State Street Financial Select Sector SPDR ETF (XLF)

Market Price (11/6/2026): $57.51

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (11/6/2026): $57.51

Key Takeaways

XLF has returned +5.9% YTD vs +8.1% for SPY; +10.6% over the past 12 months (SPY +9.1%). details →
Priced in gold, XLF has returned -13.8% over the past 3 years, vs +78.2% in dollars — its dollar gains have lagged gold. details →
Over the past month, XLF has seen net outflows of −$614M (−1.2% of assets). details →
XLF's portfolio trades at 2.0x forward earnings — a 77% discount to SPY (8.7x). details →
XLF's top 10 holdings represent 57% of the fund vs 37% for SPY — a more concentrated portfolio. details →

Last updated: 11/5/2026.

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

+4.9%

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%	-2.9%	1.0%	7.0%	5.9%
Bond	BND	50.0%	0.2%	0.7%	2.7%	0.1%
Gold	GLD	10.0%	0.8%	1.9%	-0.1%	-5.3%
Commodity	DBC	2.5%	0.6%	-6.7%	-3.2%	40.7%
Real Estate	VNQ	5.0%	-1.8%	2.5%	8.5%	11.8%
Bitcoin	BTCUSD	0.0%	0.2%	3.6%	-3.3%	-8.0%
Cash	GOVT	7.5%	0.3%	0.4%	2.3%	-0.3%
Conservative Portfolio		100.0%	-0.6%	0.8%	3.6%	2.6%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	55.0%	-2.9%	1.0%	7.0%	5.9%
Bond	BND	25.0%	0.2%	0.7%	2.7%	0.1%
Gold	GLD	7.0%	0.8%	1.9%	-0.1%	-5.3%
Commodity	DBC	4.0%	0.6%	-6.7%	-3.2%	40.7%
Real Estate	VNQ	5.0%	-1.8%	2.5%	8.5%	11.8%
Bitcoin	BTCUSD	2.0%	0.2%	3.6%	-3.3%	-8.0%
Cash	GOVT	2.0%	0.3%	0.4%	2.3%	-0.3%
Moderate Portfolio		100.0%	-1.5%	0.8%	4.8%	4.9%

	ETF	%	1D	1W	1M	YTD
Equity	XLF	80.0%	-2.9%	1.0%	7.0%	5.9%
Bond	BND	5.0%	0.2%	0.7%	2.7%	0.1%
Gold	GLD	3.0%	0.8%	1.9%	-0.1%	-5.3%
Commodity	DBC	2.2%	0.6%	-6.7%	-3.2%	40.7%
Real Estate	VNQ	4.5%	-1.8%	2.5%	8.5%	11.8%
Bitcoin	BTCUSD	5.2%	0.2%	3.6%	-3.3%	-8.0%
Cash	GOVT	0.0%	0.3%	0.4%	2.3%	-0.3%
Aggressive Portfolio		100.0%	-2.3%	1.0%	5.9%	5.6%

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	25.0%	13.3%	19.4%	0.58
Bond	BND	50.0%	1.5%	5.2%	-0.25
Gold	GLD	10.0%	12.0%	15.6%	0.62
Commodity	DBC	2.5%	7.6%	17.3%	0.33
Real Estate	VNQ	5.0%	5.7%	17.5%	0.23
Bitcoin	BTCUSD	0.0%	61.2%	76.0%	0.94
Cash	GOVT	7.5%	0.5%	5.0%	-0.45
Conservative Portfolio		100.0%	6.1%	7.5%	0.44

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	55.0%	13.3%	19.4%	0.58
Bond	BND	25.0%	1.5%	5.2%	-0.25
Gold	GLD	7.0%	12.0%	15.6%	0.62
Commodity	DBC	4.0%	7.6%	17.3%	0.33
Real Estate	VNQ	5.0%	5.7%	17.5%	0.23
Bitcoin	BTCUSD	2.0%	61.2%	76.0%	0.94
Cash	GOVT	2.0%	0.5%	5.0%	-0.45
Moderate Portfolio		100.0%	11.0%	12.7%	0.66

	ETF	%	Return	Volatility	Sharpe
Equity	XLF	80.0%	13.3%	19.4%	0.58
Bond	BND	5.0%	1.5%	5.2%	-0.25
Gold	GLD	3.0%	12.0%	15.6%	0.62
Commodity	DBC	2.2%	7.6%	17.3%	0.33
Real Estate	VNQ	4.5%	5.7%	17.5%	0.23
Bitcoin	BTCUSD	5.2%	61.2%	76.0%	0.94
Cash	GOVT	0.0%	0.5%	5.0%	-0.45
Aggressive Portfolio		100.0%	15.6%	17.9%	0.74

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)
	11/30/27	11/6/26	2025	2024	2023	2022	2021
Share Price CYE		$57.50	$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	3.27	3.38	3.85	3.55	3.03	3.12	3.60
P/E		15.47	18.09	15.92	15.36	16.35	14.01
P/E (Non-GAAP) [2]	14.42	15.77	18.39	18.93	15.01	13.66	19.32
P/FCF		29.50	26.08	28.58	15.57	12.64	16.79
Yields TTM
Earnings Yield	6.93%	6.47%	5.53%	6.28%	6.51%	6.12%	7.14%
Dividend Yield	1.09%	1.09%	1.33%	1.45%	1.77%	2.16%	1.76%
Total Yield (TY)	8.03%	7.56%	6.85%	7.73%	8.28%	8.28%	8.90%
Risk Premium [3]
Risk Free Rate (Rf)	4.90%	4.90%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	3.13%	2.66%	2.67%	3.15%	4.40%	4.40%	7.38%
Growth Rates [6]
Sales Growth	7.9%	16.0%	18.0%	13.8%	17.5%	2.5%
Earnings Growth [7]	13.0%	13.9%	2.2%	44.1%	-2.9%	-0.0%

[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 6.47%, based on its 15.5x trailing P/E. With a 1.09% dividend yield, XLF is yielding 7.56% in total.

RISK

Compared to US Treasuries at 4.90%, XLF's total yield implies a reasonable 2.66% risk premium. Risk premiums at this level suggest valuations are not excessive.

FORWARD EXPECTATIONS

Based on analyst estimates, XLF's forward total yield is 8.03%, implying a 3.13% risk premium assuming stable Treasury rates.

Top 20 Holdings for XLF

Total Weights
Top 5: 43.3% | Top 10: 57.4% | 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		99.92%	100.00%	100.00%	0.4	2.0	+7.9%	+13.0%
Top 20		72.87%	8.46%	17.72%	3.8	15.3	+4.8%	+8.7%
BRK-B	Berkshire Hathaway	12.59%	2.04%	3.36%	3.0	25.6	+1.6%	-0.1%
JPM	JPMorgan Chase	11.39%	1.14%	3.20%	4.2	12.6	+4.2%	+5.4%
V	Visa	8.73%	0.22%	0.95%	15.3	27.1	+10.9%	+13.4%
MA	Mastercard	6.41%	0.19%	0.73%	13.8	28.0	+12.6%	+15.5%
BAC	Bank of America	4.15%	0.65%	1.46%	2.7	9.2	+6.5%	+19.3%
GS	Goldman Sachs	3.37%	0.42%	1.12%	3.5	10.9	+1.1%	+10.0%
WFC	Wells Fargo	3.20%	0.50%	1.11%	2.7	9.9	+5.3%	+12.3%
MS	Morgan Stanley	2.81%	0.33%	0.77%	3.3	13.6	+5.5%	+1.7%
C	Citigroup	2.63%	0.54%	0.90%	2.0	8.3	+4.2%	+15.7%
AXP	American Express	2.13%	0.34%	0.46%	2.5	15.7	+9.1%	+9.7%
BLK	BlackRock	2.11%	0.15%	0.31%	5.6	17.4	+10.4%	+13.7%
SCHW	Charles Schwab	1.81%	0.13%	0.44%	5.1	12.4	+13.5%	+16.9%
SPGI	S&P Global	1.74%	0.10%	0.24%	8.8	22.4	+5.4%	+13.6%
PGR	Progressive	1.67%	0.52%	0.55%	1.5	14.1	+4.2%	-12.2%
COF	Capital One Financial	1.60%	0.37%	0.54%	1.8	9.7	+5.6%	+13.9%
CB	Chubb	1.59%	0.31%	0.48%	2.4	12.9	+4.3%	-2.6%
CME	CME Group	1.33%	0.04%	0.21%	14.8	23.5	+5.7%	+5.3%
BNY	Bank of New York Mellon	1.26%	0.12%	0.32%	4.2	14.0	+5.5%	+11.5%
USB	U.S. Bancorp	1.18%	0.17%	0.41%	2.8	10.4	+7.3%	+8.4%
MRSH	Marsh	1.17%	0.15%	0.18%	3.3	18.6	+4.9%	+4.8%

[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 11/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 11/30/27.
[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 11/5	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XLF	State Street Financial Select Sector SPDR ETF	100.00%	57.50	-2.9%	6.5%	5.9%	10.6%	78.2%	56.0%	244.7%
BRK-B	Berkshire Hathaway	12.59%	572.33	-1.2%	13.2%	13.9%	17.1%	65.1%	98.8%	289.6%
JPM	JPMorgan Chase	11.39%	337.34	-4.2%	1.8%	6.7%	10.3%	149.5%	127.3%	526.4%
V	Visa	8.73%	422.59	-3.2%	14.0%	21.2%	25.3%	77.6%	102.6%	449.6%
MA	Mastercard	6.41%	655.92	-2.5%	15.9%	15.6%	19.3%	72.9%	93.7%	556.3%
BAC	Bank of America	4.15%	49.76	-3.6%	-8.0%	-8.1%	-3.1%	88.7%	19.7%	265.7%
GS	Goldman Sachs	3.37%	868.95	-6.4%	-3.1%	0.3%	11.7%	186.8%	141.0%	488.8%
WFC	Wells Fargo	3.20%	84.30	-3.6%	3.4%	-8.1%	-0.9%	117.4%	88.1%	142.5%
MS	Morgan Stanley	2.81%	182.44	-5.9%	-3.9%	5.1%	13.0%	161.8%	114.0%	611.0%
C	Citigroup	2.63%	118.45	-5.0%	-7.3%	3.6%	18.9%	206.6%	109.4%	221.9%
AXP	American Express	2.13%	324.97	-2.3%	7.0%	-11.2%	-10.2%	119.7%	95.6%	455.5%
BLK	BlackRock	2.11%	1,170.67	-4.4%	8.5%	11.2%	11.4%	91.6%	38.4%	318.7%
SCHW	Charles Schwab	1.81%	92.58	-0.8%	-4.4%	-6.4%	0.1%	73.5%	22.3%	226.6%
SPGI	S&P Global	1.74%	472.41	-1.9%	19.3%	-4.2%	0.9%	32.4%	12.7%	334.2%
PGR	Progressive	1.67%	233.18	-0.7%	10.0%	9.1%	18.9%	61.2%	171.8%	879.0%
COF	Capital One Financial	1.60%	203.84	-1.2%	4.1%	-14.9%	-6.5%	102.5%	44.5%	225.9%
CB	Chubb	1.59%	371.63	-0.7%	11.2%	20.2%	32.8%	76.0%	106.9%	256.9%
CME	CME Group	1.33%	307.24	-0.3%	13.7%	16.3%	19.1%	63.9%	71.0%	330.7%
BNY	Bank of New York Mellon	1.26%	147.49	-3.4%	3.1%	29.2%	38.0%	250.6%	186.8%	332.3%
USB	U.S. Bancorp	1.18%	59.75	-2.1%	4.3%	15.2%	32.8%	92.5%	22.7%	92.7%
MRSH	Marsh	1.17%	209.43	-0.5%	21.9%	15.4%	20.0%	13.4%	40.6%	281.2%

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%	6%	114%
Peers Return	33%	-0%	26%	15%	18%	19%	168%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
XLF Win Rate	58%	42%	50%	67%	67%	55%
Peers Win Rate	73%	42%	62%	62%	63%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	45%
Max Drawdowns [4]
XLF Max Drawdown	-8%	-26%	-16%	-7%	-16%	-15%
Peers Max Drawdown	-11%	-26%	-13%	-14%	-21%	-15%
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 11/5/2026 (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	0.40	1.07	0.34
Equity Top Results (3Y)
IALT	1.80	1.80	1.80
VLUE	1.93	1.48	0.71
CGDV	0.86	1.39	0.87
FNDX	1.87	1.39	0.67
MGV	1.88	1.38	0.69

Results as of 10312026.

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%	243
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 11/5/2026

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%	10%	-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 11/5/2026

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 11/5/2026

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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
VTI	Vanguard Total Stock Market ETF	-6.0%	360.52	11052026	383.33	8132026	84
ITOT	iShares Core S&P Total U.S. Stock Market ETF	-6.3%	159.92	11052026	170.70	8132026	84
SCHB	Schwab U.S. Broad Market ETF	-6.3%	28.20	11052026	30.09	8132026	84
IWV	iShares Russell 3000 ETF	-6.0%	416.48	11052026	442.95	8132026	84
VOO	Vanguard S&P 500 ETF	-5.9%	673.97	11052026	716.20	10062026	30
IVV	iShares Core S&P 500 ETF	-5.9%	736.21	11052026	782.54	10062026	30
SPY	State Street SPDR S&P 500 ETF Trust	-5.9%	733.00	11052026	779.09	10062026	30
SPYM	State Street SPDR Portfolio S&P 500 ETF	-5.9%	86.30	11052026	91.72	10062026	30
SCHX	Schwab U.S. Large-Cap ETF	-6.1%	28.83	11052026	30.71	8132026	84
VV	Vanguard Large-Cap ETF	-6.1%	337.56	11052026	359.59	10062026	30
IWB	iShares Russell 1000 ETF	-5.9%	401.06	11052026	426.04	8132026	84
SCHK	Schwab 1000 Index ETF	-6.3%	35.21	11052026	37.56	8132026	84
OEF	iShares S&P 100 ETF	-7.2%	361.49	11052026	389.44	10072026	29
XLG	Invesco S&P 500 Top 50 ETF	-9.0%	59.23	11052026	65.07	10072026	29
MGC	Vanguard Mega Cap 300 Index ETF	-7.0%	268.11	11052026	288.18	10062026	30
MAGS	Roundhill Magnificent Seven ETF	-10.0%	66.85	11052026	74.30	10132026	23
QQQ	Invesco QQQ Trust, Series 1	-14.8%	647.05	11052026	759.66	10062026	30
QQQM	Invesco NASDAQ 100 ETF	-14.7%	266.85	11052026	312.76	10062026	30
ONEQ	Fidelity Nasdaq Composite Index ETF	-11.9%	95.84	11052026	108.77	10062026	30
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-15.1%	141.79	11052026	167.03	8132026	84
IJH	iShares Core S&P Mid-Cap ETF	-8.9%	71.68	11052026	78.67	8162026	81
VO	Vanguard Mid-Cap ETF	-5.5%	79.49	11052026	84.15	8162026	81
IWR	iShares Russell Mid-Cap ETF	-6.2%	107.65	11052026	114.82	8162026	81
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-8.8%	653.68	11052026	716.91	8162026	81
SCHM	Schwab U.S. Mid-Cap ETF	-7.2%	34.23	11052026	36.87	6302026	128
IVOO	Vanguard S&P Mid-Cap 400 ETF	-8.6%	121.33	11052026	132.68	8162026	81
IJR	iShares Core S&P Small-Cap ETF	-8.6%	137.49	11052026	150.44	8162026	81
VB	Vanguard Small-Cap ETF	-7.9%	283.96	11052026	308.38	8162026	81
IWM	iShares Russell 2000 ETF	-11.2%	270.98	11052026	305.09	8162026	81
SCHA	Schwab U.S. Small-Cap ETF	-11.0%	32.15	11052026	36.13	6302026	128
VTWO	Vanguard Russell 2000 ETF	-10.9%	109.49	11052026	122.90	8162026	81
DFAS	Dimensional U.S. Small Cap ETF	-7.8%	77.85	11052026	84.48	8162026	81
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-7.5%	52.38	11052026	56.64	8162026	81
NUSC	Nuveen ESG Small-Cap ETF	-7.3%	49.40	11052026	53.27	8162026	81
VUG	Vanguard Growth ETF	-12.1%	81.43	11052026	92.64	10062026	30
IWF	iShares Russell 1000 Growth ETF	-14.6%	110.36	11052026	129.19	10062026	30
IVW	iShares S&P 500 Growth ETF	-12.1%	128.42	11052026	146.12	10062026	30
SCHG	Schwab U.S. Large-Cap Growth ETF	-11.2%	32.81	11052026	36.93	10062026	30
SPYG	State Street SPDR Portfolio S&P 500 Growth ETF	-12.1%	111.17	11052026	126.50	10062026	30
VONG	Vanguard Russell 1000 Growth ETF	-14.6%	113.59	11052026	133.00	10062026	30
MGK	Vanguard Mega Cap Growth ETF	-13.0%	82.71	11052026	95.11	10062026	30
IWP	iShares Russell Mid-Cap Growth ETF	-16.8%	122.91	11052026	147.70	8172026	80
VOT	Vanguard Mid-Cap Growth ETF	-12.0%	275.84	11052026	313.61	8162026	81
IJK	iShares S&P Mid-Cap 400 Growth ETF	-12.2%	104.55	11052026	119.11	8172026	80
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-12.3%	99.70	11052026	113.69	8172026	80
IWO	iShares Russell 2000 Growth ETF	-14.8%	336.95	11052026	395.65	8162026	81
VBK	Vanguard Small-Cap Growth ETF	-13.6%	316.15	11052026	365.91	8172026	80
IJT	iShares S&P Small-Cap 600 Growth ETF	-10.6%	160.13	11052026	179.07	8042026	93
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-10.5%	106.99	11052026	119.50	8042026	93
IJJ	iShares S&P Mid-Cap 400 Value ETF	-5.5%	143.39	11052026	151.67	8162026	81
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-5.3%	92.20	11052026	97.39	8162026	81
AVUV	Avantis U.S. Small Cap Value ETF	-6.3%	120.57	11052026	128.74	8042026	93
IWN	iShares Russell 2000 Value ETF	-7.2%	211.07	11052026	227.43	8162026	81
IJS	iShares S&P Small-Cap 600 Value ETF	-7.0%	130.83	11052026	140.68	8162026	81
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-7.0%	104.31	11052026	112.22	8162026	81
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-6.5%	112.48	11052026	120.28	8162026	81
VXUS	Vanguard Total International Stock ETF	-8.6%	80.80	11052026	88.41	9072026	59
VEU	Vanguard FTSE All-World Ex-US ETF	-8.2%	79.10	11052026	86.21	9072026	59
IXUS	iShares Core MSCI Total International Stock ETF	-8.4%	90.44	11052026	98.71	9072026	59
CWI	State Street SPDR MSCI ACWI ex-US ETF	-8.1%	38.50	11052026	41.90	9072026	59
CORO	iShares International Country Rotation Active ETF	-8.7%	34.26	11052026	37.54	9072026	59
VEA	Vanguard FTSE Developed Markets ETF	-7.4%	68.19	11052026	73.61	8252026	72
IEFA	iShares Core MSCI EAFE ETF	-5.8%	95.54	11052026	101.41	8252026	72
EFA	iShares MSCI EAFE ETF	-5.6%	102.70	11052026	108.81	8252026	72
SCHF	Schwab International Equity ETF	-7.4%	26.48	11052026	28.59	8252026	72
FNDF	Schwab Fundamental International Equity ETF	-5.4%	53.26	11052026	56.31	9072026	59
AVIV	Avantis International Large Cap Value ETF	-5.5%	79.30	11052026	83.89	8252026	72
SCZ	iShares MSCI EAFE Small-Cap ETF	-6.8%	81.61	11052026	87.57	9072026	59
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-9.8%	145.70	11052026	161.49	5112026	178
SCHC	Schwab International Small-Cap Equity ETF	-8.6%	47.38	11052026	51.86	8272026	70
FNDC	Schwab Fundamental International Small Equity ETF	-5.9%	48.59	11052026	51.66	9072026	59
IEMG	iShares Core MSCI Emerging Markets ETF	-17.8%	70.71	11052026	86.00	6222026	136
VWO	Vanguard FTSE Emerging Markets ETF	-11.6%	54.24	11052026	61.32	9072026	59
EEM	iShares MSCI Emerging Markets ETF	-18.5%	58.05	11052026	71.21	6222026	136
SPEM	State Street SPDR Portfolio Emerging Markets ETF	-11.2%	47.42	11052026	53.41	9072026	59
SCHE	Schwab Emerging Markets Equity ETF	-11.0%	33.43	11052026	37.58	9072026	59
FNDE	Schwab Fundamental Emerging Markets Equity ETF	-7.7%	39.77	11052026	43.08	9072026	59
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-18.1%	30.56	11052026	37.30	6222026	136
EWY	iShares MSCI South Korea ETF	-39.9%	131.65	11052026	219.20	6212026	137
EWZ	iShares MSCI Brazil ETF	-27.1%	31.76	11052026	43.54	10122026	24
FXI	iShares China Large-Cap ETF	-8.7%	34.94	11052026	38.26	5132026	176
ILF	iShares Latin America 40 ETF	-16.6%	31.88	11052026	38.21	10122026	24
KWEB	KraneShares CSI China Internet ETF	-19.1%	24.76	11052026	30.59	5132026	176
CGDV	Capital Group Dividend Value ETF	-7.8%	47.45	11052026	51.44	8132026	84
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	-11.5%	53.71	11052026	60.70	10072026	29
QQQI	NEOS Nasdaq 100 High Income ETF	-12.7%	48.88	11052026	56.00	10062026	30
QYLD	Global X Funds Global X NASDAQ-100 Covered Call ETF	-9.9%	16.88	11052026	18.74	10152026	21
RYLD	Global X Russell 2000 Covered Call ETF	-6.5%	15.11	11052026	16.16	8272026	70
DFAC	Dimensional U.S. Core Equity 2 ETF	-5.4%	43.71	11052026	46.22	8162026	81
DYNF	iShares U.S. Equity Factor Rotation Active ETF	-8.4%	64.76	11052026	70.68	10062026	30
MTUM	iShares MSCI USA Momentum Factor ETF	-27.5%	62.60	11052026	86.31	6222026	136
SPHQ	Invesco S&P 500 Quality ETF	-10.0%	81.08	11052026	90.10	6302026	128
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.8%	35.50	11052026	38.52	8162026	81
SPMO	Invesco S&P 500 Momentum ETF	-24.3%	122.45	11052026	161.66	6222026	136
VLUE	iShares MSCI USA Value Factor ETF	-11.4%	181.99	11052026	205.51	9072026	59
ARKK	ARK Innovation ETF	-21.2%	73.15	11052026	92.78	10052026	31
URA	Global X Uranium ETF	-45.9%	30.98	11052026	57.23	5112026	178
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-26.4%	30.64	11052026	41.63	5132026	176
ROBO	ROBO Global Robotics & Automation Index ETF	-23.8%	68.82	11052026	90.34	6022026	156
LIT	Global X Lithium & Battery Tech ETF	-34.3%	60.18	11052026	91.62	5112026	178
ICLN	iShares Global Clean Energy ETF	-32.0%	16.14	11052026	23.75	6022026	156
ARKQ	ARK Autonomous Technology & Robotics ETF	-30.9%	99.38	11052026	143.82	5282026	161
ARKW	ARK Next Generation Internet ETF	-18.9%	135.67	11052026	167.33	10062026	30
ARKX	ARK Space & Defense Innovation ETF	-28.3%	27.05	11052026	37.74	5282026	161
NASA	Tema Space Innovators ETF	-57.8%	17.69	11052026	41.89	5272026	162
THRO	iShares U.S. Thematic Rotation Active ETF	-8.2%	41.23	11052026	44.92	10062026	30
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-14.8%	19.11	11052026	22.43	10052026	31
AGIX	KraneShares Artificial Intelligence ETF	-25.0%	37.19	11052026	49.56	10062026	30
CGBL	Capital Group Core Balanced ETF	-5.6%	36.41	11052026	38.57	8132026	84
AOA	iShares Core 80/20 Aggressive Allocation ETF	-5.5%	94.40	11052026	99.89	8132026	84
DRSK	Aptus Defined Risk ETF	-6.8%	27.38	11052026	29.39	6012026	157
NTSX	WisdomTree U.S. Efficient Core Fund	-5.6%	57.50	11052026	60.89	8132026	84
PCEF	Invesco CEF Income Composite ETF	-7.4%	18.85	11052026	20.35	8132026	84
YYY	Amplify CEF High Income ETF	-10.4%	10.19	11052026	11.37	8162026	81
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-26.7%	52.28	11052026	71.30	8252026	72
RAAX	VanEck Real Assets ETF	-10.5%	38.21	11052026	42.70	5112026	178
FTLS	First Trust Long/Short Equity ETF	-5.0%	74.15	11052026	78.09	10132026	23
VGT	Vanguard Information Technology ETF	-17.5%	107.06	11052026	129.80	10062026	30
XLK	State Street Technology Select Sector SPDR ETF	-19.6%	162.38	11052026	202.00	10062026	30
XLE	State Street Energy Select Sector SPDR ETF	-12.0%	61.63	11052026	70.02	11012026	4
XLI	State Street Industrial Select Sector SPDR ETF	-12.9%	162.47	11052026	186.51	8162026	81
XLC	State Street Communication Services Select Sector SPDR ETF	-10.9%	104.34	11052026	117.08	5072026	182
XLU	State Street Utilities Select Sector SPDR ETF	-6.5%	43.30	11052026	46.29	7262026	102
IYJ	iShares U.S. Industrials ETF	-8.8%	154.94	11052026	169.86	8042026	93
IYM	iShares U.S. Basic Materials ETF	-8.8%	179.24	11052026	196.45	8252026	72
FXN	First Trust Energy AlphaDEX Fund	-11.2%	22.20	11052026	25.00	11012026	4
SMH	VanEck Semiconductor ETF	-33.1%	447.73	11052026	668.91	6222026	136
SOXX	iShares Semiconductor ETF	-39.6%	131.90	11052026	218.34	6222026	136
IBB	iShares Biotechnology ETF	-5.0%	209.99	11052026	221.13	11042026	1
XBI	State Street SPDR S&P Biotech ETF	-12.5%	148.40	11052026	169.55	8192026	78
ITA	iShares U.S. Aerospace & Defense ETF	-19.3%	68.11	11052026	84.41	8162026	81
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-15.0%	174.10	11052026	204.86	10262026	10
IGV	iShares Expanded Tech-Software Sector ETF	-12.1%	99.01	11052026	112.67	10112026	25
IYT	iShares U.S. Transportation ETF	-8.9%	82.01	11052026	90.01	7162026	112
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-9.8%	178.65	11052026	198.06	9032026	63
KRE	State Street SPDR S&P Regional Banking ETF	-7.2%	72.31	11052026	77.93	8162026	81
MISL	First Trust Indxx Aerospace & Defense ETF	-20.2%	39.26	11052026	49.19	5282026	161
RING	iShares MSCI Global Gold Miners ETF	-19.3%	75.19	11052026	93.17	8252026	72
SOXQ	Invesco PHLX Semiconductor ETF	-38.3%	71.04	11052026	115.11	6222026	136
EDV	Vanguard World Funds Extended Duration ETF	-7.5%	59.67	11052026	64.54	6242026	134
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.0%	21.07	11052026	22.18	6292026	129
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	-7.9%	18.74	11052026	20.34	10252026	11
DBC	Invesco DB Commodity Index Tracking Fund	-7.7%	31.47	11052026	34.10	10252026	11
COMT	iShares GSCI Commodity Dynamic Roll Strategy ETF	-8.4%	36.00	11052026	39.30	10252026	11
BCI	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	-7.9%	24.70	11052026	26.81	9102026	56
FTGC	First Trust Global Tactical Commodity Strategy Fund	-8.3%	28.98	11052026	31.60	9102026	56
HGER	Harbor Commodity All-Weather Strategy ETF	-7.1%	33.92	11052026	36.50	10252026	11
GLD	SPDR Gold Trust	-13.6%	375.49	11052026	434.65	5112026	178
IAU	iShares Gold Trust	-13.5%	77.00	11052026	89.06	5112026	178
GLDM	SPDR Gold MiniShares Trust	-13.5%	81.06	11052026	93.69	5112026	178
SLV	iShares Silver Trust	-40.9%	46.93	11052026	79.35	5132026	176
PPLT	ETFS Physical Platinum Shares	-29.6%	13.76	11052026	19.55	5132026	176
PALL	ETFS Physical Palladium Shares	-31.4%	18.85	11052026	27.48	5112026	178
USO	United States Oil Fund LP	-12.6%	148.21	11052026	169.53	10252026	11
UNG	United States Natural Gas Fund LP	-23.5%	9.27	11052026	12.12	6042026	154
BNO	United States Brent Oil Fund LP ETV	-12.4%	62.53	11052026	71.39	11012026	4
REET	iShares Global REIT ETF	-6.5%	27.02	11052026	28.89	7262026	102
USRT	iShares Core U.S. REIT ETF	-6.5%	65.27	11052026	69.82	7262026	102
IBIT	iShares Bitcoin Trust ETF	-12.2%	43.03	11052026	49.01	9212026	45
FBTC	Fidelity Wise Origin Bitcoin Fund	-12.1%	66.17	11052026	75.31	9212026	45
ETHA	iShares Ethereum Trust ETF	-16.0%	50.77	11052026	60.45	9282026	38

ETF Fund Flows

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

Net fund flows · as of 2026-11-05

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$40.9B), followed by Bond (+$8.2B), while Crypto (−$1.6B) and Real Estate (−$289M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$23.2B) and out of Broad Sector (−$2.5B).
Relative to fund size, FIGB drew the largest inflow (+40.3% of AUM) and CNEQ the largest outflow (−23.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$12.62B	+1.2%
2	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$6.32B	+0.7%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$5.47B	+1.2%
4	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	+$2.69B	+3.5%
5	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$2.44B	+0.3%
6	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$2.39B	+2.2%
7	RSP	Invesco S&P 500 Equal Weight ETF	Equity Factor Smart Beta	+$2.25B	+2.2%
8	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	+$1.87B	+2.9%
9	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$1.82B	+1.0%
10	VEA	Vanguard FTSE Developed Markets ETF	Equity International Developed Broad	+$1.61B	+0.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	FIGB	Fidelity Investment Grade Bond ETF	Other	+$465M	+40.3%
2	IYC	iShares U.S. Consumer Discretionary ETF	Other	+$339M	+26.4%
3	USO	United States Oil Fund, LP	Commodity Energy	+$224M	+11.5%
4	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$312M	+10.2%
5	IYK	iShares U.S. Consumer Staples ETF	Other	+$152M	+10.1%
6	URTH	iShares MSCI World ETF	Other	+$860M	+9.3%
7	FLSP	Franklin Systematic Style Premia ETF	Other	+$94M	+8.0%
8	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$182M	+7.8%
9	CGCV	Capital Group Conservative Equity ETF	Other	+$182M	+7.6%
10	IYE	iShares U.S. Energy ETF	Other	+$142M	+7.6%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SDY	State Street SPDR S&P Dividend ETF	Equity Dividend Income	-$1.61B	-7.2%
2	CNEQ	Alger Concentrated Equity ETF	Other	-$1.45B	-23.7%
3	IBIT	iShares Bitcoin Trust ETF	Crypto	-$1.05B	-1.7%
4	XLC	State Street Communication Services Select Sector SPDR ETF	Equity Broad Sector	-$987M	-4.6%
5	AGG	iShares Core U.S. Aggregate Bond ETF	Bond US Aggregate Core	-$924M	-0.7%
6	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$841M	-1.6%
7	XLI	State Street Industrial Select Sector SPDR ETF	Equity Broad Sector	-$803M	-2.6%
8	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$787M	-1.8%
9	ARKK	ARK Innovation ETF	Equity Thematic	-$741M	-12.2%
10	XLU	State Street Utilities Select Sector SPDR ETF	Equity Broad Sector	-$668M	-2.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	-$1.45B	-23.7%
2	KLMN	Invesco Exchange-Traded Fund Trust II - Invesco MSCI North America Climate ETF	Other	-$437M	-18.1%
3	ARKK	ARK Innovation ETF	Equity Thematic	-$741M	-12.2%
4	ARKW	ARK Next Generation Internet ETF	Equity Thematic	-$199M	-12.1%
5	IXC	iShares Global Energy ETF	Other	-$394M	-11.9%
6	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$136M	-11.1%
7	VFMO	Vanguard U.S. Momentum Factor ETF	Other	-$195M	-10.6%
8	ITB	iShares U.S. Home Construction ETF	Other	-$213M	-9.1%
9	CWB	State Street SPDR Bloomberg Convertible Securities ETF	Other	-$470M	-8.9%
10	PSI	Invesco Semiconductors ETF	Other	-$160M	-7.4%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$111.6B), followed by Bond (+$35.8B), while Crypto (−$2.8B) and Cash (−$1.3B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$48.6B) and out of Gold (−$1.9B).
Relative to fund size, ALAI drew the largest inflow (+58.1% of AUM) and EWS the largest outflow (−33.1%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$29.45B	+2.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$10.03B	+5.5%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$7.46B	+1.5%
4	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$5.72B	+12.8% ⚠
5	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$5.46B	+5.0%
6	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.42B	+0.8%
7	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$5.2B	+0.6%
8	MUB	iShares National Muni Bond ETF	Bond Municipal	+$5.0B	+9.5%
9	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$4.51B	+15.3%
10	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	+$3.87B	+5.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	ALAI	Alger AI Enablers & Adopters ETF	Other	+$1.41B	+58.1%
2	CNEQ	Alger Concentrated Equity ETF	Other	+$3.43B	+56.8%
3	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$874M	+31.9%
4	TAFM	Alliance Bernstein - AB Tax-Aware Intermediate Municipal ETF	Other	+$345M	+31.5%
5	ARKK	ARK Innovation ETF	Equity Thematic	+$1.82B	+28.9% ⚠
6	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$610M	+28.7%
7	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$408M	+28.1%
8	IYC	iShares U.S. Consumer Discretionary ETF	Other	+$329M	+27.1%
9	SCMB	Schwab Municipal Bond ETF	Other	+$815M	+20.6%
10	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$893M	+20.3%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IQMM	ProShares - GENIUS Money Market ETF	Other	-$2.52B	-13.4%
2	SHV	iShares Trust iShares 0-1 Year Treasury Bond ETF	Cash	-$2.45B	-10.4%
3	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	-$2.13B	-4.2%
4	DRAM	Roundhill Memory ETF	Other	-$2.05B	-10.7%
5	GLD	SPDR Gold Shares	Commodity Gold	-$2.01B	-1.4%
6	ETHA	iShares Ethereum Trust ETF	Crypto	-$1.65B	-20.7%
7	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$1.47B	-3.1%
8	IWD	iShares Russell 1000 Value ETF	Equity US Large Value	-$1.24B	-1.5%
9	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.17B	-1.1%
10	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$1.06B	-2.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	EWS	iShares MSCI Singapore ETF	Other	-$365M	-33.1%
2	ARKW	ARK Next Generation Internet ETF	Equity Thematic	-$404M	-22.2%
3	IGOV	iShares International Treasury Bond ETF	Bond International	-$289M	-22.1%
4	EUFN	iShares MSCI Europe Financials ETF	Other	-$671M	-21.8%
5	ETHA	iShares Ethereum Trust ETF	Crypto	-$1.65B	-20.7%
6	CQQQ	Invesco China Technology ETF	Other	-$386M	-19.4%
7	KLMN	Invesco Exchange-Traded Fund Trust II - Invesco MSCI North America Climate ETF	Other	-$437M	-17.8%
8	EWP	iShares MSCI Spain ETF	Other	-$340M	-16.9%
9	IYK	iShares U.S. Consumer Staples ETF	Other	-$234M	-15.3%
10	ITB	iShares U.S. Home Construction ETF	Other	-$346M	-14.7%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$179.4B), followed by Bond (+$83.9B), while Real Estate (−$342M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$56.7B) and out of Mortgage Backed (−$1.7B).
Relative to fund size, CNEQ drew the largest inflow (+178.8% of AUM) and IYZ the largest outflow (−50.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$46.15B	+4.4%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.44B	+11.2%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.15B	+14.5%
4	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$11.03B	+10.4%
5	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$10.96B	+2.3%
6	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$10.35B	+1.5%
7	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$9.64B	+8.6%
8	MUB	iShares National Muni Bond ETF	Bond Municipal	+$9.43B	+20.6%
9	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$8.21B	+17.6%
10	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$8.12B	+17.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$5.62B	+178.8%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$2.18B	+166.0%
3	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$773M	+75.1%
4	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$1.43B	+73.0%
5	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.37B	+65.1%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.98B	+62.4%
7	ARKK	ARK Innovation ETF	Equity Thematic	+$3.84B	+59.8% ⚠
8	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$6.05B	+57.2%
9	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.95B	+55.0%
10	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$956M	+54.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$9.12B	-1.0%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.61B	-29.2% ⚠
3	XLF this	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$5.27B	-9.8%
4	DRAM	Roundhill Memory ETF	Other	-$4.86B	-19.2%
5	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.58B	-6.7%
6	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$2.27B	-16.1%
7	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$2.12B	-4.7%
8	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$2.0B	-4.8%
9	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.66B	-6.3%
10	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.27B	-7.8% ⚠

#	Ticker	Name	Type	Net flow	% of AUM
1	IYZ	iShares U.S. Telecommunications ETF	Other	-$557M	-50.9%
2	MTBA	Simplify MBS ETF	Other	-$553M	-42.9%
3	IGOV	iShares International Treasury Bond ETF	Bond International	-$467M	-35.1%
4	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$470M	-30.6%
5	BKAG	BNY Mellon Core Bond ETF	Other	-$674M	-30.1%
6	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.61B	-29.2% ⚠
7	CTA	Simplify Managed Futures Strategy ETF	Other	-$429M	-28.8%
8	CQQQ	Invesco China Technology ETF	Other	-$698M	-25.9%
9	EUFN	iShares MSCI Europe Financials ETF	Other	-$907M	-22.1%
10	BSCQ	Invesco BulletShares 2026 Corporate Bond ETF	Other	-$683M	-21.0%

Largest ETF fund flows across ~2649 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
APP	AppLovin	119.6	31.0%	-47.2%
DNUT	Krispy Kreme	0.8	30.7%	14.4%
ECPG	Encore Capital	2.7	26.3%	132.1%
ADMA	ADMA Biologics	3.0	26.0%	-27.6%
XERS	Xeris Biopharma	2.3	25.0%	66.6%
WRBY	Warby Parker	3.2	22.5%	19.7%
ARDT	Ardent Health	2.3	22.4%	80.1%
MGNI	Magnite	3.9	20.8%	69.6%
EPAM	EPAM Systems	8.6	20.6%	-19.1%
ONT	Onterris	0.7	20.4%	-21.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MNTN	MNTN	0.3	-54.7%	-60.6%
VCYT	Veracyte	1.9	-54.3%	-43.0%
PCT	PureCycle Technologies	0.3	-32.6%	-78.1%
ACDC	ProFrac	0.5	-31.7%	-30.3%
TRIP	Tripadvisor	0.9	-27.6%	-49.3%
ROCK	Gibraltar Industries	0.9	-27.3%	-35.9%
FSLY	Fastly	2.4	-26.9%	51.1%
TROX	Tronox	0.4	-26.5%	-36.1%
MEI	Methode Electronics	0.4	-23.4%	56.2%
PENG	Penguin Solutions	2.1	-23.0%	90.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ULH	Universal Logistics	0.8	69.2%	97.6%
CRCT	Cricut	1.9	49.7%	95.1%
ARRY	Array Technologies	0.8	48.9%	-42.5%
DNUT	Krispy Kreme	0.8	43.7%	14.4%
GDYN	Grid Dynamics	1.1	42.6%	49.9%
APP	AppLovin	119.6	39.7%	-47.2%
EVER	EverQuote	1.1	33.0%	12.3%
AGL	Agilon Health	1.9	32.4%	560.8%
CPRI	Capri	2.3	31.6%	-13.4%
GPK	Graphic Packaging	3.4	31.0%	-20.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
VCYT	Veracyte	1.9	-54.0%	-43.0%
MNTN	MNTN	0.3	-52.2%	-60.6%
FRMI	Fermi	1.0	-46.5%	-80.9%
NRIX	Nurix Therapeutics	1.7	-45.3%	-21.8%
LITE	Lumentum	43.5	-44.6%	38.3%
ACDC	ProFrac	0.5	-44.1%	-30.3%
PCT	PureCycle Technologies	0.3	-43.5%	-78.1%
INTC	Intel	274.0	-43.2%	41.6%
OFRM	Once Upon a Farm PBC	0.4	-42.7%	-56.5%
AESI	Atlas Energy Solutions	0.7	-42.5%	-43.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BMBL	Bumble	0.8	139.2%	67.5%
GDYN	Grid Dynamics	1.1	76.5%	49.9%
ULH	Universal Logistics	0.8	72.3%	97.6%
TDOC	Teladoc Health	1.7	69.2%	34.4%
SGRY	Surgery Partners	3.0	69.0%	50.0%
LQDA	Liquidia	4.0	66.8%	29.0%
ENOV	Enovis	1.6	62.5%	7.4%
BRZE	Braze	5.1	61.0%	33.6%
UPBD	Upbound	1.5	59.3%	51.6%
COAG	Hemab Therapeutics	1.4	58.8%	34.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CIFR	Cipher Digital	2.3	-61.9%	-62.4%
AAOI	Applied Optoelectronics	3.8	-61.7%	34.5%
FRMI	Fermi	1.0	-61.5%	-80.9%
MXL	MaxLinear	4.0	-58.7%	154.2%
AESI	Atlas Energy Solutions	0.7	-57.3%	-43.5%
FPS	Forgent Power Solutions	4.7	-55.2%	-37.2%
STRL	Sterling Infrastructure	7.5	-54.3%	-20.2%
LITE	Lumentum	43.5	-54.1%	38.3%
AXTI	AXT	2.2	-54.0%	124.6%
ICHR	Ichor	1.0	-54.0%	52.1%

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)	53.1	178.0	124.7	48.5	45.3	31.5	50.8
Expense Ratio	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
10-D Avg Volume (Mil)	33.02	4.23	8.28	9.10	30.24	7.07	8.69
Latest Day Volume (Mil)	41.20	7.91	15.28	14.06	50.87	9.28	14.67
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	56.93	116.95	188.72	184.09	68.72	170.10	-
Premium/Discount	1.0%	-8.5%	-14.0%	0.4%	-10.3%	-4.5%	-6.5%
Distribution Yield	1.4%	0.4%	0.5%	1.4%	2.5%	1.3%	1.3%
Sales Yield	219.2%	16.1%	13.2%	56.0%	64.3%	36.4%	46.2%
Earnings Yield	26.0%	3.7%	3.6%	2.9%	7.4%	3.9%	3.8%

Valuation

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
P/S (TTM)	0.5x	6.2x	7.6x	1.8x	1.6x	2.7x	2.3x
P/E (TTM)	3.8x	26.8x	27.8x	34.0x	13.5x	25.7x	26.3x
P/FCF (TTM)	2.7x	37.4x	33.3x	25.4x	13.1x	25.6x	25.5x
Forward P/E	2.0x	15.1x	15.4x	19.2x	12.3x	21.3x	15.2x
Forward P/S	0.4x	4.4x	5.1x	1.7x	1.5x	2.5x	2.1x

Risk

	XLF	VGT	XLK	XLV	XLE	XLI	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Volatility (1Y)	15.2%	26.4%	28.3%	16.9%	23.4%	17.8%	20.6%
Volatility (3Y)	16.3%	25.2%	25.9%	15.2%	22.1%	16.9%	19.5%
Volatility (5Y)	18.4%	26.3%	26.4%	15.4%	25.6%	17.7%	22.0%
Beta (1Y)	0.60	1.71	1.78	0.27	-0.48	0.92	0.76
Beta (3Y)	0.77	1.51	1.52	0.44	0.42	0.90	0.83
Beta (5Y)	0.85	1.42	1.40	0.53	0.55	0.87	0.86
Sharpe Ratio (1Y)	0.76	0.53	0.51	1.59	1.69	0.49	0.64
Sharpe Ratio (3Y)	1.35	1.13	1.03	1.04	0.80	1.15	1.08
Sharpe Ratio (5Y)	0.56	0.67	0.69	0.61	0.85	0.67	0.67
Max Drawdown (1Y)	-14.8%	-17.5%	-19.6%	-10.5%	-15.0%	-12.9%	-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	7.0%	-17.2%	-19.4%	9.5%	-2.7%	-3.2%	-3.0%
3M Return	-0.2%	-11.7%	-13.6%	11.6%	7.2%	-12.3%	-6.0%
6M Return	11.9%	-2.0%	-4.2%	28.3%	10.9%	-6.4%	4.5%
YTD Return	5.9%	14.0%	13.1%	20.5%	39.7%	5.3%	13.5%
1Y Return	11.0%	11.1%	10.9%	29.1%	44.5%	7.4%	11.1%
2Y Return	27.1%	48.4%	47.6%	29.8%	47.0%	24.3%	38.4%
3Y Return	85.5%	113.4%	101.5%	55.5%	58.1%	71.8%	78.6%

Short Interest

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	137.2 Mil
Short Interest: % Change Since 9302026	-4.2%
Average Daily Volume	36.0 Mil
Days-to-Cover Short Interest	3.8 days

External Quote Links

0	Y Finance	Barrons
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 (11/6/2026): $57.51

State Street Financial Select Sector SPDR ETF (XLF)

Market Price (11/6/2026): $57.51

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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Inform Me Once

About XLF

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

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Top Gainers

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