XLU outperformed the S&P 500 by almost 100bp in March.
Declining interest rates and investor fears of an inverted yield curve provided nice tailwinds for the group.
XLU and its P/E ratio are at record highs, so protection in a downturn may not be as much as expected.
Sector Stock Performance
March was a decent month for the utility group, with the Utility Select Sector SPDR ETF (XLU) up 2.8%. This was the second straight month of outperforming the S&P 500,