State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/14/2026): $168.5

State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/14/2026): $168.5

Key Takeaways

XLI has returned +9.3% YTD vs +14.7% for SPY; +12.3% over the past 12 months (SPY +18.3%). details →
Priced in gold, XLI has returned -22.9% over the past 3 years, vs +72.4% in dollars — its dollar gains have lagged gold. details →
Over the past month, XLI has seen net inflows of +$152M (+0.5% of assets). details →
XLI's portfolio trades at 22.6x 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: 10/13/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with XLI

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+10.7%

Volatility

12.7%

Sharpe

0.64

YTD

+6.4%

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

	ETF	%	1D	1W	1M	YTD
Equity	XLI	25.0%	-0.3%	-1.7%	-0.7%	9.3%
Bond	BND	50.0%	0.1%	0.4%	-0.8%	-2.1%
Gold	GLD	10.0%	-0.1%	-0.2%	-2.8%	-3.7%
Commodity	DBC	2.5%	0.5%	2.4%	1.0%	49.7%
Real Estate	VNQ	5.0%	-0.2%	1.3%	-2.5%	5.9%
Bitcoin	BTCUSD	0.0%	0.2%	-4.2%	4.9%	-6.3%
Cash	GOVT	7.5%	0.1%	0.4%	-1.0%	-2.5%
Conservative Portfolio		100.0%	-0.0%	-0.1%	-1.1%	2.2%

	ETF	%	1D	1W	1M	YTD
Equity	XLI	55.0%	-0.3%	-1.7%	-0.7%	9.3%
Bond	BND	25.0%	0.1%	0.4%	-0.8%	-2.1%
Gold	GLD	7.0%	-0.1%	-0.2%	-2.8%	-3.7%
Commodity	DBC	4.0%	0.5%	2.4%	1.0%	49.7%
Real Estate	VNQ	5.0%	-0.2%	1.3%	-2.5%	5.9%
Bitcoin	BTCUSD	2.0%	0.2%	-4.2%	4.9%	-6.3%
Cash	GOVT	2.0%	0.1%	0.4%	-1.0%	-2.5%
Moderate Portfolio		100.0%	-0.1%	-0.7%	-0.8%	6.4%

	ETF	%	1D	1W	1M	YTD
Equity	XLI	80.0%	-0.3%	-1.7%	-0.7%	9.3%
Bond	BND	5.0%	0.1%	0.4%	-0.8%	-2.1%
Gold	GLD	3.0%	-0.1%	-0.2%	-2.8%	-3.7%
Commodity	DBC	2.2%	0.5%	2.4%	1.0%	49.7%
Real Estate	VNQ	4.5%	-0.2%	1.3%	-2.5%	5.9%
Bitcoin	BTCUSD	5.2%	0.2%	-4.2%	4.9%	-6.3%
Cash	GOVT	0.0%	0.1%	0.4%	-1.0%	-2.5%
Aggressive Portfolio		100.0%	-0.2%	-1.4%	-0.6%	8.3%

	ETF	%	Return	Volatility	Sharpe
Equity	XLI	25.0%	13.1%	19.0%	0.58
Bond	BND	50.0%	1.2%	5.2%	-0.31
Gold	GLD	10.0%	11.8%	15.5%	0.59
Commodity	DBC	2.5%	8.3%	17.3%	0.37
Real Estate	VNQ	5.0%	4.8%	17.7%	0.17
Bitcoin	BTCUSD	0.0%	63.2%	76.6%	0.97
Cash	GOVT	7.5%	0.2%	5.0%	-0.52
Conservative Portfolio		100.0%	5.7%	7.8%	0.38

	ETF	%	Return	Volatility	Sharpe
Equity	XLI	55.0%	13.1%	19.0%	0.58
Bond	BND	25.0%	1.2%	5.2%	-0.31
Gold	GLD	7.0%	11.8%	15.5%	0.59
Commodity	DBC	4.0%	8.3%	17.3%	0.37
Real Estate	VNQ	5.0%	4.8%	17.7%	0.17
Bitcoin	BTCUSD	2.0%	63.2%	76.6%	0.97
Cash	GOVT	2.0%	0.2%	5.0%	-0.52
Moderate Portfolio		100.0%	10.7%	12.7%	0.64

	ETF	%	Return	Volatility	Sharpe
Equity	XLI	80.0%	13.1%	19.0%	0.58
Bond	BND	5.0%	1.2%	5.2%	-0.31
Gold	GLD	3.0%	11.8%	15.5%	0.59
Commodity	DBC	2.2%	8.3%	17.3%	0.37
Real Estate	VNQ	4.5%	4.8%	17.7%	0.17
Bitcoin	BTCUSD	5.2%	63.2%	76.6%	0.97
Cash	GOVT	0.0%	0.2%	5.0%	-0.52
Aggressive Portfolio		100.0%	15.5%	17.6%	0.75

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

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	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	10/14/26	2025	2024	2023	2022	2021
Share Price CYE		$168.67	$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	3.01	3.37	3.19	2.84	2.49	2.30	2.69
P/E		29.09	27.92	25.33	22.75	20.83	23.82
P/E (Non-GAAP) [2]	22.92	25.96	26.57	25.53	25.19	23.57	28.99
P/FCF		27.71	31.78	29.03	26.36	28.85	28.25
Yields TTM
Earnings Yield	4.36%	3.44%	3.58%	3.95%	4.40%	4.80%	4.20%
Dividend Yield	0.85%	0.85%	1.29%	1.47%	1.68%	1.72%	1.33%
Total Yield (TY)	5.21%	4.28%	4.88%	5.42%	6.08%	6.52%	5.53%
Risk Premium [3]
Risk Free Rate (Rf)	5.24%	5.24%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	-0.03%	-0.96%	0.70%	0.84%	2.20%	2.64%	4.01%
Growth Rates [6]
Sales Growth	8.4%	6.9%	4.3%	4.2%	3.8%	8.6%
Earnings Growth [7]	13.7%	18.8%	2.1%	3.5%	32.9%	-6.7%

[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 3.44%, based on its 29.1x trailing P/E. With a 0.85% dividend yield, XLI is yielding 4.28% in total.

RISK

Compared to US Treasuries at 5.24%, XLI's total yield implies a -0.96% 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 5.21%, implying a -0.03% risk premium assuming stable Treasury rates.

Top 20 Holdings for XLI

Total Weights
Top 5: 25.5% | Top 10: 39.2% | Top 20: 57.1%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.62%	100.00%	100.00%	2.7	22.6	+8.4%	+13.7%
Top 20		57.12%	44.67%	51.73%	3.3	25.9	+10.5%	+12.6%
CAT	Caterpillar	6.83%	4.26%	5.79%	4.1	24.7	+11.2%	+16.3%
GE	GE Aerospace	5.94%	2.79%	4.63%	5.8	33.7	+11.0%	+14.8%
GEV	GE Vernova	4.97%	2.27%	4.89%	5.2	37.8	+14.6%	-15.9%
RTX	RTX	4.66%	5.23%	4.05%	2.4	23.3	+7.7%	+8.8%
ETN	Eaton	3.10%	1.66%	1.98%	4.6	27.2	+11.2%	+19.2%
UNP	Union Pacific	3.07%	1.38%	3.74%	6.0	20.2	+4.7%	+8.4%
DE	Deere	2.90%	2.30%	2.24%	3.9	29.2	+8.7%	+24.9%
BA	Boeing	2.80%	5.29%	1.28%	1.3	59.8	+14.7%	—
UBER	Uber Technologies	2.71%	3.06%	4.98%	2.2	17.1	+15.5%	+28.3%
PH	Parker Hannifin	2.25%	1.19%	1.90%	4.7	25.6	+7.2%	+11.8%
ADP	Automatic Data Processing	2.00%	1.18%	2.23%	4.7	21.9	+5.7%	+10.0%
PWR	Quanta Services	1.97%	1.86%	0.70%	2.3	35.0	+16.2%	+18.8%
TT	Trane Technologies	1.95%	1.22%	1.51%	4.1	27.8	+9.7%	+13.0%
LMT	Lockheed Martin	1.92%	3.79%	2.90%	1.4	15.6	+6.1%	+6.6%
JCI	Johnson Controls International	1.77%	1.38%	1.85%	3.4	23.9	+7.8%	+20.2%
VRT	Vertiv	1.74%	0.65%	0.92%	5.2	26.5	+30.1%	+36.0%
EMR	Emerson Electric	1.68%	1.01%	1.31%	4.6	22.4	+5.4%	+8.4%
HWM	Howmet Aerospace	1.67%	0.52%	1.00%	7.7	34.3	+14.4%	+19.4%
CSX	CSX	1.63%	0.79%	1.64%	5.6	21.9	+5.2%	+10.8%
GD	General Dynamics	1.56%	2.83%	2.17%	1.5	17.9	+5.0%	+9.3%

[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 10/13	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XLI	State Street Industrial Select Sector SPDR ETF	100.00%	168.67	-0.3%	-2.1%	9.3%	12.3%	72.4%	77.9%	248.1%
CAT	Caterpillar	6.83%	772.78	-3.3%	-5.6%	35.7%	54.5%	200.8%	333.4%	997.7%
GE	GE Aerospace	5.94%	307.63	-0.3%	-4.8%	0.3%	4.0%	258.5%	388.2%	144.3%
GEV	GE Vernova	4.97%	1,004.04	0.7%	4.9%	53.9%	55.2%
RTX	RTX	4.66%	183.02	-2.0%	-7.4%	0.9%	16.9%	165.3%	128.5%	291.7%
ETN	Eaton	3.10%	428.31	0.4%	0.7%	35.6%	15.4%	113.1%	190.0%	763.4%
UNP	Union Pacific	3.07%	282.36	0.3%	-0.7%	23.9%	27.7%	45.2%	42.8%	263.2%
DE	Deere	2.90%	650.00	2.7%	-3.6%	40.7%	49.7%	77.7%	110.4%	775.9%
BA	Boeing	2.80%	186.49	-1.6%	-11.4%	-14.1%	-13.5%	0.9%	-14.2%	51.8%
UBER	Uber Technologies	2.71%	71.32	-0.3%	-0.5%	-12.7%	-24.2%	64.0%	50.8%
PH	Parker Hannifin	2.25%	953.44	-0.4%	0.3%	9.1%	31.9%	150.1%	246.3%	792.6%
ADP	Automatic Data Processing	2.00%	275.90	0.8%	2.8%	9.7%	-0.2%	19.8%	47.9%	292.3%
PWR	Quanta Services	1.97%	688.88	-0.9%	5.9%	63.3%	60.0%	298.3%	513.5%	2,414.9%
TT	Trane Technologies	1.95%	478.01	0.1%	8.0%	23.7%	15.2%	140.6%	190.8%	1,000.2%
LMT	Lockheed Martin	1.92%	504.02	-1.5%	-3.8%	6.1%	2.6%	23.8%	59.1%	182.2%
JCI	Johnson Controls International	1.77%	156.47	0.7%	7.5%	31.8%	48.9%	219.0%	142.5%	400.8%
VRT	Vertiv	1.74%	237.29	-0.9%	-7.7%	46.6%	32.7%	509.2%	943.2%
EMR	Emerson Electric	1.68%	163.50	0.6%	7.4%	24.6%	29.6%	81.9%	91.6%	320.9%
HWM	Howmet Aerospace	1.67%	216.84	-1.8%	-5.6%	5.9%	14.4%	392.8%	612.2%	1,022.0%
CSX	CSX	1.63%	47.76	0.0%	-2.4%	33.0%	36.0%	60.0%	52.9%	429.7%
GD	General Dynamics	1.56%	332.42	-0.9%	-6.1%	0.5%	1.2%	45.0%	79.8%	172.8%

Guidance Updates for XLI Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
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%	10%	107%
Peers Return	36%	-1%	24%	18%	17%	27%	192%
S&P 500 Return	27%	-19%	24%	23%	16%	14%	108%
Monthly Win Rates [3]
XLI Win Rate	67%	33%	50%	58%	67%	50%
Peers Win Rate	72%	43%	62%	63%	63%	54%
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 10/13/2026 (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 10/13/2026

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 10/13/2026

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 10/13/2026

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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	-6.9%	73.26	10132026	78.67	8162026	58
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-6.8%	668.12	10132026	716.91	8162026	58
SCHM	Schwab U.S. Mid-Cap ETF	-6.4%	34.50	10132026	36.87	6302026	105
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.6%	123.95	10132026	132.68	8162026	58
IJR	iShares Core S&P Small-Cap ETF	-8.5%	137.60	10132026	150.44	8162026	58
VB	Vanguard Small-Cap ETF	-6.6%	288.16	10132026	308.38	8162026	58
IWM	iShares Russell 2000 ETF	-9.3%	276.70	10132026	305.09	8162026	58
SCHA	Schwab U.S. Small-Cap ETF	-9.9%	32.56	10132026	36.13	6302026	105
VTWO	Vanguard Russell 2000 ETF	-9.1%	111.77	10132026	122.90	8162026	58
DFAS	Dimensional U.S. Small Cap ETF	-7.3%	78.33	10132026	84.48	8162026	58
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-7.4%	52.45	10132026	56.64	8162026	58
NUSC	Nuveen ESG Small-Cap ETF	-7.6%	49.21	10132026	53.27	8162026	58
AKRE	Akre Focus ETF	-9.9%	55.74	10132026	61.85	8302026	44
IJK	iShares S&P Mid-Cap 400 Growth ETF	-6.9%	110.85	10132026	119.11	8172026	57
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-6.9%	105.80	10132026	113.69	8172026	57
IWO	iShares Russell 2000 Growth ETF	-11.3%	351.10	10132026	395.65	8162026	58
VBK	Vanguard Small-Cap Growth ETF	-7.4%	338.78	10132026	365.91	8172026	57
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.6%	161.92	10132026	179.07	8042026	70
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.6%	108.07	10132026	119.50	8042026	70
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.0%	141.12	10132026	151.67	8162026	58
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-6.9%	90.64	10132026	97.39	8162026	58
VBR	Vanguard Small-Cap Value ETF	-6.0%	235.62	10132026	250.56	8162026	58
AVUV	Avantis U.S. Small Cap Value ETF	-6.3%	120.61	10132026	128.74	8042026	70
IWN	iShares Russell 2000 Value ETF	-7.2%	210.99	10132026	227.43	8162026	58
IJS	iShares S&P Small-Cap 600 Value ETF	-7.8%	129.70	10132026	140.68	8162026	58
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-7.8%	103.43	10132026	112.22	8162026	58
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-7.3%	111.49	10132026	120.28	8162026	58
SCHF	Schwab International Equity ETF	-5.1%	27.14	10132026	28.59	8252026	49
EFV	iShares MSCI EAFE Value ETF	-5.1%	78.85	10132026	83.08	9032026	40
AVIV	Avantis International Large Cap Value ETF	-5.2%	79.55	10132026	83.89	8252026	49
VGK	Vanguard FTSE Europe ETF	-7.2%	86.31	10132026	92.96	8252026	49
IEMG	iShares Core MSCI Emerging Markets ETF	-6.7%	80.22	10132026	86.00	6222026	113
EEM	iShares MSCI Emerging Markets ETF	-7.7%	65.74	10132026	71.21	6222026	113
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-13.9%	32.11	10132026	37.30	6222026	113
EWY	iShares MSCI South Korea ETF	-24.0%	166.56	10132026	219.20	6212026	114
FXI	iShares China Large-Cap ETF	-10.7%	34.17	10132026	38.26	5132026	153
KWEB	KraneShares CSI China Internet ETF	-19.2%	24.72	10132026	30.59	5132026	153
SCHD	Schwab US Dividend Equity ETF	-5.2%	33.37	10132026	35.21	8242026	50
DVY	iShares Select Dividend ETF	-5.7%	156.01	10132026	165.50	8162026	58
SDY	State Street SPDR S&P Dividend ETF	-5.2%	150.89	10132026	159.18	8242026	50
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-5.8%	55.66	10132026	59.07	8242026	50
SCHY	Schwab International Dividend Equity ETF	-5.2%	32.02	10132026	33.78	8252026	49
RYLD	Global X Russell 2000 Covered Call ETF	-5.0%	15.49	10132026	16.31	8272026	47
MTUM	iShares MSCI USA Momentum Factor ETF	-9.3%	313.11	10132026	345.22	6222026	113
SPHQ	Invesco S&P 500 Quality ETF	-5.2%	85.43	10132026	90.10	6302026	105
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.4%	35.68	10132026	38.52	8162026	58
SPMO	Invesco S&P 500 Momentum ETF	-8.4%	148.03	10132026	161.66	6222026	113
MOAT	VanEck Morningstar Wide Moat ETF	-5.1%	109.31	10132026	115.14	8272026	47
SPGP	Invesco S&P 500 GARP ETF	-5.0%	122.53	10132026	129.02	8132026	61
ARKK	ARK Innovation ETF	-6.0%	87.17	10132026	92.78	10052026	8
URA	Global X Uranium ETF	-35.8%	37.38	10132026	58.26	5062026	160
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-16.0%	34.96	10132026	41.63	5132026	153
ROBO	ROBO Global Robotics & Automation Index ETF	-11.6%	79.85	10132026	90.34	6022026	133
LIT	Global X Lithium & Battery Tech ETF	-26.2%	67.65	10132026	91.62	5112026	155
ICLN	iShares Global Clean Energy ETF	-27.7%	17.18	10132026	23.75	6022026	133
ARKQ	ARK Autonomous Technology & Robotics ETF	-16.5%	120.11	10132026	143.82	5282026	138
ARKX	ARK Space & Defense Innovation ETF	-16.7%	31.44	10132026	37.74	5282026	138
NASA	Tema Space Innovators ETF	-45.9%	22.65	10132026	41.89	5272026	139
DRSK	Aptus Defined Risk ETF	-7.2%	27.27	10132026	29.39	6012026	134
PCEF	Invesco CEF Income Composite ETF	-5.1%	19.42	10132026	20.47	8132026	61
YYY	Amplify CEF High Income ETF	-9.0%	10.35	10132026	11.37	8162026	58
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-8.9%	64.94	10132026	71.30	8252026	49
XLF	State Street Financial Select Sector SPDR ETF	-6.4%	54.82	10132026	58.56	9032026	40
XLI	State Street Industrial Select Sector SPDR ETF	-9.6%	168.67	10132026	186.51	8162026	58
XLC	State Street Communication Services Select Sector SPDR ETF	-5.5%	112.28	10132026	118.79	4192026	177
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-7.8%	112.36	10132026	121.82	5282026	138
XLU	State Street Utilities Select Sector SPDR ETF	-10.1%	41.87	10132026	46.55	4302026	166
XLB	State Street Materials Select Sector SPDR ETF	-7.4%	49.72	10132026	53.67	8262026	48
IYJ	iShares U.S. Industrials ETF	-7.5%	157.06	10132026	169.86	8042026	70
IYM	iShares U.S. Basic Materials ETF	-7.3%	182.09	10132026	196.45	8252026	49
SMH	VanEck Semiconductor ETF	-12.1%	588.12	10132026	668.91	6222026	113
SOXX	iShares Semiconductor ETF	-17.0%	543.90	10132026	655.01	6222026	113
IBB	iShares Biotechnology ETF	-7.8%	200.02	10132026	216.96	8192026	55
XBI	State Street SPDR S&P Biotech ETF	-13.4%	146.80	10132026	169.55	8192026	55
ITA	iShares U.S. Aerospace & Defense ETF	-19.4%	204.00	10132026	253.22	8162026	58
IYT	iShares U.S. Transportation ETF	-11.3%	79.86	10132026	90.01	7162026	89
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-10.4%	177.56	10132026	198.06	9032026	40
KRE	State Street SPDR S&P Regional Banking ETF	-11.4%	69.06	10132026	77.93	8162026	58
MISL	First Trust Indxx Aerospace & Defense ETF	-15.5%	41.55	10132026	49.19	5282026	138
RING	iShares MSCI Global Gold Miners ETF	-18.3%	76.08	10132026	93.17	8252026	49
SOXQ	Invesco PHLX Semiconductor ETF	-16.6%	96.03	10132026	115.11	6222026	113
IGOV	iShares International Treasury Bond ETF	-5.9%	39.79	10132026	42.27	5102026	156
TLT	iShares 20+ Year Treasury Bond ETF	-9.0%	78.37	10132026	86.10	6292026	106
VGLT	Vanguard Long-Term Treasury ETF	-8.2%	50.41	10132026	54.89	6292026	106
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-8.2%	24.00	10132026	26.13	6292026	106
TLH	iShares 10-20 Year Treasury Bond ETF	-7.2%	92.56	10132026	99.78	6292026	106
EDV	Vanguard World Funds Extended Duration ETF	-13.8%	55.64	10132026	64.54	6242026	111
VCLT	Vanguard Long-Term Corporate Bond ETF	-7.5%	68.88	10132026	74.47	6292026	106
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.6%	20.50	10132026	22.18	6292026	106
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.4%	45.88	10132026	49.56	6292026	106
LMUB	iShares Long-Term National Muni Bond ETF	-7.5%	46.81	10132026	50.63	7052026	100
GLD	SPDR Gold Trust	-14.4%	381.67	10132026	445.93	4192026	177
IAU	iShares Gold Trust	-14.3%	78.25	10132026	91.34	4192026	177
GLDM	SPDR Gold MiniShares Trust	-14.2%	82.36	10132026	96.04	4192026	177
SLV	iShares Silver Trust	-32.6%	53.49	10132026	79.35	5132026	153
PPLT	ETFS Physical Platinum Shares	-23.0%	15.05	10132026	19.55	5132026	153
PALL	ETFS Physical Palladium Shares	-29.5%	20.38	10132026	28.89	4142026	182
USO	United States Oil Fund LP	-5.4%	153.09	10132026	161.86	9152026	28
UNG	United States Natural Gas Fund LP	-5.9%	11.41	10132026	12.12	6042026	131
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	10132026	60.13	5042026	162
VNQ	Vanguard Real Estate ETF	-8.9%	91.14	10132026	100.08	7282026	77
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.1%	41.83	10132026	46.01	7282026	77
SCHH	Schwab U.S. REIT ETF	-10.0%	22.37	10132026	24.86	7262026	79
IYR	iShares U.S. Real Estate ETF	-9.9%	96.62	10132026	107.26	7282026	77
REET	iShares Global REIT ETF	-10.6%	25.82	10132026	28.89	7262026	79
USRT	iShares Core U.S. REIT ETF	-11.2%	62.01	10132026	69.82	7262026	79
ETHA	iShares Ethereum Trust ETF	-6.2%	56.68	10132026	60.45	9282026	15

ETF Fund Flows

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

Net fund flows · as of 2026-10-12

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$26.0B), followed by Bond (+$8.8B), while Crypto (−$949M) and Commodity (−$824M) saw the largest outflows.
Within the mix, money rotated into US Nasdaq Growth (+$9.3B) and out of US Small Cap Core (−$1.6B).
Relative to fund size, CNEQ drew the largest inflow (+38.1% of AUM) and ARKW the largest outflow (−16.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$8.94B	+1.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$5.53B	+3.0%
3	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.35B	+0.2%
4	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$1.69B	+3.4%
5	ARKK	ARK Innovation ETF	Equity Thematic	+$1.63B	+24.2% ⚠
6	CNEQ	Alger Concentrated Equity ETF	Other	+$1.55B	+38.1%
7	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.46B	+11.5%
8	MUB	iShares National Muni Bond ETF	Bond Municipal	+$1.39B	+2.8%
9	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.21B	+0.2%
10	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$1.21B	+0.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.55B	+38.1%
2	ARKK	ARK Innovation ETF	Equity Thematic	+$1.63B	+24.2% ⚠
3	TAFM	Alliance Bernstein - AB Tax-Aware Intermediate Municipal ETF	Other	+$209M	+20.3%
4	ALAI	Alger AI Enablers & Adopters ETF	Other	+$241M	+16.9%
5	BKLC	BNY Mellon US Large Cap Core Equity ETF	Other	+$814M	+12.8%
6	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.46B	+11.5%
7	EVSM	Eaton Vance Short Duration Municipal Income ETF	Other	+$108M	+10.5%
8	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$431M	+10.5%
9	MSTY	YieldMax MSTR Option Income Strategy ETF	Other	+$110M	+9.9%
10	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$162M	+9.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.39B	-1.8%
2	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$1.3B	-1.8%
3	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$1.29B	-0.1%
4	IYW	iShares U.S. Technology ETF	Other	-$760M	-2.9%
5	GLD	SPDR Gold Shares	Commodity Gold	-$594M	-0.4%
6	IQMM	ProShares - GENIUS Money Market ETF	Other	-$531M	-2.8%
7	DRAM	Roundhill Memory ETF	Other	-$518M	-2.2%
8	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$435M	-0.9%
9	EUFN	iShares MSCI Europe Financials ETF	Other	-$387M	-10.9%
10	ARKW	ARK Next Generation Internet ETF	Equity Thematic	-$333M	-16.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	ARKW	ARK Next Generation Internet ETF	Equity Thematic	-$333M	-16.7%
2	EWS	iShares MSCI Singapore ETF	Other	-$216M	-16.1%
3	EUFN	iShares MSCI Europe Financials ETF	Other	-$387M	-10.9%
4	TBLL	Invesco Short Term Treasury ETF	Other	-$225M	-8.4%
5	USO	United States Oil Fund, LP	Commodity Energy	-$132M	-7.2%
6	KBE	State Street SPDR S&P Bank ETF	Other	-$102M	-7.0%
7	IYK	iShares U.S. Consumer Staples ETF	Other	-$109M	-6.8%
8	FTXR	First Trust Nasdaq Transportation ETF	Other	-$58M	-5.7% ⚠
9	ARKB	ARK 21Shares Bitcoin ETF	Other	-$122M	-4.6%
10	IYJ	iShares U.S. Industrials ETF	Equity Broad Sector	-$85M	-4.4%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$69.5B), followed by Bond (+$35.8B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$28.5B) and out of Factor Smart Beta (−$3.7B).
Relative to fund size, CNEQ drew the largest inflow (+59.3% of AUM) and MTBA the largest outflow (−38.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$54.35B	+6.2%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$13.83B	+7.9%
3	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$6.44B	+13.7%
4	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$5.93B	+1.2%
5	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.88B	+12.3%
6	MUB	iShares National Muni Bond ETF	Bond Municipal	+$5.74B	+12.5%
7	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+33.5%
8	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.42B	+0.8%
9	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.03B	+39.1%
10	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$4.96B	+4.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.89B	+59.3%
2	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.39B	+41.6%
3	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.03B	+39.1%
4	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+33.5%
5	BLCR	iShares Large Cap Core Active ETF	Other	+$2.79B	+30.5%
6	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$322M	+28.5%
7	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$573M	+27.8%
8	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.23B	+25.7%
9	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$1.02B	+25.4%
10	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	+$302M	+24.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$41.95B	-4.0%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.38B	-26.1%
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	-$1.9B	-7.2%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.62B	-8.0%
6	DRAM	Roundhill Memory ETF	Other	-$1.49B	-5.8%
7	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.42B	-5.4%
8	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.9%
9	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.06B	-2.0%
10	PBUS	Invesco MSCI USA ETF	Other	-$1.01B	-8.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	MTBA	Simplify MBS ETF	Other	-$418M	-38.8%
2	BKAG	BNY Mellon Core Bond ETF	Other	-$916M	-38.2%
3	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.38B	-26.1%
4	SCMB	Schwab Municipal Bond ETF	Other	-$567M	-18.1%
5	CTA	Simplify Managed Futures Strategy ETF	Other	-$199M	-14.7%
6	IWX	iShares Russell Top 200 Value ETF	Other	-$541M	-14.1%
7	IGOV	iShares International Treasury Bond ETF	Bond International	-$182M	-13.9%
8	EWW	iShares MSCI Mexico ETF	Other	-$213M	-13.8%
9	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$851M	-12.9%
10	IDEF	iShares Defense Industrials Act	Other	-$490M	-12.8%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$157.8B), followed by Bond (+$66.7B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$39.2B) and out of Intermediate Treasury (−$3.8B).
Relative to fund size, CNEQ drew the largest inflow (+184.8% of AUM) and FTXL the largest outflow (−69.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$28.1B	+2.7%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$20.09B	+11.8%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.67B	+2.4%
4	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.57B	+15.7%
5	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$15.61B	+1.9%
6	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$13.18B	+2.7%
7	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.13B	+9.3%
8	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.47B	+20.4%
9	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.15B	+7.8%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$8.06B	+5.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$3.87B	+184.8%
2	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.97B	+83.6%
3	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.32B	+76.0%
4	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+74.8% ⚠
5	BFLX	iShares Flexible Equity Active ETF	Other	+$1.41B	+68.0%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.54B	+66.5%
7	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$809M	+56.5%
8	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$866M	+55.2%
9	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.29B	+50.9%
10	BLCR	iShares Large Cap Core Active ETF	Other	+$3.17B	+47.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$24.62B	-2.8%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.73B	-27.2%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.75B	-17.6%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.42B	-8.0%
5	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.46B	-8.6%
6	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.02B	-5.2%
7	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.85B	-2.3%
8	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.7B	-12.1%
9	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$1.65B	-1.3%
10	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$1.43B	-21.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$928M	-69.7%
2	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$823M	-44.3%
3	USO	United States Oil Fund, LP	Commodity Energy	-$826M	-41.4%
4	TAN	Invesco Solar ETF	Other	-$430M	-37.4%
5	MTBA	Simplify MBS ETF	Other	-$516M	-35.7%
6	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$607M	-34.2%
7	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$336M	-32.0%
8	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.73B	-27.2%
9	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$336M	-27.2%
10	BKAG	BNY Mellon Core Bond ETF	Other	-$583M	-25.9%

Largest ETF fund flows across ~2641 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

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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)	30.8	170.2	131.1	51.7	44.3	42.4	48.0
Expense Ratio	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
10-D Avg Volume (Mil)	7.15	4.35	9.25	34.37	9.39	31.25	9.32
Latest Day Volume (Mil)	3.84	3.04	5.51	35.41	7.04	27.27	6.27
Holdings Count	83	310	75	76	61	21	76
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	169.24	126.49	198.80	54.73	170.81	65.08	-
Premium/Discount	-	-	-	-	-	-	-
Distribution Yield	-	-	-	-	-	-	-
Sales Yield	33.7%	76.8%	93.7%	30.7%	59.5%	54.1%	56.8%
Earnings Yield	3.6%	10.2%	12.2%	6.6%	3.1%	5.4%	6.0%

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	1.8x
P/E (TTM)	27.8x	9.8x	8.2x	15.1x	32.6x	18.7x	16.9x
P/FCF (TTM)	27.4x	4.5x	3.5x	32.5x	22.8x	18.1x	20.4x
Forward P/E	22.6x	3.6x	2.9x	14.1x	18.0x	14.3x	14.2x
Forward P/S	2.7x	1.0x	0.8x	3.1x	1.6x	1.7x	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)	17.3%	24.6%	26.2%	14.7%	15.7%	21.9%	19.6%
Volatility (3Y)	16.7%	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	1.68	1.74	0.61	0.28	-0.37	0.77
Beta (3Y)	0.91	1.49	1.49	0.78	0.45	0.45	0.84
Beta (5Y)	0.88	1.42	1.40	0.85	0.54	0.57	0.87
Sharpe Ratio (1Y)	0.84	1.44	1.46	0.52	1.37	2.21	1.40
Sharpe Ratio (3Y)	1.19	1.32	1.28	1.22	0.81	0.90	1.21
Sharpe Ratio (5Y)	0.77	0.86	0.90	0.57	0.58	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	-	-	-	-	-	-	-
3M Return	-	-	-	-	-	-	-
6M Return	-	-	-	-	-	-	-
YTD Return	-	-	-	-	-	-	-
1Y Return	-	-	-	-	-	-	-
2Y Return	-	-	-	-	-	-	-
3Y Return	-	-	-	-	-	-	-

Short Interest

Short Interest: As Of Date	9302026
Short Interest: Shares Quantity	24.4 Mil
Short Interest: % Change Since 9152026	-3.7%
Average Daily Volume	7.7 Mil
Days-to-Cover Short Interest	3.2 days

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/14/2026): $168.5

State Street Industrial Select Sector SPDR ETF (XLI)

Market Price (10/14/2026): $168.5

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