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	55.0%	1.1%	2.5%	3.9%	4.3%
Bond	BND	25.0%	0.9%	0.8%	1.1%	-0.7%
Gold	GLD	7.0%	-2.6%	-3.6%	-6.1%	-6.9%
Commodity	DBC	4.0%	0.2%	0.8%	2.1%	50.1%
Real Estate	VNQ	5.0%	1.3%	1.3%	1.3%	7.7%
Bitcoin	BTCUSD	2.0%	0.3%	2.6%	-0.1%	-3.7%
Cash	GOVT	2.0%	0.8%	0.8%	1.0%	-1.0%
Moderate Portfolio		100.0%	0.7%	1.5%	2.2%	4.0%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	80.0%	1.1%	2.5%	3.9%	4.3%
Bond	BND	5.0%	0.9%	0.8%	1.1%	-0.7%
Gold	GLD	3.0%	-2.6%	-3.6%	-6.1%	-6.9%
Commodity	DBC	2.2%	0.2%	0.8%	2.1%	50.1%
Real Estate	VNQ	4.5%	1.3%	1.3%	1.3%	7.7%
Bitcoin	BTCUSD	5.2%	0.3%	2.6%	-0.1%	-3.7%
Cash	GOVT	0.0%	0.8%	0.8%	1.0%	-1.0%
Aggressive Portfolio		100.0%	0.9%	2.1%	3.1%	4.5%

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	25.0%	13.3%	19.5%	0.59
Bond	BND	50.0%	1.4%	5.3%	-0.25
Gold	GLD	10.0%	11.9%	15.5%	0.63
Commodity	DBC	2.5%	8.3%	17.3%	0.37
Real Estate	VNQ	5.0%	5.2%	17.6%	0.21
Bitcoin	BTCUSD	0.0%	63.0%	76.4%	0.97
Cash	GOVT	7.5%	0.5%	5.0%	-0.45
Conservative Portfolio		100.0%	6.1%	7.5%	0.45

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	55.0%	13.3%	19.5%	0.59
Bond	BND	25.0%	1.4%	5.3%	-0.25
Gold	GLD	7.0%	11.9%	15.5%	0.63
Commodity	DBC	4.0%	8.3%	17.3%	0.37
Real Estate	VNQ	5.0%	5.2%	17.6%	0.21
Bitcoin	BTCUSD	2.0%	63.0%	76.4%	0.97
Cash	GOVT	2.0%	0.5%	5.0%	-0.45
Moderate Portfolio		100.0%	11.2%	12.7%	0.67

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	80.0%	13.3%	19.5%	0.59
Bond	BND	5.0%	1.4%	5.3%	-0.25
Gold	GLD	3.0%	11.9%	15.5%	0.63
Commodity	DBC	2.2%	8.3%	17.3%	0.37
Real Estate	VNQ	4.5%	5.2%	17.6%	0.21
Bitcoin	BTCUSD	5.2%	63.0%	76.4%	0.97
Cash	GOVT	0.0%	0.5%	5.0%	-0.45
Aggressive Portfolio		100.0%	16.0%	18.0%	0.76

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	10/23/26	2025	2024	2023	2022	2021
Share Price CYE		$56.65	$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	3.42	3.64	3.88	3.58	3.07	3.17	3.58
P/E		15.90	18.17	16.31	15.35	15.70	14.14
P/E (Non-GAAP) [2]	14.69	16.35	18.40	18.90	15.03	13.67	18.99
P/FCF		18.24	23.71	27.32	15.74	12.18	17.02
Yields TTM
Earnings Yield	6.81%	6.29%	5.50%	6.13%	6.52%	6.37%	7.07%
Dividend Yield	1.11%	1.11%	1.33%	1.45%	1.77%	2.16%	1.76%
Total Yield (TY)	7.92%	7.40%	6.83%	7.58%	8.29%	8.53%	8.83%
Risk Premium [3]
Risk Free Rate (Rf)	5.13%	5.13%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	2.79%	2.27%	2.65%	3.00%	4.41%	4.65%	7.31%
Growth Rates [6]
Sales Growth	5.2%	7.5%	4.2%	10.3%	13.4%	-3.4%
Earnings Growth [7]	8.8%	16.2%	2.2%	30.4%	19.3%	-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 6.29%, based on its 15.9x trailing P/E. With a 1.11% dividend yield, XLF is yielding 7.40% in total.

RISK

Compared to US Treasuries at 5.13%, XLF's total yield implies a reasonable 2.27% risk premium. Risk premiums at this level suggest valuations are not excessive.

FORWARD EXPECTATIONS

Based on analyst estimates, XLF's forward total yield is 7.92%, implying a 2.79% risk premium assuming stable Treasury rates.

Top 20 Holdings for XLF

Total Weights
Top 5: 43.5% | Top 10: 57.7% | Top 20: 73.0%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.91%	100.00%	100.00%	3.3	14.5	+5.2%	+8.8%
Top 20		72.97%	62.62%	72.11%	3.8	15.3	+4.8%	+8.9%
BRK-B	Berkshire Hathaway	12.58%	15.86%	14.35%	2.9	24.5	+1.6%	-0.1%
JPM	JPMorgan Chase	11.46%	8.37%	12.91%	4.2	12.7	+4.0%	+5.2%
V	Visa	8.76%	1.69%	3.98%	15.2	26.2	+10.4%	+14.8%
MA	Mastercard	6.40%	1.36%	2.92%	13.6	27.5	+12.6%	+15.7%
BAC	Bank of America	4.32%	4.86%	6.24%	2.8	9.7	+6.4%	+19.1%
GS	Goldman Sachs	3.34%	2.80%	4.10%	3.6	11.4	+1.2%	+10.1%
WFC	Wells Fargo	3.22%	3.74%	4.51%	2.7	9.9	+5.3%	+12.4%
MS	Morgan Stanley	2.79%	2.42%	3.09%	3.3	13.7	+5.6%	+1.5%
C	Citigroup	2.66%	3.94%	3.56%	2.1	8.7	+4.2%	+16.0%
AXP	American Express	2.12%	2.48%	1.73%	2.6	16.0	+8.9%	+13.8%
BLK	BlackRock	2.07%	1.09%	1.21%	5.5	17.1	+10.6%	+14.9%
SCHW	Charles Schwab	1.97%	1.09%	1.96%	5.1	12.4	+13.6%	+17.0%
SPGI	S&P Global	1.65%	0.67%	0.95%	8.6	22.0	+5.3%	+14.1%
PGR	Progressive	1.60%	3.68%	2.19%	1.5	13.8	+4.2%	-12.4%
CB	Chubb	1.59%	2.38%	1.98%	2.3	12.8	+5.5%	-2.5%
COF	Capital One Financial	1.57%	2.61%	2.05%	1.9	10.0	+5.7%	+12.4%
CME	CME Group	1.34%	0.28%	0.81%	14.9	23.8	+5.1%	+4.6%
BNY	Bank of New York Mellon	1.24%	0.89%	1.23%	4.2	14.0	+5.3%	+12.2%
USB	U.S. Bancorp	1.15%	1.24%	1.58%	2.8	10.5	+7.3%	+7.8%
MRSH	Marsh	1.14%	1.16%	0.76%	3.2	17.3	+5.0%	+8.5%

[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 10/22	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XLF	State Street Financial Select Sector SPDR ETF	100.00%	56.65	1.1%	3.4%	4.3%	9.4%	84.8%	51.4%	244.2%
BRK-B	Berkshire Hathaway	12.58%	546.97	1.5%	8.6%	8.8%	11.2%	62.4%	89.1%	280.3%
JPM	JPMorgan Chase	11.46%	336.54	0.4%	-0.5%	6.5%	16.6%	154.4%	121.8%	534.1%
V	Visa	8.76%	414.34	1.6%	14.4%	18.9%	20.9%	83.1%	86.1%	434.6%
MA	Mastercard	6.40%	633.21	1.7%	14.1%	11.6%	11.5%	68.0%	81.9%	550.6%
BAC	Bank of America	4.32%	51.08	0.6%	-9.1%	-5.6%	2.1%	114.7%	21.4%	280.8%
GS	Goldman Sachs	3.34%	891.30	-1.5%	-6.1%	2.9%	22.1%	218.5%	142.8%	525.9%
WFC	Wells Fargo	3.22%	83.01	0.7%	-0.2%	-9.5%	1.1%	126.1%	85.1%	140.2%
MS	Morgan Stanley	2.79%	183.97	-1.6%	-8.1%	5.3%	19.0%	181.3%	111.9%	630.2%
C	Citigroup	2.66%	122.51	-1.1%	-7.5%	6.6%	29.9%	245.3%	103.6%	233.8%
AXP	American Express	2.12%	325.17	0.5%	6.9%	-11.1%	-6.6%	132.6%	84.8%	455.1%
BLK	BlackRock	2.07%	1,137.29	-1.1%	6.6%	8.0%	2.8%	97.8%	40.3%	323.9%
SCHW	Charles Schwab	1.97%	91.44	-0.2%	-8.9%	-7.6%	-1.8%	93.2%	17.3%	223.8%
SPGI	S&P Global	1.65%	453.10	2.2%	12.6%	-8.1%	0.3%	39.5%	10.4%	319.2%
PGR	Progressive	1.60%	229.62	3.7%	11.0%	7.4%	9.8%	63.6%	168.2%	848.7%
CB	Chubb	1.59%	363.95	2.5%	8.4%	17.7%	33.2%	83.3%	108.0%	255.8%
COF	Capital One Financial	1.57%	203.43	-1.6%	1.4%	-15.1%	-6.3%	135.8%	33.1%	222.9%
CME	CME Group	1.34%	305.98	3.4%	14.5%	15.9%	18.7%	62.8%	73.2%	334.2%
BNY	Bank of New York Mellon	1.24%	145.32	-0.4%	-3.2%	26.7%	38.1%	276.8%	178.7%	332.0%
USB	U.S. Bancorp	1.15%	60.02	1.6%	1.9%	15.7%	31.7%	118.2%	19.2%	97.5%
MRSH	Marsh	1.14%	199.27	4.6%	17.9%	9.8%	7.6%	12.6%	27.4%	263.4%

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%	3%	109%
Peers Return	33%	-0%	26%	15%	18%	28%	191%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	104%
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 10/22/2026 (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 10/22/2026

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 10/22/2026

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 10/22/2026

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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
MAGS	Roundhill Magnificent Seven ETF	-5.2%	70.45	10222026	74.30	10132026	9
QQQ	Invesco QQQ Trust, Series 1	-7.3%	704.47	10222026	759.66	10062026	16
QQQM	Invesco NASDAQ 100 ETF	-7.2%	290.13	10222026	312.76	10062026	16
ONEQ	Fidelity Nasdaq Composite Index ETF	-5.8%	102.51	10222026	108.77	10062026	16
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-7.2%	155.02	10222026	167.03	8132026	70
IJH	iShares Core S&P Mid-Cap ETF	-7.5%	72.80	10222026	78.67	8162026	67
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.4%	664.00	10222026	716.91	8162026	67
SCHM	Schwab U.S. Mid-Cap ETF	-5.8%	34.73	10222026	36.87	6302026	114
IVOO	Vanguard S&P Mid-Cap 400 ETF	-7.2%	123.19	10222026	132.68	8162026	67
IJR	iShares Core S&P Small-Cap ETF	-7.8%	138.65	10222026	150.44	8162026	67
VB	Vanguard Small-Cap ETF	-6.4%	288.67	10222026	308.38	8162026	67
IWM	iShares Russell 2000 ETF	-9.3%	276.67	10222026	305.09	8162026	67
SCHA	Schwab U.S. Small-Cap ETF	-9.6%	32.67	10222026	36.13	6302026	114
VTWO	Vanguard Russell 2000 ETF	-9.0%	111.79	10222026	122.90	8162026	67
DFAS	Dimensional U.S. Small Cap ETF	-6.5%	78.97	10222026	84.48	8162026	67
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.6%	52.90	10222026	56.64	8162026	67
NUSC	Nuveen ESG Small-Cap ETF	-6.5%	49.79	10222026	53.27	8162026	67
VUG	Vanguard Growth ETF	-5.9%	87.17	10222026	92.64	10062026	16
IWF	iShares Russell 1000 Growth ETF	-7.0%	120.09	10222026	129.19	10062026	16
IVW	iShares S&P 500 Growth ETF	-6.1%	137.20	10222026	146.12	10062026	16
SCHG	Schwab U.S. Large-Cap Growth ETF	-5.4%	34.94	10222026	36.93	10062026	16
SPYG	State Street SPDR Portfolio S&P 500 Growth ETF	-6.1%	118.76	10222026	126.50	10062026	16
VONG	Vanguard Russell 1000 Growth ETF	-7.1%	123.60	10222026	133.00	10062026	16
MGK	Vanguard Mega Cap Growth ETF	-6.4%	89.06	10222026	95.11	10062026	16
IWP	iShares Russell Mid-Cap Growth ETF	-9.8%	133.16	10222026	147.70	8172026	66
VOT	Vanguard Mid-Cap Growth ETF	-7.8%	289.24	10222026	313.61	8162026	67
IJK	iShares S&P Mid-Cap 400 Growth ETF	-9.7%	107.53	10222026	119.11	8172026	66
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-9.8%	102.59	10222026	113.69	8172026	66
IWO	iShares Russell 2000 Growth ETF	-12.3%	347.09	10222026	395.65	8162026	67
VBK	Vanguard Small-Cap Growth ETF	-10.1%	328.79	10222026	365.91	8172026	66
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.6%	161.80	10222026	179.07	8042026	79
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.6%	107.99	10222026	119.50	8042026	79
IJJ	iShares S&P Mid-Cap 400 Value ETF	-5.1%	143.96	10222026	151.67	8162026	67
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-5.1%	92.46	10222026	97.39	8162026	67
AVUV	Avantis U.S. Small Cap Value ETF	-5.2%	122.07	10222026	128.74	8042026	79
IWN	iShares Russell 2000 Value ETF	-6.2%	213.30	10222026	227.43	8162026	67
IJS	iShares S&P Small-Cap 600 Value ETF	-6.4%	131.70	10222026	140.68	8162026	67
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-6.4%	105.05	10222026	112.22	8162026	67
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-5.9%	113.14	10222026	120.28	8162026	67
VXUS	Vanguard Total International Stock ETF	-6.4%	82.73	10222026	88.41	9072026	45
VEU	Vanguard FTSE All-World Ex-US ETF	-6.1%	80.91	10222026	86.21	9072026	45
IXUS	iShares Core MSCI Total International Stock ETF	-6.2%	92.60	10222026	98.71	9072026	45
CWI	State Street SPDR MSCI ACWI ex-US ETF	-6.1%	39.33	10222026	41.90	9072026	45
CORO	iShares International Country Rotation Active ETF	-5.9%	35.34	10222026	37.54	9072026	45
VEA	Vanguard FTSE Developed Markets ETF	-5.9%	69.26	10222026	73.61	8252026	58
IEFA	iShares Core MSCI EAFE ETF	-5.2%	96.15	10222026	101.41	8252026	58
EFA	iShares MSCI EAFE ETF	-5.2%	103.15	10222026	108.81	8252026	58
SCHF	Schwab International Equity ETF	-6.0%	26.88	10222026	28.59	8252026	58
AVIV	Avantis International Large Cap Value ETF	-5.1%	79.63	10222026	83.89	8252026	58
VGK	Vanguard FTSE Europe ETF	-6.6%	86.80	10222026	92.96	8252026	58
SCZ	iShares MSCI EAFE Small-Cap ETF	-5.3%	82.89	10222026	87.57	9072026	45
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-7.2%	149.91	10222026	161.49	5112026	164
SCHC	Schwab International Small-Cap Equity ETF	-7.0%	48.21	10222026	51.86	8272026	56
IEMG	iShares Core MSCI Emerging Markets ETF	-12.3%	75.44	10222026	86.00	6222026	122
VWO	Vanguard FTSE Emerging Markets ETF	-7.3%	56.85	10222026	61.32	9072026	45
EEM	iShares MSCI Emerging Markets ETF	-13.3%	61.72	10222026	71.21	6222026	122
SPEM	State Street SPDR Portfolio Emerging Markets ETF	-7.0%	49.66	10222026	53.41	9072026	45
SCHE	Schwab Emerging Markets Equity ETF	-7.0%	34.95	10222026	37.58	9072026	45
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-18.4%	30.44	10222026	37.30	6222026	122
EWY	iShares MSCI South Korea ETF	-32.0%	149.06	10222026	219.20	6212026	123
FXI	iShares China Large-Cap ETF	-15.2%	32.45	10222026	38.26	5132026	162
KWEB	KraneShares CSI China Internet ETF	-24.1%	23.21	10222026	30.59	5132026	162
CGDV	Capital Group Dividend Value ETF	-5.2%	48.76	10222026	51.44	8132026	70
QQQI	NEOS Nasdaq 100 High Income ETF	-7.2%	52.59	10222026	56.66	10062026	16
RYLD	Global X Russell 2000 Covered Call ETF	-5.9%	15.21	10222026	16.16	8272026	56
MTUM	iShares MSCI USA Momentum Factor ETF	-16.4%	288.57	10222026	345.22	6222026	122
SPHQ	Invesco S&P 500 Quality ETF	-6.9%	83.84	10222026	90.10	6302026	114
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.0%	35.84	10222026	38.52	8162026	67
SPMO	Invesco S&P 500 Momentum ETF	-14.1%	138.82	10222026	161.66	6222026	122
VLUE	iShares MSCI USA Value Factor ETF	-5.7%	193.80	10222026	205.51	9072026	45
ARKK	ARK Innovation ETF	-11.8%	81.86	10222026	92.78	10052026	17
URA	Global X Uranium ETF	-41.5%	34.09	10222026	58.26	5062026	169
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-21.5%	32.68	10222026	41.63	5132026	162
ROBO	ROBO Global Robotics & Automation Index ETF	-17.2%	74.84	10222026	90.34	6022026	142
LIT	Global X Lithium & Battery Tech ETF	-33.8%	60.68	10222026	91.62	5112026	164
ICLN	iShares Global Clean Energy ETF	-31.9%	16.17	10222026	23.75	6022026	142
ARKQ	ARK Autonomous Technology & Robotics ETF	-22.3%	111.69	10222026	143.82	5282026	147
ARKW	ARK Next Generation Internet ETF	-7.6%	154.69	10222026	167.33	10062026	16
ARKX	ARK Space & Defense Innovation ETF	-21.5%	29.63	10222026	37.74	5282026	147
NASA	Tema Space Innovators ETF	-52.1%	20.07	10222026	41.89	5272026	148
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-7.3%	20.79	10222026	22.43	10052026	17
AGIX	KraneShares Artificial Intelligence ETF	-13.4%	42.91	10222026	49.56	10062026	16
DRSK	Aptus Defined Risk ETF	-7.2%	27.27	10222026	29.39	6012026	143
PCEF	Invesco CEF Income Composite ETF	-6.3%	19.08	10222026	20.35	8132026	70
YYY	Amplify CEF High Income ETF	-9.7%	10.27	10222026	11.37	8162026	67
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-13.5%	61.67	10222026	71.30	8252026	58
RAAX	VanEck Real Assets ETF	-7.3%	39.60	10222026	42.70	5112026	164
VGT	Vanguard Information Technology ETF	-8.6%	118.60	10222026	129.80	10062026	16
XLK	State Street Technology Select Sector SPDR ETF	-9.7%	182.34	10222026	202.00	10062026	16
XLI	State Street Industrial Select Sector SPDR ETF	-10.6%	166.73	10222026	186.51	8162026	67
XLC	State Street Communication Services Select Sector SPDR ETF	-8.3%	107.42	10222026	117.09	4232026	182
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-5.6%	115.01	10222026	121.82	5282026	147
XLU	State Street Utilities Select Sector SPDR ETF	-7.9%	42.87	10222026	46.55	4302026	175
IYJ	iShares U.S. Industrials ETF	-7.5%	157.15	10222026	169.86	8042026	79
IYM	iShares U.S. Basic Materials ETF	-8.5%	179.80	10222026	196.45	8252026	58
SMH	VanEck Semiconductor ETF	-21.8%	523.35	10222026	668.91	6222026	122
SOXX	iShares Semiconductor ETF	-27.4%	475.69	10222026	655.01	6222026	122
XBI	State Street SPDR S&P Biotech ETF	-10.6%	151.64	10222026	169.55	8192026	64
ITA	iShares U.S. Aerospace & Defense ETF	-19.2%	204.48	10222026	253.22	8162026	67
IYT	iShares U.S. Transportation ETF	-9.0%	81.92	10222026	90.01	7162026	98
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-9.3%	179.64	10222026	198.06	9032026	49
KRE	State Street SPDR S&P Regional Banking ETF	-7.1%	72.41	10222026	77.93	8162026	67
MISL	First Trust Indxx Aerospace & Defense ETF	-16.9%	40.86	10222026	49.19	5282026	147
RING	iShares MSCI Global Gold Miners ETF	-23.3%	71.42	10222026	93.17	8252026	58
SOXQ	Invesco PHLX Semiconductor ETF	-26.7%	84.43	10222026	115.11	6222026	122
TLT	iShares 20+ Year Treasury Bond ETF	-5.1%	81.74	10222026	86.10	6292026	115
EDV	Vanguard World Funds Extended Duration ETF	-7.9%	59.43	10222026	64.54	6242026	120
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.0%	21.07	10222026	22.18	6292026	115
LMUB	iShares Long-Term National Muni Bond ETF	-5.7%	47.73	10222026	50.63	7052026	109
GLD	SPDR Gold Trust	-15.1%	369.00	10222026	434.65	5112026	164
IAU	iShares Gold Trust	-15.0%	75.66	10222026	89.06	5112026	164
GLDM	SPDR Gold MiniShares Trust	-15.0%	79.66	10222026	93.69	5112026	164
SLV	iShares Silver Trust	-37.8%	49.34	10222026	79.35	5132026	162
PPLT	ETFS Physical Platinum Shares	-27.4%	14.20	10222026	19.55	5132026	162
PALL	ETFS Physical Palladium Shares	-31.6%	19.12	10222026	27.96	5062026	169
UNG	United States Natural Gas Fund LP	-18.4%	9.89	10222026	12.12	6042026	140
VNQ	Vanguard Real Estate ETF	-7.4%	92.65	10222026	100.08	7282026	86
XLRE	State Street Real Estate Select Sector SPDR ETF	-7.6%	42.52	10222026	46.01	7282026	86
SCHH	Schwab U.S. REIT ETF	-8.6%	22.73	10222026	24.86	7262026	88
IYR	iShares U.S. Real Estate ETF	-8.3%	98.37	10222026	107.26	7282026	86
REET	iShares Global REIT ETF	-9.4%	26.17	10222026	28.89	7262026	88
USRT	iShares Core U.S. REIT ETF	-9.5%	63.16	10222026	69.82	7262026	88
IBIT	iShares Bitcoin Trust ETF	-6.0%	46.06	10222026	49.01	9212026	31
FBTC	Fidelity Wise Origin Bitcoin Fund	-6.1%	70.74	10222026	75.31	9212026	31
ETHA	iShares Ethereum Trust ETF	-10.9%	53.88	10222026	60.45	9282026	24

ETF Fund Flows

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

Net fund flows · as of 2026-10-22

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$20.1B), followed by Bond (+$6.1B), while Commodity (−$710M) and Real Estate (−$345M) saw the largest outflows.
Within the mix, money rotated into Industry Subsector (+$6.9B) and out of US Small Cap Core (−$2.4B).
Relative to fund size, ALAI drew the largest inflow (+34.8% of AUM) and ARKK the largest outflow (−23.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$6.29B	+0.6%
2	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$5.3B	+12.3%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$2.87B	+0.6%
4	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	+$2.55B	+3.8%
5	MUB	iShares National Muni Bond ETF	Bond Municipal	+$2.29B	+4.4%
6	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$1.96B	+0.2%
7	EMXC	iShares MSCI Emerging Markets ex China ETF	Other	+$1.45B	+5.7%
8	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$1.29B	+4.5%
9	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.23B	+0.2%
10	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$1.07B	+1.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	ALAI	Alger AI Enablers & Adopters ETF	Other	+$777M	+34.8%
2	IWX	iShares Russell Top 200 Value ETF	Other	+$480M	+12.4%
3	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$5.3B	+12.3%
4	FLKR	Franklin FTSE South Korea ETF	Other	+$200M	+11.4%
5	CNEQ	Alger Concentrated Equity ETF	Other	+$610M	+10.3%
6	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$128M	+8.9%
7	SCMB	Schwab Municipal Bond ETF	Other	+$313M	+8.0%
8	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$205M	+7.7%
9	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$146M	+6.8%
10	LMUB	iShares Long-Term National Muni Bond ETF	Bond Municipal	+$115M	+6.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$2.43B	-3.3%
2	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$2.04B	-0.2%
3	ARKK	ARK Innovation ETF	Equity Thematic	-$1.46B	-23.8%
4	GLD	SPDR Gold Shares	Commodity Gold	-$1.09B	-0.8%
5	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.08B	-7.7%
6	XLU	State Street Utilities Select Sector SPDR ETF	Equity Broad Sector	-$872M	-3.6%
7	DXJ	WisdomTree Japan Hedged Equity Fund	Other	-$815M	-11.4%
8	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$796M	-1.5%
9	TCAF	T. Rowe Capital Appreciation Equity ETF	Other	-$713M	-8.5%
10	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$593M	-3.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	ARKK	ARK Innovation ETF	Equity Thematic	-$1.46B	-23.8%
2	IYK	iShares U.S. Consumer Staples ETF	Other	-$280M	-20.2%
3	IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	Other	-$418M	-20.1%
4	XHB	State Street SPDR S&P Homebuilders ETF	Other	-$249M	-17.9%
5	ITB	iShares U.S. Home Construction ETF	Other	-$373M	-16.3%
6	DXJ	WisdomTree Japan Hedged Equity Fund	Other	-$815M	-11.4%
7	XSD	State Street SPDR S&P Semiconductor ETF	Other	-$217M	-8.7%
8	TCAF	T. Rowe Capital Appreciation Equity ETF	Other	-$713M	-8.5%
9	CQQQ	Invesco China Technology ETF	Other	-$165M	-8.1%
10	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$91M	-7.9%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$73.6B), followed by Bond (+$37.9B), while Commodity (−$1.0B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$25.5B) and out of Factor Smart Beta (−$4.8B).
Relative to fund size, CNEQ drew the largest inflow (+102.3% of AUM) and MTBA the largest outflow (−34.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$20.2B	+2.3%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$16.41B	+2.0%
3	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$9.66B	+5.4%
4	MUB	iShares National Muni Bond ETF	Bond Municipal	+$7.67B	+15.9%
5	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$6.52B	+1.3%
6	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.0B	+34.2%
7	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.67B	+11.7%
8	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$5.55B	+4.8%
9	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.32B	+40.6%
10	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$4.45B	+8.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$3.5B	+102.3%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$1.3B	+94.8%
3	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.32B	+40.6%
4	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$4.14B	+35.2%
5	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$805M	+35.2%
6	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$436M	+34.7%
7	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.0B	+34.2%
8	BLCR	iShares Large Cap Core Active ETF	Other	+$2.99B	+31.0%
9	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$519M	+29.9%
10	FLRT	Pacer Aristotle Pacific Floating Rate High Income ETF	Other	+$285M	+28.4%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$20.85B	-2.0%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.61B	-27.6%
3	MBB	iShares MBS ETF	Bond Mortgage Backed	-$3.33B	-9.4%
4	DRAM	Roundhill Memory ETF	Other	-$2.42B	-9.6%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.71B	-8.8%
6	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.28B	-1.2%
7	GLD	SPDR Gold Shares	Commodity Gold	-$1.22B	-0.9%
8	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.17B	-7.8%
9	IJR	iShares Core S&P Small-Cap ETF	Equity US Small Cap Core	-$1.09B	-1.1%
10	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$909M	-15.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	MTBA	Simplify MBS ETF	Other	-$350M	-34.8%
2	AGIX	KraneShares Public-Private AI & Technology ETF	Equity Thematic	-$326M	-28.8%
3	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.61B	-27.6%
4	EUFN	iShares MSCI Europe Financials ETF	Other	-$765M	-21.1%
5	USO	United States Oil Fund, LP	Commodity Energy	-$387M	-20.9%
6	CQQQ	Invesco China Technology ETF	Other	-$390M	-15.7%
7	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$909M	-15.7%
8	BKLN	Invesco Senior Loan ETF	Other	-$833M	-13.3%
9	FUTY	Fidelity MSCI Utilities Index ETF	Other	-$253M	-12.4%
10	IDEF	iShares Defense Industrials Act	Other	-$455M	-12.1%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$170.0B), followed by Bond (+$69.0B), while Real Estate (−$12M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$39.6B) and out of Intermediate Treasury (−$4.4B).
Relative to fund size, CNEQ drew the largest inflow (+216.6% of AUM) and FTXL the largest outflow (−79.0%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$33.65B	+3.2%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$18.25B	+10.7%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$17.56B	+16.3%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.89B	+2.4%
5	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$13.19B	+2.7%
6	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.02B	+9.1%
7	MUB	iShares National Muni Bond ETF	Bond Municipal	+$9.63B	+21.1%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.59B	+8.2%
9	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$7.85B	+4.8%
10	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$7.72B	+1.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$5.66B	+216.6%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$2.11B	+170.3%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.4B	+82.7%
4	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.93B	+74.2%
5	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.34B	+70.4%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.8B	+69.0%
7	ARKK	ARK Innovation ETF	Equity Thematic	+$3.65B	+57.0% ⚠
8	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$872M	+55.1%
9	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$1.01B	+53.4%
10	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.67B	+53.3%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$20.43B	-2.3%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.84B	-28.1%
3	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$4.18B	-10.0%
4	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$4.13B	-7.6%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$3.55B	-11.9%
6	DRAM	Roundhill Memory ETF	Other	-$2.76B	-10.9%
7	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.67B	-6.9%
8	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.48B	-8.7%
9	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.69B	-2.1%
10	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.54B	-10.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.03B	-79.0%
2	USO	United States Oil Fund, LP	Commodity Energy	-$924M	-48.7%
3	MTBA	Simplify MBS ETF	Other	-$558M	-39.1%
4	TAN	Invesco Solar ETF	Other	-$366M	-36.2%
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$543M	-34.4%
6	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$535M	-29.6%
7	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.84B	-28.1%
8	BKAG	BNY Mellon Core Bond ETF	Other	-$617M	-27.6%
9	CTA	Simplify Managed Futures Strategy ETF	Other	-$376M	-24.5%
10	EWW	iShares MSCI Mexico ETF	Other	-$365M	-20.9%

Largest ETF fund flows across ~2648 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
TRON	Tron	0.7	21.0%	21.0%
MLTX	MoonLake Immunotherapeutics	0.9	15.9%	-6.4%
EGBN	Eagle Bancorp	1.0	15.6%	54.1%
FMCC	Federal Home Loan Mortgage	12.8	14.8%	-61.0%
POOL	Pool	7.1	14.4%	-12.1%
HCSG	Healthcare Services	1.7	14.2%	29.7%
DGICB	Donegal	-	13.8%	40.0%
BMI	Badger Meter	4.3	13.5%	-13.4%
AVEX	AEVEX	0.6	13.2%	-59.3%
FNMA	Federal National Mortgage Association...	24.7	12.6%	-60.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVTX	Avalo Therapeutics	0.3	-39.2%	-59.0%
NVEC	NVE	0.3	-33.7%	19.3%
TTMI	TTM Technologies	7.7	-27.7%	7.1%
KALU	Kaiser Aluminum	1.9	-25.8%	0.9%
FPS	Forgent Power Solutions	6.1	-21.5%	-14.1%
CRS	Carpenter Technology	14.5	-20.6%	-7.0%
VPG	Vishay Precision	0.7	-17.9%	36.9%
MRNA	Moderna	80.6	-17.6%	587.1%
OII	Oceaneering International	3.6	-16.9%	52.4%
NUAI	New Era Energy & Digital	0.3	-16.4%	-5.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BRZE	Braze	5.1	51.0%	33.7%
IRON	Disc Medicine	2.9	32.4%	-5.5%
TRON	Tron	0.7	27.7%	21.0%
DGICB	Donegal	-	25.8%	40.0%
TNGX	Tango Therapeutics	4.2	23.0%	215.2%
SGMT	Sagimet Biosciences	0.5	21.8%	68.1%
MANE	Veradermics	5.6	20.4%	266.9%
MLTX	MoonLake Immunotherapeutics	0.9	20.3%	-6.4%
DFH	Dream Finders Homes	0.9	19.9%	-40.8%
TRAX	First Tracks Biotherapeutics	1.5	19.7%	131.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GLAS	Glass House Brands	0.2	-38.5%	-74.2%
AVTX	Avalo Therapeutics	0.3	-38.0%	-59.0%
NVEC	NVE	0.3	-34.1%	19.3%
AVEX	AEVEX	0.6	-27.8%	-59.3%
TTMI	TTM Technologies	7.7	-27.1%	7.1%
BRUN	Boost Run	0.5	-25.8%	-64.3%
SHAZ	SharonAI	0.4	-24.0%	-74.5%
CBRS	Cerebras Systems	16.4	-23.4%	-65.0%
CRS	Carpenter Technology	14.5	-23.2%	-7.0%
KALU	Kaiser Aluminum	1.9	-23.0%	0.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
KOD	Kodiak Sciences	5.4	172.1%	206.8%
BRZE	Braze	5.1	77.3%	33.7%
FIGS	FIGS	3.4	70.9%	80.1%
DXC	DXC Technology	2.6	47.8%	9.8%
PCRX	Pacira BioSciences	1.4	47.5%	40.4%
PACB	Pacific Biosciences of California	0.6	46.1%	10.2%
RXO	RXO	4.9	45.5%	128.8%
KSS	Kohl's	2.8	45.4%	24.4%
CBRL	Cracker Barrel Old Country Store	1.5	42.2%	171.4%
ACN	Accenture	158.4	42.1%	-0.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	8.6	-84.0%	-80.7%
GLAS	Glass House Brands	0.2	-71.0%	-74.2%
NUAI	New Era Energy & Digital	0.3	-60.3%	-5.3%
EMAT	Evolution Metals & Technologies	0.8	-59.5%	-93.7%
SHAZ	SharonAI	0.4	-59.1%	-74.5%
BRUN	Boost Run	0.5	-54.7%	-64.3%
CIFR	Cipher Digital	3.4	-54.7%	-43.6%
EOSE	Eos Energy Enterprises	0.6	-52.2%	-85.1%
AVTX	Avalo Therapeutics	0.3	-51.3%	-59.0%
FRVO	Fervo Energy	1.3	-49.5%	-77.4%

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)	52.2	178.0	120.7	46.2	44.8	30.5	49.2
Expense Ratio	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
10-D Avg Volume (Mil)	34.05	4.26	8.77	9.15	30.93	7.17	8.96
Latest Day Volume (Mil)	42.80	5.89	15.29	8.54	37.26	9.31	12.30
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	55.51	120.34	183.45	176.68	68.24	167.76	-
Premium/Discount	2.1%	-1.4%	-0.6%	2.6%	-1.0%	-0.6%	-0.6%
Distribution Yield	1.5%	0.4%	0.4%	1.4%	2.3%	1.2%	1.3%
Sales Yield	29.5%	62.4%	92.8%	56.7%	54.3%	34.0%	55.5%
Earnings Yield	6.4%	8.6%	12.2%	2.8%	5.3%	3.7%	5.9%

Valuation

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
P/S (TTM)	3.4x	1.6x	1.1x	1.8x	1.8x	2.9x	1.8x
P/E (TTM)	15.7x	11.6x	8.2x	35.8x	18.8x	27.4x	17.2x
P/FCF (TTM)	34.1x	5.7x	3.6x	24.4x	18.1x	28.0x	21.3x
Forward P/E	14.5x	4.4x	2.9x	19.3x	13.7x	22.5x	14.1x
Forward P/S	3.3x	1.2x	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)	14.5%	25.0%	26.7%	16.3%	22.1%	17.2%	19.6%
Volatility (3Y)	16.1%	24.7%	25.3%	15.0%	21.8%	16.7%	19.2%
Volatility (5Y)	18.3%	26.0%	26.0%	15.3%	25.5%	17.6%	21.9%
Beta (1Y)	0.59	1.70	1.77	0.26	-0.42	0.94	0.76
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	0.56	0.88	0.86
Sharpe Ratio (1Y)	0.65	1.02	1.03	1.53	2.22	0.56	1.02
Sharpe Ratio (3Y)	1.24	1.22	1.16	0.90	0.85	1.12	1.14
Sharpe Ratio (5Y)	0.59	0.79	0.82	0.64	0.94	0.73	0.76
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	3.9%	-5.6%	-6.7%	7.4%	8.3%	-2.0%	0.9%
3M Return	0.6%	4.8%	3.7%	11.5%	13.3%	-8.7%	4.2%
6M Return	9.7%	17.0%	17.1%	24.5%	19.4%	-4.0%	17.1%
YTD Return	4.3%	26.3%	27.0%	18.1%	53.2%	8.1%	22.2%
1Y Return	8.7%	25.2%	27.0%	26.5%	59.4%	8.6%	25.8%
2Y Return	22.2%	59.2%	60.1%	22.6%	57.5%	23.0%	40.2%
3Y Return	75.4%	126.3%	119.0%	44.9%	62.1%	68.1%	71.7%

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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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 (10/23/2026): $55.925

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (10/23/2026): $55.925

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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Stay Informed

Trade & Investment Ideas

Wealth

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About XLF

Latest Trefis Analyses

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Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

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