XLP’s worst drop since 1999 was 36%
Consumer Staples Select Sector SPDR (XLP) fell 36% from Dec 2000 to Mar 2003. It took 5.8 years from that peak to close at a new high, in Oct 2006. Over the same years the S&P 500 fell as much as 55%.
That drop is milder than most. It ranks 141st of the 203 ETFs PortfolioAutopsy tracks, counted from the deepest.
Drawdown from the last high, 1999 to now
How XLP held up in each crash
| Crash | Years | XLP | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | −32.8% | −47.5% |
| Financial crisis | 2007–09 | −32.4% | −55.2% |
| COVID crash | 2020 | −24.5% | −33.7% |
| 2022 rate shock | 2022 | −16.4% | −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 XLP’s maximum drawdown?
XLP’s deepest fall since 1999 was 35.9%, from its high on December 28, 2000 to its low on March 10, 2003. The figure uses daily prices with dividends reinvested.
How long did XLP take to recover?
5.8 years. XLP first closed above its Dec 2000 high again on October 26, 2006.
Was XLP riskier than the S&P 500?
Over the same years, XLP’s worst drop was 35.9% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −30.5% 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.