XLB’s worst drop since 1999 was 60%
Materials Select Sector SPDR (XLB) fell 60% from May 2008 to Mar 2009. It took 5.0 years from that peak to close at a new high, in May 2013. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 68th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 1999 to now
How XLB held up in each crash
| Crash | Years | XLB | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | −36.6% | −47.5% |
| Financial crisis | 2007–09 | −59.8% | −55.2% |
| COVID crash | 2020 | −36.8% | −33.7% |
| 2022 rate shock | 2022 | −24.7% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was XLB’s maximum drawdown?
XLB’s deepest fall since 1999 was 59.8%, from its high on May 20, 2008 to its low on March 2, 2009. The figure uses daily prices with dividends reinvested.
How long did XLB take to recover?
5.0 years. XLB first closed above its May 2008 high again on May 8, 2013.
Was XLB riskier than the S&P 500?
Over the same years, XLB’s worst drop was 59.8% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −55.3% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, January 5, 1999 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.