VOO vs XLI: Performance, Holdings, Fees & Risk
VOO and XLI are ETFs, but they can differ materially in exposure, yield, fees and risk. VOO is Vanguard S&P 500 ETF, while XLI is State Street Industrial Select Sector SPDR ETF. VOO is broader by holdings count, with 508 positions versus 86 for XLI. VOO has the lower expense ratio. Current AlgovestIQ evidence has VOO ahead on AIQ Score, 64 versus 54.
What is the main difference between VOO and XLI?
XLI puts 93% of its assets in Industrials, while VOO spreads across 11 sectors with none above 39%.
| Metric | VOO | XLI |
|---|---|---|
| Fund | ||
| Expense ratio | 0.03% | 0.08% |
| Holdings | 508 | 86 |
| Top-10 concentration | 37.6% | 40.1% |
| Distribution yieldTrailing 12 months | 1.05% | 1.13% |
| Average volume | 7,814,237 | 7,083,898 |
| Performance | ||
| 1Y return | +16.4% | +10% |
| YTD return | +12.7% | +7.5% |
| 5Y annualized returnTotal return, distributions reinvested | +12.6% | +11.4% |
| Risk | ||
| Annualized volatility | 12.8% | 17.1% |
| Max drawdown (1Y) | -9.2% | -12.5% |
| Max drawdown (5Y)Total return, distributions reinvested | -24.5% | -21.7% |
| Beta | 1.00 | 0.93 |
| Sharpe ratio | 0.91 | 0.41 |
| Sortino ratio | 1.38 | 0.65 |
| AlgovestIQ | ||
| AIQ Score | 64/100 | 54/100 |
| AIQ Edge Score | 9/10 | 5/10 |
| Momentum | 64/100 | 41/100 |
| Risk Resilience | 87/100 | 81/100 |
AlgovestIQ AIQ Comparison
Vanguard S&P 500 ETF vs State Street Industrial Select Sector SPDR ETF
VOO leads
VOO leads by 10 AIQ points, primarily on Momentum and Quality.
Competitive: 4 of 4 evidence groups support VOO, and its current signal state is conflicted.
Vanguard S&P 500 ETF
State Street Industrial Select Sector SPDR ETF
The Algovestiq AIQ Score currently favors VOO over XLI, 64 versus 54 as of Oct 21, 2026. VOO's advantage is driven primarily by stronger momentum and quality. VOO also shows the stronger technical structure relative to its 50-day moving average. 4 of 4 covered evidence groups favor VOO today, and the comparison is rated Competitive on stability: the leader is throwing conflicting signals. VOO lead: Stable — the AIQ differential has held near 10 points over 30 sessions. VOO leads on all four AIQ factor dimensions. Value is itself one of those four, so a sweep is not explained by valuation alone — it deserves additional scrutiny for unmodeled catalysts, expectations or event risk.
Compare Vanguard S&P 500 ETF and State Street Industrial Select Sector SPDR ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
VOO vs XLI: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | VOO | XLI | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.03% | 0.08% | VOO |
| Broader diversificationNumber of holdings | 508 | 86 | VOO |
| Lower concentrationWeight of the 10 largest holdings | 37.6% | 40.1% | Similar |
| Higher incomeTrailing 12-month distribution yield | 1.05% | 1.13% | Similar |
| Smaller drawdownsMax drawdown, 5 years | -24.5% | -21.7% | XLI |
| Lower volatilityAnnualized volatility, 1 year | 12.8% | 17.1% | VOO |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare VOO and XLI against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Momentum64 vs 41VOO +23
- Quality77 vs 68VOO +9
- Risk Resilience87 vs 81VOO +6
- Value41 vs 36VOO +5
4 of 4 evidence groups favor VOO. VOO’s edge is concentrated in momentum and quality.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Momentum +17
New signals
- Uptrend Structure Active — bullish, trend, long horizon
Largest factor move: Momentum +5
No signal started or stopped since the prior session; its 4 active signals are unchanged.
VOO's lead widened by 2 AIQ points in the latest session.
Deeper signal detail for each name lives on its own signals page — VOO and XLI both carry a full feed there.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | VOO | XLI | Why it matters |
|---|---|---|---|
| Expense ratio | 0.03% | 0.08% | Lower is better — it compounds against you every year you hold. |
| Holdings | 508 | 86 | More holdings means broader diversification, not better returns. |
| Average volume | 7,814,237 | 7,083,898 | Liquidity — matters most if you trade size. |
| Annualized volatility | 12.8% | 17.1% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -9.2% | -12.5% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | 0.91 | 0.41 | Return per unit of risk. Higher is better. |
| Beta | 1.00 | 0.93 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
VOO and XLI share 8.7% of their weighted exposure across 82 common holdings.
423 holdings are unique to VOO, and 2 holdings are unique to XLI. Owning both is genuinely additive — most of the capital sits in different securities.
XLI is the more concentrated of the two: its ten largest positions are 40.15% of the fund, against 37.65% for VOO (86 holdings vs 508). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
Largest shared positions
| Holding | VOO | XLI | Shared |
|---|---|---|---|
| GEGENERAL ELECTRIC | 0.58% | 6.32% | 0.58% |
| CATCATERPILLAR INC | 0.58% | 6.92% | 0.58% |
| RTXRTX CORP | 0.45% | 4.98% | 0.45% |
| GEVGE VERNOVA INC | 0.41% | 4.64% | 0.41% |
| BABOEING CO/THE | 0.27% | 3.02% | 0.27% |
| UNPUNION PACIFIC CORP | 0.27% | 3.17% | 0.27% |
| ETNEATON CORP PLC | 0.25% | 2.97% | 0.25% |
| DEDEERE + CO | 0.23% | 3.18% | 0.23% |
Shared weight is the lower of the two positions — the portion of capital both funds genuinely have in the same security.
What VOO adds that XLI doesn’t
| Holding | VOO | XLI |
|---|---|---|
| NVDANVIDIA Corp | 7.55% | Not held |
| AAPLApple Inc | 7.05% | Not held |
| MSFTMicrosoft Corp | 5.36% | Not held |
| AMZNAmazon.com Inc | 4.13% | Not held |
| GOOGLAlphabet Inc | 3.24% | Not held |
| AVGOBroadcom Inc | 2.86% | Not held |
What XLI adds that VOO doesn’t
| Holding | XLI | VOO |
|---|---|---|
| CATCATERPILLAR INC | 6.92% | 0.58% |
| GEGENERAL ELECTRIC | 6.32% | 0.58% |
| RTXRTX CORP | 4.98% | 0.45% |
| GEVGE VERNOVA INC | 4.64% | 0.41% |
| DEDEERE + CO | 3.18% | 0.23% |
| UNPUNION PACIFIC CORP | 3.17% | 0.27% |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
VOO vs XLI: five-year payout growth
XLI grew its split-adjusted payout faster over 2020-2025 — 7.79% a year against VOO's 5.91%. VOO never reduced its annual distribution in the window; XLI did in 1 year. XLI: The 2020 payout was 13.3% below 2019, so the growth rate measures a recovery from a weak starting year.
| Dividend metric | VOO | XLI |
|---|---|---|
| 5Y payout CAGR | 5.91% | 7.79% |
| 2020 annual payout | $5.303 | $1.373 |
| 2025 annual payout | $7.068 | $1.998 |
| Calendar-year declines | 0 | 1 |
| Peer rank | #88 of 138 | #72 of 138 |
Split-adjusted annual distributions, 2020–2025. Research as of Sep 19, 2026. Yield and expense ratio above are current values, not part of this window.
AIQ Agreement Matrix
4 of 4 covered evidence groups favor VOO. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | VOO | 64 vs 54 |
| Fundamentals | Not covered | Not covered |
| Valuation | VOO | Value 41 vs 36 |
| Technicals | VOO | Price vs 50-day 0.6% vs -2.9%; vs 200-day 5.9% vs -3.6% |
| Risk Resilience | VOO | Risk Resilience 87 vs 81 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of VOO and XLI and are excluded from the count.
AIQ Decision Stability
The two are close enough that your objective, not the score, should decide.
- The AIQ gap is moderate at 10 points.
- 4 of 4 covered evidence groups point the same way. (supports the conclusion holding)
- The lead has been steady session to session. (supports the conclusion holding)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on VOO.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20VOO lead: Stable — the AIQ differential has held near 10 points over 30 sessions.
- Today
- VOO +10
- 64 vs 54
- 7 sessions ago
- VOO +11
- 63 vs 52
- 30 sessions ago
- VOO +12
- 64 vs 52
- 90 sessions ago
- VOO +7
- 68 vs 61
The lead changed hands once in this window, most recently on Jun 29 when VOO moved ahead of XLI.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
4 bullish / 1 bearish / 1 neutral, conflicted
Only VOO
- EMA Ribbon Expansion Bullish — bullish, trend, medium horizon
- 52-Week High Proximity — bullish, risk, long horizon (1.2%)
- Uptrend Structure Active — bullish, trend, long horizon
- MACD Bearish Crossover — bearish, momentum, short horizon
2 bullish / 0 bearish / 2 neutral
Only XLI
- Bollinger Band Squeeze — neutral, volatility, short horizon
- MACD Bullish Crossover — bullish, momentum, short horizon
Both carry 2 more signals that do not separate them: Golden Cross Active, ATR Contraction - Coiling.
VOO leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Price and the AIQ Score both moved up over the latest session (price +0.55%, AIQ +4 points).
Price and the AIQ Score both moved up over the latest session (price +0.91%, AIQ +2 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1XLI closes the Momentum gap — currently 23 points behind, the largest single contributor to VOO's edge.
- 2XLI's Bollinger Band Squeeze turns directional — it is neutral today and would confirm a change in trend.
- 3VOO's conflicting signal state resolves bearish — it currently carries 4 bullish and 1 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
VOO leads 5 of 6 windows| Metric | VOO | XLI |
|---|---|---|
| 1 week (5 sessions) | -1.2% | -1.1% |
| 1 month (20 sessions) | -0.8% | -2% |
| 3 months (63 sessions) | 2.9% | -6.7% |
| 6 months (126 sessions) | 9.2% | -2.7% |
| Year to date | 12.7% | 7.5% |
| 1 year (252 sessions) | 16.4% | 10% |
Technicals
VOO has the stronger structure| Metric | VOO | XLI |
|---|---|---|
| RSI (14) | 56.2 | 49.4 |
| ADX (14) | 12.3 | 28 |
| Price vs 50-day | 0.6% | -2.9% |
| Price vs 200-day | 5.9% | -3.6% |
| Volatility (1M, annualized) | 9.4% | 13.2% |
Risk
VOO is the more resilient| Metric | VOO | XLI |
|---|---|---|
| Beta | 1 | 0.93 |
| Sharpe ratio | 0.91 | 0.41 |
| Sortino ratio | 1.38 | 0.65 |
| Max drawdown | -9.2% | -12.5% |
| Current drawdown | -1.3% | -10.6% |
| Annualized volatility | 12.8% | 17.1% |
| Value at risk (95%) | -1.4% | -1.6% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between VOO and XLI?
XLI puts 93% of its assets in Industrials, while VOO spreads across 11 sectors with none above 39%.
How much do VOO and XLI overlap?
VOO and XLI share 8.7% of their weighted exposure across 82 common holdings. 423 holdings are unique to VOO, and 2 holdings are unique to XLI. Owning both is genuinely additive — most of the capital sits in different securities.
Which ETF is more diversified, VOO or XLI?
VOO holds more positions: 508 versus 86 for XLI.
Which has the lower expense ratio?
VOO has the lower expense ratio, 0.03% a year against 0.08% for XLI.
Which ETF has the higher distribution yield?
Their trailing 12-month distribution yields are similar: 1.05% for VOO and 1.13% for XLI.
Which ETF has been more volatile?
XLI has been more volatile over the past year, at 17.1% annualized against 12.8% for VOO.
Which ETF has had the smaller drawdown?
XLI fell less from peak to trough over the past five years: -21.7% against -24.5% for VOO.
Compare VOO and XLI with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.