XLC drawdown: 11.5% below the all-time high
Communication Services Select Sector SPDR Fund (XLC) is 11.5% below its all-time high, set Jan 30, 2026 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2018).
- Below all-time high
- −11.5%
- 88.5% of ATH
- All-time high
- $120.1
- Jan 30, 2026
- Time below the high
- 6 mo
- since Jan 30, 2026
- Worst-ever drawdown
- −47.2%
- Nov 3, 2022
- Longest underwater
- 2.8 yrs
- between all-time highs
- Today's level first reached
- Jun 26, 2025
- 13 mo ago
- Last time this deep
- Apr 23, 2025
- in a previous episode
% of all-time high since 2018#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of XLC, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Sep 1, 2021 | Nov 3, 2022 | −47.2% | 14 mo | Jun 27, 2024 | 2.8 yrs |
| Feb 19, 2020 | Mar 20, 2020 | −30.1% | 30 days | Jul 10, 2020 | 5 mo |
| Jul 25, 2018 | Dec 24, 2018 | −24.8% | 5 mo | Nov 15, 2019 | 16 mo |
| Feb 14, 2025 | Apr 8, 2025 | −18.2% | 53 days | Jun 26, 2025 | 4 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2018: how far XLC stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: XLC is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is XLC from its all-time high?
- XLC is currently 11.5% below its all-time high, set Jan 30, 2026 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest XLC drawdown ever?
- The deepest decline on record in our data (since 2018) took the stock 47.2% below its prior high, bottoming Nov 3, 2022. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 2018 (split-adjusted). "All-time" means since our price data begins — XLC may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.