State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/10/2026): $169.29

State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/10/2026): $169.29

Key Takeaways

XLI has returned +9.7% YTD vs +14.8% for SPY; +11.4% over the past 12 months (SPY +17.0%). details →
Priced in gold, XLI has returned -24.4% over the past 3 years, vs +70.9% in dollars — its dollar gains have lagged gold. details →
Over the past month, XLI has seen net inflows of +$6M (+0.0% of assets). details →
XLI's portfolio trades at 22.7x forward earnings — a 188% premium to SPY (7.9x). details →
Risk-adjusted returns trail SPY: 3-year Sharpe ratio of 0.9 vs 1.1. details →

Last updated: 10/9/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with XLI

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+10.8%

Volatility

12.6%

Sharpe

0.66

YTD

+6.5%

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

	ETF	%	1D	1W	1M	YTD
Equity	XLI	25.0%	0.5%	-0.4%	-0.8%	9.7%
Bond	BND	50.0%	0.0%	0.4%	-1.1%	-2.3%
Gold	GLD	10.0%	1.6%	1.2%	-3.0%	-3.0%
Commodity	DBC	2.5%	0.0%	1.1%	-2.1%	47.2%
Real Estate	VNQ	5.0%	1.5%	1.3%	-2.9%	5.4%
Bitcoin	BTCUSD	0.0%	0.1%	-3.3%	6.8%	-6.6%
Cash	GOVT	7.5%	-0.0%	0.3%	-1.3%	-2.6%
Conservative Portfolio		100.0%	0.4%	0.3%	-1.3%	2.2%

	ETF	%	1D	1W	1M	YTD
Equity	XLI	55.0%	0.5%	-0.4%	-0.8%	9.7%
Bond	BND	25.0%	0.0%	0.4%	-1.1%	-2.3%
Gold	GLD	7.0%	1.6%	1.2%	-3.0%	-3.0%
Commodity	DBC	4.0%	0.0%	1.1%	-2.1%	47.2%
Real Estate	VNQ	5.0%	1.5%	1.3%	-2.9%	5.4%
Bitcoin	BTCUSD	2.0%	0.1%	-3.3%	6.8%	-6.6%
Cash	GOVT	2.0%	-0.0%	0.3%	-1.3%	-2.6%
Moderate Portfolio		100.0%	0.5%	0.0%	-1.0%	6.5%

	ETF	%	1D	1W	1M	YTD
Equity	XLI	80.0%	0.5%	-0.4%	-0.8%	9.7%
Bond	BND	5.0%	0.0%	0.4%	-1.1%	-2.3%
Gold	GLD	3.0%	1.6%	1.2%	-3.0%	-3.0%
Commodity	DBC	2.2%	0.0%	1.1%	-2.1%	47.2%
Real Estate	VNQ	4.5%	1.5%	1.3%	-2.9%	5.4%
Bitcoin	BTCUSD	5.2%	0.1%	-3.3%	6.8%	-6.6%
Cash	GOVT	0.0%	-0.0%	0.3%	-1.3%	-2.6%
Aggressive Portfolio		100.0%	0.5%	-0.4%	-0.6%	8.5%

	ETF	%	Return	Volatility	Sharpe
Equity	XLI	25.0%	13.2%	18.9%	0.60
Bond	BND	50.0%	1.1%	5.2%	-0.30
Gold	GLD	10.0%	11.8%	15.4%	0.61
Commodity	DBC	2.5%	8.2%	17.1%	0.38
Real Estate	VNQ	5.0%	4.5%	17.6%	0.17
Bitcoin	BTCUSD	0.0%	63.3%	76.0%	0.95
Cash	GOVT	7.5%	0.2%	4.9%	-0.51
Conservative Portfolio		100.0%	5.8%	7.7%	0.40

	ETF	%	Return	Volatility	Sharpe
Equity	XLI	55.0%	13.2%	18.9%	0.60
Bond	BND	25.0%	1.1%	5.2%	-0.30
Gold	GLD	7.0%	11.8%	15.4%	0.61
Commodity	DBC	4.0%	8.2%	17.1%	0.38
Real Estate	VNQ	5.0%	4.5%	17.6%	0.17
Bitcoin	BTCUSD	2.0%	63.3%	76.0%	0.95
Cash	GOVT	2.0%	0.2%	4.9%	-0.51
Moderate Portfolio		100.0%	10.8%	12.6%	0.66

	ETF	%	Return	Volatility	Sharpe
Equity	XLI	80.0%	13.2%	18.9%	0.60
Bond	BND	5.0%	1.1%	5.2%	-0.30
Gold	GLD	3.0%	11.8%	15.4%	0.61
Commodity	DBC	2.2%	8.2%	17.1%	0.38
Real Estate	VNQ	4.5%	4.5%	17.6%	0.17
Bitcoin	BTCUSD	5.2%	63.3%	76.0%	0.95
Cash	GOVT	0.0%	0.2%	4.9%	-0.51
Aggressive Portfolio		100.0%	15.7%	17.5%	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	XLI	25.0%	-19.0%	-39.5%	-23.6%
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%	-14.5%	-13.9%	-5.6%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XLI	55.0%	-19.0%	-39.5%	-23.6%
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%	-16.6%	-26.3%	-14.3%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XLI	80.0%	-19.0%	-39.5%	-23.6%
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%	-20.0%	-36.0%	-21.5%

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

Learn More →

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

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	10/31/27	10/10/26	2025	2024	2023	2022	2021
Share Price CYE		$169.25	$154.31	$129.29	$110.21	$93.30	$98.80
Dividend/Share TTM		$1.43	$2.00	$1.90	$1.86	$1.61	$1.32
Valuation [1]
P/S	3.03	3.38	3.19	2.84	2.49	2.30	2.66
P/E		29.12	27.92	24.13	22.75	20.88	23.67
P/E (Non-GAAP) [2]	23.01	25.84	26.57	25.53	25.19	23.57	28.99
P/FCF		27.86	31.20	29.35	26.35	28.75	28.25
Yields TTM
Earnings Yield	4.35%	3.43%	3.58%	4.14%	4.40%	4.79%	4.23%
Dividend Yield	0.84%	0.84%	1.29%	1.47%	1.68%	1.72%	1.33%
Total Yield (TY)	5.19%	4.28%	4.88%	5.61%	6.08%	6.51%	5.56%
Risk Premium [3]
Risk Free Rate (Rf)	5.22%	5.22%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	-0.03%	-0.94%	0.70%	1.03%	2.20%	2.63%	4.04%
Growth Rates [6]
Sales Growth	8.3%	6.7%	4.2%	4.0%	4.0%	8.8%
Earnings Growth [7]	13.6%	19.4%	0.9%	4.5%	32.4%	-6.8%

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

YIELD

XLI's earnings yield is 3.43%, based on its 29.1x trailing P/E. With a 0.84% dividend yield, XLI is yielding 4.28% in total.

RISK

Compared to US Treasuries at 5.22%, XLI's total yield implies a -0.94% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.

FORWARD EXPECTATIONS

Based on analyst estimates, XLI's forward total yield is 5.19%, implying a -0.03% risk premium assuming stable Treasury rates.

Top 20 Holdings for XLI

Total Weights
Top 5: 25.8% | Top 10: 39.7% | Top 20: 57.3%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.64%	100.00%	100.00%	2.7	22.7	+8.3%	+13.6%
Top 20		57.35%	41.99%	49.44%	3.5	26.9	+11.1%	+12.7%
CAT	Caterpillar	7.19%	4.35%	5.88%	4.2	25.6	+11.2%	+16.3%
GE	GE Aerospace	5.93%	2.80%	4.62%	5.8	34.6	+11.0%	+11.3%
GEV	GE Vernova	4.87%	2.23%	4.80%	5.2	37.9	+14.6%	-16.8%
RTX	RTX	4.61%	5.12%	3.95%	2.5	23.7	+7.6%	+8.8%
DE	Deere	3.19%	2.67%	2.58%	3.7	27.9	+8.7%	+24.9%
ETN	Eaton	3.13%	1.68%	2.00%	4.6	27.3	+11.2%	+19.2%
UNP	Union Pacific	3.06%	1.40%	3.78%	5.9	19.9	+4.6%	+8.3%
BA	Boeing	2.83%	5.28%	1.27%	1.4	59.3	+14.6%	—
UBER	Uber Technologies	2.57%	2.91%	4.71%	2.2	17.2	+15.5%	+28.3%
PH	Parker Hannifin	2.27%	1.20%	1.89%	4.8	26.0	+7.0%	+11.1%
LMT	Lockheed Martin	1.90%	3.72%	2.83%	1.4	15.8	+5.9%	+6.9%
ADP	Automatic Data Processing	1.89%	1.15%	2.15%	4.6	21.5	+5.7%	+10.0%
TT	Trane Technologies	1.89%	1.19%	1.47%	4.1	27.7	+9.7%	+12.8%
PWR	Quanta Services	1.88%	1.74%	0.66%	2.4	35.9	+16.2%	+18.8%
VRT	Vertiv	1.80%	0.66%	0.93%	5.3	27.2	+30.1%	+36.0%
JCI	Johnson Controls International	1.75%	1.37%	1.82%	3.4	24.0	+7.8%	+20.0%
HWM	Howmet Aerospace	1.71%	0.52%	0.99%	8.0	35.6	+13.7%	+19.6%
EMR	Emerson Electric	1.67%	1.03%	1.32%	4.5	21.7	+5.4%	+5.8%
CSX	CSX	1.63%	0.80%	1.66%	5.5	21.7	+5.2%	+10.7%
BE	Bloom Energy	1.58%	0.18%	0.13%	12.5	73.3	+68.0%	+82.2%

[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 XLI Top Holdings

Ticker	Holding	Weight	Mkt Price 10/9	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XLI	State Street Industrial Select Sector SPDR ETF	100.00%	169.25	0.5%	-1.5%	9.7%	11.4%	70.9%	80.2%	250.6%
CAT	Caterpillar	7.19%	800.47	0.5%	-1.9%	40.6%	61.4%	205.6%	347.0%	1,039.6%
GE	GE Aerospace	5.93%	308.20	0.8%	-5.1%	0.5%	3.5%	252.4%	379.9%	144.5%
GEV	GE Vernova	4.87%	1,004.73	0.5%	5.6%	54.0%	58.8%
RTX	RTX	4.61%	185.97	0.9%	-5.9%	2.5%	16.4%	169.2%	128.5%	303.7%
DE	Deere	3.19%	620.93	-4.8%	-8.1%	34.4%	37.7%	65.4%	93.1%	730.5%
ETN	Eaton	3.13%	429.65	1.2%	3.5%	36.0%	15.2%	109.2%	202.3%	768.6%
UNP	Union Pacific	3.06%	278.34	0.1%	-2.2%	22.1%	22.7%	44.1%	43.9%	259.1%
BA	Boeing	2.83%	190.37	1.4%	-7.8%	-12.3%	-11.9%	-1.6%	-15.9%	54.7%
UBER	Uber Technologies	2.57%	71.51	1.8%	0.6%	-12.5%	-25.5%	53.4%	49.7%
PH	Parker Hannifin	2.27%	962.56	1.6%	1.4%	10.2%	31.4%	149.8%	253.9%	811.9%
LMT	Lockheed Martin	1.90%	509.59	0.3%	-2.8%	7.3%	3.0%	26.9%	64.7%	186.2%
ADP	Automatic Data Processing	1.89%	270.88	0.1%	2.8%	7.7%	-2.5%	16.8%	46.9%	291.7%
TT	Trane Technologies	1.89%	476.98	1.5%	7.4%	23.4%	15.0%	135.7%	195.3%	1,015.0%
PWR	Quanta Services	1.88%	705.94	3.0%	12.6%	67.4%	64.3%	298.8%	530.8%	2,483.7%
VRT	Vertiv	1.80%	242.78	-0.4%	-7.6%	50.0%	43.9%	500.6%	987.8%
JCI	Johnson Controls International	1.75%	157.44	2.2%	8.9%	32.6%	47.9%	214.9%	151.9%	399.8%
HWM	Howmet Aerospace	1.71%	225.26	1.2%	-3.2%	10.0%	19.5%	388.9%	622.3%	1,004.2%
EMR	Emerson Electric	1.67%	161.83	1.7%	7.6%	23.3%	25.0%	77.0%	85.9%	309.1%
CSX	CSX	1.63%	47.26	-0.2%	-2.3%	31.6%	32.8%	56.3%	54.6%	433.7%
BE	Bloom Energy	1.58%	280.50	2.8%	4.2%	222.8%	223.7%	2,347.6%	1,364.8%

Guidance Updates for XLI Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
BE_7282026	BE	Bloom Energy	7/28/2026	2026 Revenue	4.05 Bil	12.5%	RaisedRaised Prior Guidance of 3.60 Bil for 2026
HWM_8062026	HWM	Howmet Aerospace	8/6/2026	Q3 2026 Revenue	2.58 Bil	7.3%	Higher NewNew Guidance Higher than Prior Actual of 2.40 Bil for Q2 2026
PWR_7302026	PWR	Quanta Services	7/30/2026	2026 Revenue	39.50 Bil	13.0%	RaisedRaised Prior Guidance of 34.95 Bil for 2026
VRT_7292026	VRT	Vertiv	7/29/2026	Q3 2026 Net sales	3.75 Bil	11.9%	Higher NewNew Guidance Higher than Prior Actual of 3.35 Bil for Q2 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
XLI Return	21%	-6%	18%	17%	19%	9%	106%
Peers Return	36%	-1%	24%	18%	17%	26%	190%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	107%
Monthly Win Rates [3]
XLI Win Rate	67%	33%	50%	58%	67%	50%
Peers Win Rate	72%	43%	62%	63%	63%	52%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
XLI Max Drawdown	-7%	-22%	-13%	-8%	-18%	-12%
Peers Max Drawdown	-11%	-27%	-13%	-13%	-20%	-14%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VGT, XLK, XLF, XLV, XLE.
[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 10/9/2026 (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
XLI	0.39	0.90	0.56
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	XLI	S&P 500
2025 US Tariff Shock
% Loss	-15.8%	-18.8%
% Gain to Breakeven	18.8%	23.1%
Time to Breakeven	34 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-11.7%	-9.5%
% Gain to Breakeven	13.2%	10.5%
Time to Breakeven	45 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-20.1%	-24.5%
% Gain to Breakeven	25.1%	32.4%
Time to Breakeven	125 days	427 days
2020 COVID-19 Crash
% Loss	-41.6%	-33.7%
% Gain to Breakeven	71.2%	50.9%
Time to Breakeven	231 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.7%	-19.2%
% Gain to Breakeven	31.1%	23.8%
Time to Breakeven	120 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-11.1%	-12.2%
% Gain to Breakeven	12.5%	13.9%
Time to Breakeven	51 days	62 days

Compare to VGT, XLK, XLF, XLV, XLE

In The Past

State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% 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	XLI	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-20.1%	-24.5%
% Gain to Breakeven	25.1%	32.4%
Time to Breakeven	125 days	427 days
2020 COVID-19 Crash
% Loss	-41.6%	-33.7%
% Gain to Breakeven	71.2%	50.9%
Time to Breakeven	231 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.7%	-19.2%
% Gain to Breakeven	31.1%	23.8%
Time to Breakeven	120 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-22.5%	-17.9%
% Gain to Breakeven	29.0%	21.8%
Time to Breakeven	114 days	123 days
2008-2009 Global Financial Crisis
% Loss	-60.5%	-53.4%
% Gain to Breakeven	153.2%	114.4%
Time to Breakeven	700 days	1085 days

Compare to VGT, XLK, XLF, XLV, XLE

In The Past

State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% 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.

XLI Dip Buy History

XLI had 19 events since 1/1/2005 where the dip threshold of -5.0% within 60 trading days was triggered

25% median peak return within 1 year of dip event
326 days is the median time to peak return after a dip event
-9.6% median max drawdown within 1 year of dip event

60 Trading-Day Dip			XLI Subsequent Performance
Date	XLI	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			22%	25%	-10%	326
9/14/2026	-5%	3%			-2%	22
2/24/2025	-5%	1%	35%	35%	-13%	371
1/10/2025	-5%	0%	29%	29%	-11%	371
9/26/2023	-6%	-4%	36%	36%	-4%	366
5/31/2023	-6%	4%	30%	33%	0%	302
9/30/2022	-6%	-8%	22%	36%	0%	305
1/27/2022	-5%	-6%	3%	6%	-15%	61
2/25/2020	-5%	0%	22%	22%	-37%	365
10/24/2018	-9%	-5%	16%	17%	-12%	324
4/6/2018	-7%	-5%	8%	11%	-16%	168
1/7/2016	-5%	-3%	29%	30%	-4%	335
7/24/2015	-5%	-1%	12%	14%	-8%	362
10/7/2014	-5%	-2%	4%	14%	-4%	136
5/15/2012	-5%	-2%	29%	29%	-5%	367
7/26/2011	-6%	-2%	-2%	7%	-21%	234
6/4/2010	-5%	-7%	29%	39%	-5%	329
6/25/2008	-7%	-3%	-35%	2%	-56%	47
1/2/2008	-7%	-7%	-38%	4%	-47%	138
7/13/2006	-6%	-5%	28%	28%	-4%	368

[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 10/9/2026

XLI had 11 events since 1/1/2005 where the dip threshold of -10% within 90 trading days was triggered

22% median peak return within 1 year of dip event
298 days is the median time to peak return after a dip event
-10% median max drawdown within 1 year of dip event

90 Trading-Day Dip			XLI Subsequent Performance
Date	XLI	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			16%	22%	-10%	298
4/4/2025	-15%	-14%	47%	53%	-1%	332
9/26/2022	-11%	-10%	23%	34%	-1%	309
5/9/2022	-12%	-16%	8%	13%	-10%	298
3/9/2020	-16%	-9%	46%	46%	-25%	364
12/7/2018	-11%	-6%	21%	24%	-11%	354
8/24/2015	-12%	-9%	22%	22%	-2%	360
8/4/2011	-14%	-8%	16%	22%	-10%	225
8/23/2010	-11%	-11%	3%	36%	-2%	249
9/4/2008	-12%	-11%	-24%	2%	-54%	4
7/2/2008	-10%	-6%	-33%	9%	-53%	40
1/18/2008	-10%	-10%	-39%	15%	-41%	122

[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 10/9/2026

XLI had 3 events since 1/1/2005 where the dip threshold of -20% within 180 trading days was triggered

34% median peak return within 1 year of dip event
351 days is the median time to peak return after a dip event
-16% median max drawdown within 1 year of dip event

180 Trading-Day Dip			XLI Subsequent Performance
Date	XLI	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			23%	34%	-16%	351
9/26/2022	-20%	-21%	23%	34%	-1%	309
3/12/2020	-23%	-14%	69%	69%	-16%	365
10/6/2008	-21%	-19%	-1%	4%	-43%	351

[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 10/9/2026

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Current Dip Buy Opportunities Across ETFs

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

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
IJH	iShares Core S&P Mid-Cap ETF	-6.7%	73.43	10092026	78.67	8162026	54
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-6.6%	669.87	10092026	716.91	8162026	54
SCHM	Schwab U.S. Mid-Cap ETF	-6.0%	34.65	10092026	36.87	6302026	101
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.3%	124.29	10092026	132.68	8162026	54
IJR	iShares Core S&P Small-Cap ETF	-8.6%	137.55	10092026	150.44	8162026	54
VB	Vanguard Small-Cap ETF	-6.1%	289.48	10092026	308.38	8162026	54
IWM	iShares Russell 2000 ETF	-8.6%	278.94	10092026	305.09	8162026	54
SCHA	Schwab U.S. Small-Cap ETF	-9.2%	32.79	10092026	36.13	6302026	101
VTWO	Vanguard Russell 2000 ETF	-8.3%	112.66	10092026	122.90	8162026	54
DFAS	Dimensional U.S. Small Cap ETF	-7.3%	78.35	10092026	84.48	8162026	54
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.9%	52.74	10092026	56.64	8162026	54
NUSC	Nuveen ESG Small-Cap ETF	-7.5%	49.27	10092026	53.27	8162026	54
AKRE	Akre Focus ETF	-11.4%	54.80	10092026	61.85	8302026	40
IJK	iShares S&P Mid-Cap 400 Growth ETF	-5.9%	112.03	10092026	119.11	8172026	53
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-6.0%	106.89	10092026	113.69	8172026	53
IWO	iShares Russell 2000 Growth ETF	-9.8%	356.78	10092026	395.65	8162026	54
VBK	Vanguard Small-Cap Growth ETF	-5.8%	344.74	10092026	365.91	8172026	53
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.2%	162.60	10092026	179.07	8042026	66
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.1%	108.57	10092026	119.50	8042026	66
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.5%	140.37	10092026	151.67	8162026	54
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-7.5%	90.11	10092026	97.39	8162026	54
VBR	Vanguard Small-Cap Value ETF	-6.4%	234.43	10092026	250.56	8162026	54
AVUV	Avantis U.S. Small Cap Value ETF	-7.1%	119.64	10092026	128.74	8042026	66
IWN	iShares Russell 2000 Value ETF	-7.3%	210.87	10092026	227.43	8162026	54
IJS	iShares S&P Small-Cap 600 Value ETF	-8.2%	129.13	10092026	140.68	8162026	54
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-8.2%	103.00	10092026	112.22	8162026	54
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-7.8%	110.86	10092026	120.28	8162026	54
EFV	iShares MSCI EAFE Value ETF	-5.9%	78.19	10092026	83.08	9032026	36
AVIV	Avantis International Large Cap Value ETF	-5.8%	79.00	10092026	83.89	8252026	45
VGK	Vanguard FTSE Europe ETF	-7.5%	86.03	10092026	92.96	8252026	45
IEMG	iShares Core MSCI Emerging Markets ETF	-5.3%	81.40	10092026	86.00	6222026	109
EEM	iShares MSCI Emerging Markets ETF	-6.2%	66.80	10092026	71.21	6222026	109
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-13.2%	32.38	10092026	37.30	6222026	109
EWY	iShares MSCI South Korea ETF	-19.1%	177.24	10092026	219.20	6212026	110
FXI	iShares China Large-Cap ETF	-10.5%	34.24	10092026	38.26	5132026	149
KWEB	KraneShares CSI China Internet ETF	-18.5%	24.93	10092026	30.59	5132026	149
SCHD	Schwab US Dividend Equity ETF	-6.2%	33.04	10092026	35.21	8242026	46
DVY	iShares Select Dividend ETF	-6.7%	154.36	10092026	165.50	8162026	54
SDY	State Street SPDR S&P Dividend ETF	-6.4%	149.04	10092026	159.18	8242026	46
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-6.8%	55.07	10092026	59.07	8242026	46
SCHY	Schwab International Dividend Equity ETF	-6.0%	31.75	10092026	33.78	8252026	45
COWZ	Pacer US Cash Cows 100 ETF	-5.4%	68.52	10092026	72.40	8302026	40
MTUM	iShares MSCI USA Momentum Factor ETF	-7.3%	320.00	10092026	345.22	6222026	109
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.5%	35.62	10092026	38.52	8162026	54
SPMO	Invesco S&P 500 Momentum ETF	-6.5%	151.16	10092026	161.66	6222026	109
MOAT	VanEck Morningstar Wide Moat ETF	-5.6%	108.74	10092026	115.14	8272026	43
SPGP	Invesco S&P 500 GARP ETF	-5.2%	122.31	10092026	129.02	8132026	57
URA	Global X Uranium ETF	-33.2%	38.90	10092026	58.26	5062026	156
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-14.8%	35.48	10092026	41.63	5132026	149
ROBO	ROBO Global Robotics & Automation Index ETF	-10.1%	81.26	10092026	90.34	6022026	129
LIT	Global X Lithium & Battery Tech ETF	-23.9%	69.73	10092026	91.62	5112026	151
ICLN	iShares Global Clean Energy ETF	-27.2%	17.28	10092026	23.75	6022026	129
ARKQ	ARK Autonomous Technology & Robotics ETF	-14.1%	123.51	10092026	143.82	5282026	134
ARKX	ARK Space & Defense Innovation ETF	-14.7%	32.20	10092026	37.74	5282026	134
NASA	Tema Space Innovators ETF	-42.5%	24.10	10092026	41.89	5272026	135
DRSK	Aptus Defined Risk ETF	-7.2%	27.27	10092026	29.39	6012026	130
ALLW	SSGA Active Trust State Street Bridgewater All Weather ETF	-5.2%	28.86	10092026	30.44	8252026	45
YYY	Amplify CEF High Income ETF	-8.5%	10.40	10092026	11.37	8162026	54
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-8.7%	65.12	10092026	71.30	8252026	45
XLF	State Street Financial Select Sector SPDR ETF	-6.5%	54.73	10092026	58.56	9032026	36
XLI	State Street Industrial Select Sector SPDR ETF	-9.3%	169.25	10092026	186.51	8162026	54
XLC	State Street Communication Services Select Sector SPDR ETF	-7.1%	110.38	10092026	118.79	4192026	173
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-7.4%	112.85	10092026	121.82	5282026	134
XLU	State Street Utilities Select Sector SPDR ETF	-11.3%	41.41	10092026	46.66	4122026	180
XLB	State Street Materials Select Sector SPDR ETF	-7.9%	49.43	10092026	53.67	8262026	44
IYJ	iShares U.S. Industrials ETF	-7.7%	156.85	10092026	169.86	8042026	66
IYM	iShares U.S. Basic Materials ETF	-7.5%	181.78	10092026	196.45	8252026	45
SMH	VanEck Semiconductor ETF	-9.8%	603.33	10092026	668.91	6222026	109
SOXX	iShares Semiconductor ETF	-14.6%	559.40	10092026	655.01	6222026	109
XBI	State Street SPDR S&P Biotech ETF	-9.3%	153.77	10092026	169.55	8192026	51
ITA	iShares U.S. Aerospace & Defense ETF	-18.4%	206.65	10092026	253.22	8162026	54
IYT	iShares U.S. Transportation ETF	-11.0%	80.15	10092026	90.01	7162026	85
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-9.9%	178.49	10092026	198.06	9032026	36
KRE	State Street SPDR S&P Regional Banking ETF	-11.4%	69.01	10092026	77.93	8162026	54
MISL	First Trust Indxx Aerospace & Defense ETF	-14.1%	42.24	10092026	49.19	5282026	134
RING	iShares MSCI Global Gold Miners ETF	-16.2%	78.05	10092026	93.17	8252026	45
SOXQ	Invesco PHLX Semiconductor ETF	-14.1%	98.93	10092026	115.11	6222026	109
IGOV	iShares International Treasury Bond ETF	-6.0%	39.74	10092026	42.27	5102026	152
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	-5.1%	102.41	10092026	107.93	6292026	102
TLT	iShares 20+ Year Treasury Bond ETF	-9.4%	77.98	10092026	86.10	6292026	102
VGLT	Vanguard Long-Term Treasury ETF	-8.6%	50.18	10092026	54.89	6292026	102
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-8.6%	23.88	10092026	26.13	6292026	102
TLH	iShares 10-20 Year Treasury Bond ETF	-7.6%	92.19	10092026	99.78	6292026	102
EDV	Vanguard World Funds Extended Duration ETF	-14.4%	55.25	10092026	64.54	6242026	107
VCLT	Vanguard Long-Term Corporate Bond ETF	-7.8%	68.69	10092026	74.47	6292026	102
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.9%	20.44	10092026	22.18	6292026	102
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.6%	45.77	10092026	49.56	6292026	102
MUB	iShares National Muni Bond ETF	-5.3%	101.08	10092026	106.69	7062026	95
VTEB	Vanguard Tax-Exempt Bond Index Fund	-5.6%	47.32	10092026	50.10	7062026	95
TFI	State Street SPDR Nuveen ICE Municipal Bond ETF	-5.6%	42.77	10092026	45.31	7052026	96
ITM	VanEck Intermediate Muni ETF	-5.2%	44.22	10092026	46.65	7062026	95
LMUB	iShares Long-Term National Muni Bond ETF	-8.4%	46.39	10092026	50.63	7052026	96
GLD	SPDR Gold Trust	-13.8%	384.58	10092026	445.93	4192026	173
IAU	iShares Gold Trust	-15.0%	77.66	10092026	91.34	4192026	173
GLDM	SPDR Gold MiniShares Trust	-13.6%	82.99	10092026	96.04	4192026	173
SLV	iShares Silver Trust	-32.6%	53.45	10092026	79.35	5132026	149
PPLT	ETFS Physical Platinum Shares	-22.0%	15.25	10092026	19.55	5132026	149
PALL	ETFS Physical Palladium Shares	-28.1%	20.77	10092026	28.89	4142026	178
USO	United States Oil Fund LP	-8.4%	148.20	10092026	161.86	9152026	24
UNG	United States Natural Gas Fund LP	-9.2%	11.01	10092026	12.12	6042026	127
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	10092026	60.13	5042026	158
VNQ	Vanguard Real Estate ETF	-9.4%	90.65	10092026	100.08	7282026	73
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.6%	41.61	10092026	46.01	7282026	73
SCHH	Schwab U.S. REIT ETF	-10.6%	22.22	10092026	24.86	7262026	75
IYR	iShares U.S. Real Estate ETF	-10.4%	96.10	10092026	107.26	7282026	73
REET	iShares Global REIT ETF	-11.1%	25.69	10092026	28.89	7262026	75
USRT	iShares Core U.S. REIT ETF	-11.8%	61.55	10092026	69.82	7262026	75
IBIT	iShares Bitcoin Trust ETF	-5.0%	46.55	10092026	49.01	9212026	18
FBTC	Fidelity Wise Origin Bitcoin Fund	-5.0%	71.54	10092026	75.31	9212026	18
ETHA	iShares Ethereum Trust ETF	-7.4%	55.99	10092026	60.45	9282026	11

ETF Fund Flows

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

Net fund flows · as of 2026-10-09

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$13.0B), followed by Bond (+$8.5B), while Crypto (−$964M) and Commodity (−$169M) saw the largest outflows.
Within the mix, money rotated into Broad Sector (+$4.9B) and out of Thematic (−$2.4B).
Relative to fund size, CNEQ drew the largest inflow (+17.7% of AUM) and ARKK the largest outflow (−23.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$3.66B	+2.0%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.65B	+0.3%
3	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.0B	+16.6%
4	MUB	iShares National Muni Bond ETF	Bond Municipal	+$1.54B	+3.2%
5	XLK	State Street Technology Select Sector SPDR ETF	Equity Broad Sector	+$1.31B	+1.0%
6	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$1.21B	+4.2%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$1.07B	+0.9%
8	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.06B	+0.2%
9	XLC	State Street Communication Services Select Sector SPDR ETF	Equity Broad Sector	+$1.01B	+4.3%
10	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$927M	+1.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$604M	+17.7%
2	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.0B	+16.6%
3	ALAI	Alger AI Enablers & Adopters ETF	Other	+$174M	+12.7%
4	AIS	VistaShares Artificial Intelligence Supercycle ETF	Other	+$149M	+12.2%
5	CERY	State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	Other	+$77M	+6.9%
6	EWG	iShares MSCI Germany ETF	Other	+$98M	+6.8%
7	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$79M	+6.4%
8	USO	United States Oil Fund, LP	Commodity Energy	+$115M	+6.3%
9	HYD	VanEck High Yield Muni ETF	Other	+$247M	+6.3%
10	CGHM	Capital Group Municipal High-Income ETF	Other	+$215M	+6.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	ARKK	ARK Innovation ETF	Equity Thematic	-$2.25B	-23.9%
2	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$2.07B	-0.2%
3	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.12B	-5.7%
4	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$1.09B	-1.4%
5	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.02B	-1.0%
6	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$984M	-0.1%
7	IYW	iShares U.S. Technology ETF	Other	-$815M	-3.1%
8	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$569M	-3.2%
9	DRAM	Roundhill Memory ETF	Other	-$544M	-2.2%
10	ETHA	iShares Ethereum Trust ETF	Crypto	-$455M	-5.1%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$61.5B), followed by Bond (+$32.8B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$21.9B) and out of Factor Smart Beta (−$4.1B).
Relative to fund size, VTES drew the largest inflow (+41.6% of AUM) and BKAG the largest outflow (−37.3%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$28.78B	+3.3%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$14.52B	+8.3%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$6.07B	+0.9%
4	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$6.07B	+5.4%
5	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.98B	+12.5%
6	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+34.8%
7	MUB	iShares National Muni Bond ETF	Bond Municipal	+$5.62B	+12.3%
8	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.99B	+39.3%
9	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$4.85B	+10.3%
10	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	+$4.03B	+8.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.32B	+41.6%
2	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.99B	+39.3%
3	CNEQ	Alger Concentrated Equity ETF	Other	+$1.16B	+36.8%
4	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+34.8%
5	BLCR	iShares Large Cap Core Active ETF	Other	+$2.77B	+30.9%
6	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$305M	+27.9%
7	ZROZ	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	Other	+$472M	+27.7%
8	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.29B	+26.4%
9	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$1.02B	+26.0%
10	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$470M	+23.8%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$22.52B	-2.1%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.35B	-25.6%
3	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.67B	-7.2%
4	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.3B	-8.5%
5	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$2.18B	-2.9%
6	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.87B	-7.0%
7	DRAM	Roundhill Memory ETF	Other	-$1.46B	-5.6%
8	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$1.42B	-3.0%
9	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.8%
10	PBUS	Invesco MSCI USA ETF	Other	-$1.01B	-8.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	BKAG	BNY Mellon Core Bond ETF	Other	-$900M	-37.3%
2	MTBA	Simplify MBS ETF	Other	-$367M	-30.3%
3	SCMB	Schwab Municipal Bond ETF	Other	-$917M	-29.1%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.35B	-25.6%
5	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	-$890M	-19.7%
6	CTA	Simplify Managed Futures Strategy ETF	Other	-$218M	-15.7%
7	ARKB	ARK 21Shares Bitcoin ETF	Other	-$427M	-15.3%
8	IWX	iShares Russell Top 200 Value ETF	Other	-$574M	-14.9%
9	EWW	iShares MSCI Mexico ETF	Other	-$229M	-14.6%
10	IYZ	iShares U.S. Telecommunications ETF	Other	-$155M	-14.3%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$146.0B), followed by Bond (+$66.3B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$32.7B) and out of Intermediate Treasury (−$3.9B).
Relative to fund size, CNEQ drew the largest inflow (+155.3% of AUM) and FTXL the largest outflow (−70.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$28.65B	+2.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.0B	+11.2%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.81B	+16.0%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.16B	+2.3%
5	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$10.55B	+1.3%
6	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.29B	+9.4%
7	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.69B	+21.0%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.16B	+7.9%
9	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$8.03B	+5.0%
10	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$7.68B	+4.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$3.02B	+155.3%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.32B	+77.9%
3	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.8B	+77.3%
4	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+75.1% ⚠
5	BFLX	iShares Flexible Equity Active ETF	Other	+$1.42B	+68.7%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.51B	+66.3%
7	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$845M	+61.2%
8	ARKK	ARK Innovation ETF	Equity Thematic	+$3.83B	+59.7% ⚠
9	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.29B	+50.9%
10	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$720M	+50.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$25.64B	-2.9%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.92B	-27.9%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.5B	-16.8%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.49B	-8.1%
5	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.27B	-7.9%
6	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.02B	-5.2%
7	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.61B	-11.4%
8	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.49B	-2.7%
9	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$1.42B	-1.1%
10	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$1.41B	-20.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$941M	-70.6%
2	USO	United States Oil Fund, LP	Commodity Energy	-$1.03B	-51.2%
3	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$779M	-41.2%
4	TAN	Invesco Solar ETF	Other	-$445M	-37.1%
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$614M	-34.5%
6	MTBA	Simplify MBS ETF	Other	-$463M	-31.9%
7	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$334M	-31.7%
8	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.92B	-27.9%
9	XHB	State Street SPDR S&P Homebuilders ETF	Other	-$405M	-27.5%
10	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$336M	-27.2%

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 XLI

Holdings Count: 83
Expense Ratio: 0.08%
Inception Date: 1998-12-16

State Street Industrial Select Sector SPDR ETF
The Select Sector SPDR Trust - State Street Industrial Select Sector SPDR ETF is an exchange traded fund launched by State Street Global Advisors, Inc. The fund is managed by SSGA Funds Management, Inc. The fund invests in public equity markets of the United States. It invests in stocks of companies operating across industrials sectors. It invests in growth and value stocks of companies across diversified market capitalization. It seeks to track the performance of the Industrial Select Sector Index, by using full replication technique. The Select Sector SPDR Trust - State Street Industrial Select Sector SPDR ETF was formed on December 16, 1998 and is domiciled in the United States.
Asset Class: Equity | ETF Website

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
KLRA	Kailera Therapeutics	1.2	16.1%	-55.3%
FSLY	Fastly	4.6	15.9%	187.8%
NVAX	Novavax	2.1	15.8%	89.7%
CCI	Crown Castle	34.5	15.6%	-6.9%
DNA	Ginkgo Bioworks	0.8	14.6%	56.4%
MRNA	Moderna	89.5	14.2%	663.0%
ABSI	Absci	1.6	13.6%	191.1%
HUM	Humana	51.9	11.6%	69.9%
PRME	Prime Medicine	0.7	11.5%	15.0%
ATEX	Anterix	1.6	10.6%	287.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GLIBK	Liberty Capital	0.8	-15.0%	-46.1%
GLIBA	Liberty Capital	0.8	-14.9%	-45.5%
ALHC	Alignment Healthcare	1.6	-13.4%	-61.8%
TMUS	T-Mobile US	160.7	-13.3%	-25.6%
PKE	Park Aerospace	0.6	-11.1%	25.8%
ASTS	AST SpaceMobile	15.2	-10.5%	-29.8%
T	AT&T	153.9	-9.8%	-6.5%
SHEN	Shenandoah Telecommunications	0.6	-9.7%	-10.0%
EOSE	Eos Energy Enterprises	0.9	-8.9%	-78.0%
VZ	Verizon Communications	173.6	-8.7%	9.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PCRX	Pacira BioSciences	1.4	44.0%	40.3%
OPCH	Option Care Health	4.8	37.2%	-2.5%
PTC	PTC	22.3	35.0%	11.6%
PRME	Prime Medicine	0.7	33.9%	15.0%
PCVX	Vaxcyte	10.3	26.4%	54.7%
QDEL	QuidelOrtho	0.9	24.6%	-53.0%
RXO	RXO	4.9	24.4%	130.1%
PENG	Penguin Solutions	3.9	24.3%	290.0%
NVAX	Novavax	2.1	21.9%	89.7%
HPK	HighPeak Energy	1.2	21.7%	101.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVBP	ArriVent BioPharma	0.8	-40.8%	-16.8%
ALMR	Alamar Biosciences	1.5	-26.5%	14.9%
NUAI	New Era Energy & Digital	0.5	-25.4%	60.2%
SHAZ	SharonAI	0.7	-25.3%	-59.0%
ANGO	AngioDynamics	0.5	-23.8%	-10.3%
GLAS	Glass House Brands	0.4	-22.4%	-51.9%
EOSE	Eos Energy Enterprises	0.9	-21.5%	-78.0%
AEHR	Aehr Test Systems	2.7	-21.1%	319.2%
YSS	York Space Systems	0.9	-20.8%	-78.8%
AXTI	AXT	4.2	-20.3%	318.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MYPS	PLAYSTUDIOS	0.5	740.5%	530.4%
KOD	Kodiak Sciences	6.3	203.8%	257.2%
DNA	Ginkgo Bioworks	0.8	91.7%	56.4%
PACB	Pacific Biosciences of California	0.7	83.5%	24.6%
GRAL	GRAIL	6.1	81.3%	64.2%
IOVA	Iovance Biotherapeutics	6.6	79.6%	435.5%
SECZ	Securitize	2.0	71.9%	12.4%
MRNA	Moderna	89.5	64.7%	663.0%
P	Everpure	51.4	64.2%	130.7%
PENG	Penguin Solutions	3.9	56.9%	290.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	8.9	-84.3%	-80.1%
LQDA	Liquidia	2.4	-59.6%	-20.6%
XNDU	Xanadu Quantum Technologies	1.2	-56.6%	-66.1%
QURE	uniQure	1.5	-49.2%	-5.6%
EMAT	Evolution Metals & Technologies	1.0	-46.8%	-92.3%
GLAS	Glass House Brands	0.4	-46.6%	-51.9%
NKTR	Nektar Therapeutics	1.4	-41.7%	-2.6%
AVBP	ArriVent BioPharma	0.8	-41.7%	-16.8%
ALHC	Alignment Healthcare	1.6	-40.9%	-61.8%
ABR	Arbor Realty Trust	0.5	-40.3%	-59.2%

Peer Comparisons

Peers to compare with:

Profile

	XLI	VGT	XLK	XLF	XLV	XLE	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	30.6	170.2	130.2	50.0	42.8	40.2	46.4
Expense Ratio	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
10-D Avg Volume (Mil)	7.23	4.46	9.63	34.53	9.57	31.74	9.60
Latest Day Volume (Mil)	6.12	4.29	8.93	30.27	7.14	29.22	8.03
Holdings Count	83	310	74	76	61	21	75
Inception Date	12/16/1998	1/26/2004	12/16/1998	12/16/1998	12/16/1998	12/16/1998	-

Fundamentals

	XLI	VGT	XLK	XLF	XLV	XLE	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Net Asset Value	169.93	129.16	199.82	53.46	166.09	62.82	-
Premium/Discount	-0.4%	-0.9%	-0.5%	2.4%	2.8%	3.6%	1.0%
Distribution Yield	1.2%	0.3%	0.4%	1.5%	1.5%	2.3%	1.4%
Sales Yield	33.5%	75.6%	92.1%	30.7%	59.8%	56.0%	57.9%
Earnings Yield	3.6%	9.9%	11.9%	6.6%	3.1%	5.5%	6.1%

Valuation

	XLI	VGT	XLK	XLF	XLV	XLE	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
P/S (TTM)	3.0x	1.3x	1.1x	3.3x	1.7x	1.8x	1.7x
P/E (TTM)	27.8x	10.1x	8.4x	15.1x	32.6x	18.1x	16.6x
P/FCF (TTM)	27.5x	4.6x	3.6x	32.9x	22.7x	17.5x	20.1x
Forward P/E	22.7x	3.7x	2.9x	14.1x	18.0x	14.0x	14.0x
Forward P/S	2.7x	1.0x	0.8x	3.1x	1.6x	1.6x	1.6x

Risk

	XLI	VGT	XLK	XLF	XLV	XLE	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Volatility (1Y)	17.4%	24.9%	26.5%	14.8%	15.8%	22.1%	19.8%
Volatility (3Y)	16.8%	24.6%	25.1%	16.1%	14.8%	21.8%	19.3%
Volatility (5Y)	17.6%	25.9%	25.9%	18.3%	15.2%	25.5%	21.9%
Beta (1Y)	0.94	1.67	1.73	0.62	0.29	-0.30	0.78
Beta (3Y)	0.91	1.49	1.49	0.78	0.45	0.45	0.85
Beta (5Y)	0.88	1.42	1.40	0.85	0.54	0.57	0.87
Sharpe Ratio (1Y)	0.62	1.29	1.33	0.30	1.22	1.93	1.26
Sharpe Ratio (3Y)	1.21	1.37	1.32	1.24	0.83	0.88	1.22
Sharpe Ratio (5Y)	0.78	0.86	0.90	0.57	0.56	0.95	0.82
Max Drawdown (1Y)	-12.2%	-16.4%	-15.9%	-14.8%	-10.5%	-15.0%	-14.9%
Max Drawdown (3Y)	-18.5%	-27.2%	-25.7%	-15.5%	-17.1%	-20.1%	-19.3%
Max Drawdown (5Y)	-21.6%	-35.1%	-33.6%	-25.8%	-17.1%	-26.0%	-25.9%

Returns

	XLI	VGT	XLK	XLF	XLV	XLE	Median
Name	State Stre.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
1M Return	-0.8%	7.1%	7.3%	-3.8%	3.1%	0.2%	1.7%
3M Return	-6.2%	10.9%	9.7%	-2.4%	5.8%	14.7%	7.7%
6M Return	-1.1%	38.1%	39.5%	8.2%	16.5%	15.1%	15.8%
YTD Return	9.7%	36.3%	38.4%	0.8%	11.3%	47.6%	23.8%
1Y Return	9.7%	33.9%	37.3%	3.5%	19.7%	49.6%	26.8%
2Y Return	27.9%	76.6%	78.3%	23.1%	16.1%	47.6%	37.7%
3Y Return	76.0%	150.4%	145.4%	75.2%	39.8%	65.9%	75.6%

Short Interest

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	25.4 Mil
Short Interest: % Change Since 8312026	21.3%
Average Daily Volume	7.6 Mil
Days-to-Cover Short Interest	3.3 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 Industrial Select Sector SPDR ETF (XLI)

Market Price (10/10/2026): $169.29

State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/10/2026): $169.29

Key Takeaways

Price Chart

Asset Allocation with XLI

Valuation & Yield

Top 20 Holdings for XLI

Performance for XLI Top Holdings

Guidance Updates for XLI 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

XLI 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

Alert Me Periodically

Inform Me Once

About XLI

Latest Trefis Analyses

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Top Gainers

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Top Gainers

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