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Relative Intelligence · Technology Equity

How State Street Technology Select Sector SPDR ETF (XLK) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on XLK alone. It places XLK (State Street Technology Select Sector SPDR ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where XLK stands in the market, and of the alternatives worth a closer look.

Period covered: XLK's full trading record, from December 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against XLK →Chart XLK vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in XLK have grown?

This chart tracks a hypothetical $10,000 investment in XLK over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of XLK over the same span and XLK's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 25 years rather than XLK's full 27 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2001 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 253 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of XLK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,0002001200520092013201720212025$10,000$100,00020012007201320192025
  • SMH$660,531+6,505% total · +18.2% a year
  • SOXX$435,742+4,257% total · +16.3% a year
  • IYW$313,871+3,039% total · +14.8% a year
  • QQQ$303,059+2,931% total · +14.6% a year
  • XNTK$301,893+2,919% total · +14.6% a year
  • IGM$301,323+2,913% total · +14.6% a year
  • XLK$273,782+2,638% total · +14.2% a year
  • IGV$184,528+1,745% total · +12.4% a year
  • XLY$126,854+1,169% total · +10.7% a year
  • SPY (S&P 500)$114,557+1,046% total · +10.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 418 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of XLK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • CAH$49,682+397% total · +37.8% a year
  • SMH$48,982+390% total · +37.4% a year
  • SOXX$39,747+297% total · +31.8% a year
  • DXJ$32,976+230% total · +27.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • ABBV$29,134+191% total · +23.8% a year
  • FLTW$28,422+184% total · +23.2% a year
  • XLK$27,207+172% total · +22.2% a year
  • XSD$27,144+171% total · +22.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

XLK at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The fund

Issuer
SPDR
Began trading
December 1998
Expense ratio
0.08%per year
Assets
$125B
Category
Technology

Returns

Past 1 year
+29.3%total return
Past 3 years
+131%+32.1% a year
Past 5 years
+143%+19.4% a year
Past 10 years
+767%+24.1% a year
Best calendar year
+65.0%1999
Worst calendar year
−41.9%2000
Losing years
7 of 27full calendar years

Risk

Volatility
26.0%typical yearly swing, 5 years
Sharpe ratio
0.82return per unit of risk, 5 years
Worst decline ever
−82.0%Mar 2000 to Oct 2002
From its all-time high
−8.2%below the peak

XLK against the whole market

Where XLK ranks among every stock and fund, and what across the market has done better.

How does XLK rank among all ETFs?

This section ranks XLK on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how XLK stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureXLKRankStanding
1-year return+29.3%176 of 2,485top 7%
3-year return+131%106 of 1,949top 5%
5-year return+143%47 of 1,560top 3%
10-year return+767%9 of 958top 1%
Volatility, 5 years26.0%1,391 of 1,560bottom 12%
Sharpe ratio, 5 years0.82322 of 1,560top 21%
Worst decline, past 10 years−33.6%273 of 951top 29%

What has beaten XLK on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). XLK sits where the dashed lines cross. Anything in the green box above and to the left earned more than XLK with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to XLK; faint dots are 12 more of the 19 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

16.0%18.0%20.0%22.0%24.0%26.0%28.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than XLKABBV: +26.1% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%ACT: +20.5% a year, volatility 24.3%IXC: +20.7% a year, volatility 23.2%DBJP: +20.9% a year, volatility 19.2%ATMP: +21.2% a year, volatility 21.5%XLK: +19.4% a year, volatility 26.0%SPY (S&P 500): +12.7% a year, volatility 17.1%PM: +21.0% a year, volatility 23.4%WMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%FLTW: +21.8% a year, volatility 24.3%MPLX: +23.5% a year, volatility 18.8%DXJ: +26.6% a year, volatility 19.1%AFL: +19.0% a year, volatility 20.8%XLKSPY (S&P 500)PMWMTTRVCAHFLTWMPLXDXJAFL16.0%18.0%20.0%22.0%24.0%26.0%28.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than XLKABBV: +26.1% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%ACT: +20.5% a year, volatility 24.3%IXC: +20.7% a year, volatility 23.2%DBJP: +20.9% a year, volatility 19.2%ATMP: +21.2% a year, volatility 21.5%XLK: +19.4% a year, volatility 26.0%SPY (S&P 500): +12.7% a year, volatility 17.1%PM: +21.0% a year, volatility 23.4%WMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%FLTW: +21.8% a year, volatility 24.3%MPLX: +23.5% a year, volatility 18.8%DXJ: +26.6% a year, volatility 19.1%AFL: +19.0% a year, volatility 20.8%XLKSPY (S&P 500)PMWMTTRVCAHFLTWMPLXDXJAFL
  • The whole market
  • Others in the green region

Is there a better investment than XLK?

Investments that beat XLK over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat XLK over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks XLK's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than XLK follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than XLK's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× XLK's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than XLK's.

Screen the whole market against XLK for any period in BetterThanSPYOpen these 9 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with XLK?lower diversifies moreExpenseper year
XLKState Street Technology Select Sector SPDR ETF · this page
+19.4%26.0%0.82−33.6%+767%1.000.08%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.870.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 84 of 3,484 passed at least one test.
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+21.0%23.4%0.94−42.9%+242%0.00—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.20—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%-0.02—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.16—
FLTWFranklin FTSE Taiwan ETF · Technology
Higher return, lower volatilityHigher return in most periods+21.8%24.3%0.94−38.0%—0.770.19%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.19—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatility+26.6%19.1%1.34−39.1%+428%0.420.48%
AFLAflac Incorporated · Life Insurance
Similar return, lower volatility+19.0%20.8%0.95−54.9%+335%0.12—
What these numbers mean for XLK
Annual return
XLK returned 19.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $24,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
XLK's volatility over the past 5 years was 26.0%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XLK's return lands within 26.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
XLK's Sharpe ratio over the past 5 years was 0.82, against 0.79 for the S&P 500, so XLK earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
XLK's worst fall from a peak to a low over the past 10 years was 33.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 33.6% fall takes a 50.5% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, XLK's monthly returns had a correlation of 0.87 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against XLK instead: the lower it is, the more that option would diversify a XLK holding. Guide: Correlation and diversification →
Show all 19 stocks and funds worth at least $500 million that earned more than XLK with less volatility

Out of 3,633 tested over 5 years. The strongest 18 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with XLKExpense
1
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.00—
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.20—
3
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%-0.02—
4
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.770.19%
5
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.19—
6
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.02—
7
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.420.48%
8
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.25—
9
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.44—
10
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.19—
11
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.08—
12
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.38—
13
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.060.80%
14
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.25—
15
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.12—
16
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%-0.020.37%
17
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.600.45%
18
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.190.95%

See everything that outperformed XLK →

XLK against its popular alternatives

The investments people most often weigh against XLK, compared period by period and year by year.

How do XLK's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at XLK, which divides the map into what did better or worse on each measure.

Green points earned more than XLK with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityXLK: 19.4% a year, volatility 26.0%SPY (S&P 500): 12.7% a year, volatility 17.1%XSD: 18.3% a year, volatility 40.8%IYW: 19.0% a year, volatility 26.6%PTF: 13.6% a year, volatility 39.0%VGT: 18.4% a year, volatility 26.0%IXN: 19.2% a year, volatility 26.2%XNTK: 16.9% a year, volatility 29.3%IGM: 18.1% a year, volatility 26.5%CIBR: 14.1% a year, volatility 26.1%SKYY: 7.5% a year, volatility 31.4%IGV: 4.4% a year, volatility 28.9%XSW: 2.7% a year, volatility 29.6%PSCT: 10.5% a year, volatility 29.0%FXL: 11.0% a year, volatility 26.2%SMH: 33.4% a year, volatility 36.9%SOXX: 27.5% a year, volatility 38.9%RSPT: 16.9% a year, volatility 25.1%QQQ: 14.5% a year, volatility 23.0%TDIV: 16.2% a year, volatility 21.3%XLY: 4.8% a year, volatility 24.1%XLC: 7.2% a year, volatility 21.1%XLKSPY (S&P 500)XSDIYWPTFXNTKIGMCIBRSKYYIGVXSWPSCTFXLSMHSOXXRSPTQQQTDIVXLYXLC15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityXLK: 19.4% a year, volatility 26.0%SPY (S&P 500): 12.7% a year, volatility 17.1%XSD: 18.3% a year, volatility 40.8%IYW: 19.0% a year, volatility 26.6%PTF: 13.6% a year, volatility 39.0%VGT: 18.4% a year, volatility 26.0%IXN: 19.2% a year, volatility 26.2%XNTK: 16.9% a year, volatility 29.3%IGM: 18.1% a year, volatility 26.5%CIBR: 14.1% a year, volatility 26.1%SKYY: 7.5% a year, volatility 31.4%IGV: 4.4% a year, volatility 28.9%XSW: 2.7% a year, volatility 29.6%PSCT: 10.5% a year, volatility 29.0%FXL: 11.0% a year, volatility 26.2%SMH: 33.4% a year, volatility 36.9%SOXX: 27.5% a year, volatility 38.9%RSPT: 16.9% a year, volatility 25.1%QQQ: 14.5% a year, volatility 23.0%TDIV: 16.2% a year, volatility 21.3%XLY: 4.8% a year, volatility 24.1%XLC: 7.2% a year, volatility 21.1%XLKSPY (S&P 500)XSDIYWPTFXNTKCIBRSKYYIGVXSWPSCTFXLSMHSOXXRSPTQQQTDIVXLYXLC
All figures
InvestmentAnnual returnVolatility
SMH VanEck Semiconductor ETF+33.4%36.9%
SOXX iShares Semiconductor ETF+27.5%38.9%
XLK This pageState Street Technology Select Sector SPDR ETF+19.4%26.0%
IXN iShares Global Tech ETF+19.2%26.2%
IYW iShares U.S. Technology ETF+19.0%26.6%
VGT Vanguard Information Technology ETF+18.4%26.0%
XSD State Street SPDR S&P Semiconductor ETF+18.3%40.8%
IGM iShares Expanded Tech Sector ETF+18.1%26.5%
RSPT Invesco S&P 500 Equal Weight Technology ETF+16.9%25.1%
XNTK State Street SPDR NYSE Technology ETF+16.9%29.3%
TDIV First Trust NASDAQ Technology Dividend Index Fund+16.2%21.3%
QQQ Invesco QQQ Trust, Series 1+14.5%23.0%
CIBR First Trust Nasdaq Cybersecurity ETF+14.1%26.1%
PTF Invesco Dorsey Wright Technology Momentum ETF+13.6%39.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FXL First Trust Technology AlphaDEX Fund+11.0%26.2%
PSCT Invesco S&P SmallCap Information Technology ETF+10.5%29.0%
SKYY First Trust Cloud Computing ETF+7.5%31.4%
XLC State Street Communication Services Select Sector SPDR ETF+7.2%21.1%
XLY State Street Consumer Discretionary Select Sector SPDR ETF+4.8%24.1%
IGV iShares Expanded Tech-Software Sector ETF+4.4%28.9%
XSW State Street SPDR S&P Software & Services ETF+2.7%29.6%
Open these 22 in EasyCompare

Has XLK consistently beaten its popular alternatives?

This section compares XLK with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than XLK helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than XLK over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
XLK State Street Technology Select Sector SPDR ETF (this page)—−4.8%+5.7%+20.3%+29.0%+29.3%+131%+143%+767%26.0%0.82−33.6%0.08%$125B—
SMH TechnologyVanEck Semiconductor ETF2/5 short3/3 long−8.3%−2.2%+17.8%+46.4%+57.8%+290%+323%+1,665%36.9%0.97−45.3%0.35%$66B100%
SOXX Broad MarketiShares Semiconductor ETF2/5 short3/3 long−10.6%−4.5%+19.9%+59.7%+71.2%+234%+237%+1,392%38.9%0.82−45.8%0.33%$39B—
XSD TechnologyState Street SPDR S&P Semiconductor ETF2/5 short2/3 long−10.0%−5.8%+11.5%+40.9%+35.0%+166%+132%+857%40.8%0.62−42.3%0.35%$2.7B97%
IYW Broad MarketiShares U.S. Technology ETF1/5 short2/3 long−4.2%+5.6%+20.4%+26.8%+27.0%+143%+138%+805%26.6%0.79−39.4%0.37%$24B—
RSPT TechnologyInvesco S&P 500 Equal Weight Technology ETF5/5 short1/3 long−2.8%+8.4%+24.4%+41.0%+42.9%+141%+119%+572%25.1%0.75−33.7%0.40%$6.1B99%
PTF TechnologyInvesco Dorsey Wright Technology Momentum ETF3/5 short1/3 long−3.9%+2.6%−4.2%+30.5%+30.6%+147%+89.4%+675%39.0%0.52−44.9%0.69%$589M94%
VGT TechnologyVanguard Information Technology ETF2/5 short1/3 long−4.2%+6.3%+19.1%+27.6%+26.7%+138%+133%+779%26.0%0.78−35.1%0.09%$178B99%
FTEC TechnologyFidelity MSCI Information Technology Index ETF2/5 short1/3 long−4.2%+6.3%+19.1%+27.6%+27.0%+139%+135%+763%26.1%0.79−34.9%0.08%$22B99%
IXN InternationaliShares Global Tech ETF2/5 short1/3 long−6.2%+4.4%+19.3%+31.2%+32.0%+145%+141%+720%26.2%0.81−36.3%0.37%$9.1B—
XNTK TechnologyState Street SPDR NYSE Technology ETF0/5 short1/3 long−6.7%+3.7%+18.9%+27.2%+26.2%+168%+119%+728%29.3%0.68−48.3%0.35%$2.0B86%
IGM Broad MarketiShares Expanded Tech Sector ETF0/5 short1/3 long−5.1%+4.5%+16.2%+24.4%+24.3%+156%+130%+720%26.5%0.76−40.7%0.37%$11B—
CIBR TechnologyFirst Trust Nasdaq Cybersecurity ETF5/5 short0/3 long−2.6%+9.4%+49.9%+42.4%+31.9%+127%+93.2%+454%26.1%0.64−33.9%0.58%$17B95%
SKYY TechnologyFirst Trust Cloud Computing ETF3/5 short0/3 long−2.9%+19.5%+37.0%+27.8%+21.5%+122%+43.4%+396%31.4%0.39−53.2%0.60%$3.3B88%
IGV Broad MarketiShares Expanded Tech-Software Sector ETF3/5 short0/3 long−0.2%+15.0%+23.9%+4.2%−6.1%+57.9%+24.0%+383%28.9%0.29−45.9%0.38%$15B—
XSW TechnologyState Street SPDR S&P Software & Services ETF3/5 short0/3 long+2.5%+15.8%+32.7%+12.5%+3.9%+71.5%+14.1%+293%29.6%0.24−45.4%0.35%$488M91%
PSCT TechnologyInvesco S&P SmallCap Information Technology ETF3/5 short0/3 long−3.0%−1.8%+8.4%+34.4%+37.7%+92.2%+64.9%+284%29.0%0.49−40.4%0.29%$508M90%
FXL TechnologyFirst Trust Technology AlphaDEX Fund2/5 short0/3 long−1.5%+10.4%+18.9%+28.7%+28.3%+103%+68.2%+523%26.2%0.53−38.5%0.60%$2.7B90%
QQQ Broad MarketInvesco QQQ Trust, Series 11/5 short0/3 long−3.2%+3.2%+11.2%+17.4%+17.9%+106%+97.2%+553%23.0%0.71−35.1%0.18%$492B59%
TDIV TechnologyFirst Trust NASDAQ Technology Dividend Index Fund1/5 short0/3 long−1.7%+5.3%+8.6%+17.7%+15.2%+117%+111%+388%21.3%0.81−32.0%0.50%$4.4B84%
XLY Consumer DiscretionaryState Street Consumer Discretionary Select Sector SPDR ETF1/5 short0/3 long+2.9%+1.0%−3.2%−1.8%−1.4%+56.1%+26.4%+224%24.1%0.32−39.7%0.08%$22B1%
XLC CommunicationState Street Communication Services Select Sector SPDR ETF1/5 short0/3 long−4.0%−0.2%−6.7%−4.9%−4.0%+71.5%+41.9%—21.1%0.44−46.7%0.08%$24B0%
JTEK TechnologyJPMorgan U.S. Tech Leaders ETF0/5 short0/3 long−5.3%+1.5%+7.2%+9.6%+6.6%+104%————−30.6%0.65%$4.4B76%
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How did XLK do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where XLK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with XLK and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of XLK; gray means the two finished within a fraction of a point. The rank row places XLK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of XLK202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
XLK This pageState Street Technology Select Sector SPDR ETF—+24.6%+21.6%+56.0%−27.7%+34.8%+43.6%+49.9%−1.7%+34.3%+15.0%+5.5%+17.9%+26.2%+15.4%+2.5%+11.5%+51.1%−41.5%+15.5%+12.2%−0.4%+5.6%+38.7%−38.2%−23.4%−41.9%+65.0%
Rank among alternativesTop quarter in 8 of 259 of 2216 of 227 of 215 of 215 of 2116 of 214 of 2113 of 2010 of 209 of 209 of 198 of 1918 of 197 of 184 of 1613 of 1512 of 154 of 154 of 142 of 119 of 115 of 109 of 103 of 103 of 6——
SPY S&P 500State Street SPDR S&P 500 ETF12 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
SMH VanEck Semiconductor ETF16 of 25+49.2%+39.1%+73.4%−33.5%+42.1%+55.5%+64.5%−9.1%+38.5%+35.6%−0.3%+30.2%+33.4%+8.6%+6.8%+19.0%+60.5%−44.7%+6.0%−6.7%+10.8%−19.3%+87.3%−47.0%−14.6%——
SOXX iShares Semiconductor ETF13 of 24+40.7%+12.9%+67.1%−35.1%+44.1%+52.7%+62.4%−6.5%+39.8%+38.3%−2.0%+29.8%+41.6%+6.6%−10.6%+14.3%+74.8%−51.7%−2.2%+0.2%+13.4%−14.3%+81.0%−47.9%———
XSD State Street SPDR S&P Semiconductor ETF10 of 19+29.8%+10.8%+34.9%−30.9%+42.5%+62.0%+64.7%−6.3%+25.2%+29.4%+10.2%+31.1%+36.4%+2.4%−18.1%+15.7%+99.0%−47.7%−5.2%————————
IYW iShares U.S. Technology ETF11 of 25+25.4%+30.3%+65.5%−34.8%+35.4%+47.5%+46.6%−1.0%+36.6%+13.7%+3.7%+19.5%+26.6%+11.6%−0.1%+12.5%+63.8%−43.1%+15.1%+9.7%+2.6%−0.1%+49.3%−38.9%−28.7%——
RSPT Invesco S&P 500 Equal Weight Technology ETF7 of 19+22.2%+15.2%+35.2%−24.4%+28.5%+30.2%+42.1%−0.7%+32.8%+19.3%+2.8%+19.3%+40.9%+11.6%−6.6%+17.5%+69.1%−45.8%+0.9%————————
PTF Invesco Dorsey Wright Technology Momentum ETF4 of 19+5.7%+43.6%+33.7%−31.7%+18.1%+82.0%+46.7%0.0%+32.1%+0.8%+3.5%+8.8%+35.9%+13.2%−9.1%+11.0%+43.8%−41.1%+5.3%————————
VGT Vanguard Information Technology ETF8 of 21+21.8%+29.3%+52.7%−29.7%+30.5%+46.0%+48.6%+2.4%+37.1%+13.7%+5.0%+18.1%+30.9%+14.0%+0.6%+12.8%+61.6%−42.8%+14.7%+9.1%+3.1%——————
IXN iShares Global Tech ETF4 of 24+25.3%+24.8%+53.0%−29.9%+29.6%+43.6%+47.9%−5.4%+41.2%+13.9%+4.0%+15.3%+25.1%+15.8%−3.3%+10.3%+52.2%−42.9%+12.5%+9.9%+3.3%+3.0%+47.3%−38.3%———
XNTK State Street SPDR NYSE Technology ETF13 of 25+38.1%+23.5%+70.1%−41.1%+17.6%+73.9%+38.1%−7.1%+40.4%+12.9%+7.2%+14.7%+32.6%+17.6%−10.5%+15.3%+70.5%−44.9%+9.6%+9.2%+2.8%+6.6%+65.9%−44.0%−24.0%——
IGM iShares Expanded Tech Sector ETF12 of 24+26.8%+37.0%+60.8%−35.8%+25.7%+45.1%+41.9%+2.3%+37.1%+13.0%+9.5%+14.8%+34.1%+14.5%−1.1%+11.9%+62.5%−43.4%+16.1%+8.8%+1.4%+2.6%+52.5%−40.7%———
CIBR First Trust Nasdaq Cybersecurity ETF3 of 10+13.1%+18.2%+39.7%−26.5%+19.7%+50.5%+28.6%+1.5%+18.6%+10.8%—————————————————
SKYY First Trust Cloud Computing ETF5 of 14+9.2%+35.9%+52.2%−44.7%+10.6%+57.8%+25.3%+6.6%+33.5%+15.2%+6.0%+7.4%+33.6%+15.5%—————————————
IGV iShares Expanded Tech-Software Sector ETF12 of 24+5.6%+23.4%+58.6%−35.7%+12.3%+52.9%+34.3%+12.5%+42.1%+5.8%+12.2%+13.4%+30.6%+16.9%−7.3%+24.6%+47.6%−38.5%+15.7%+10.8%−5.5%+13.8%+50.3%−44.8%———
XSW State Street SPDR S&P Software & Services ETF5 of 14−0.9%+25.8%+38.5%−34.2%+7.5%+52.4%+36.5%+7.7%+28.0%+8.5%+7.1%+5.8%+48.2%+15.0%—————————————
PSCT Invesco S&P SmallCap Information Technology ETF3 of 15+18.6%−1.1%+20.8%−22.5%+26.2%+27.8%+39.3%−9.3%+9.9%+33.6%+4.3%+12.9%+45.3%+10.7%−4.7%————————————
FXL First Trust Technology AlphaDEX Fund6 of 18+13.3%+16.0%+40.5%−30.4%+18.2%+54.2%+38.7%+2.7%+35.8%+15.4%−3.3%+16.4%+38.2%+8.5%−11.7%+26.7%+66.8%−48.4%—————————
QQQ Invesco QQQ Trust, Series 115 of 26+20.8%+25.6%+54.9%−32.6%+27.4%+48.6%+39.0%−0.1%+32.7%+7.1%+9.4%+19.2%+36.6%+18.1%+3.4%+19.9%+54.7%−41.7%+19.0%+7.2%+1.6%+10.5%+49.7%−37.4%−33.4%−36.1%—
TDIV First Trust NASDAQ Technology Dividend Index Fund4 of 13+25.3%+24.4%+36.7%−22.1%+29.5%+17.5%+33.3%−3.2%+22.0%+20.1%−6.4%+15.6%+30.9%——————————————
XLY State Street Consumer Discretionary Select Sector SPDR ETF13 of 27+7.4%+26.5%+39.6%−36.3%+27.9%+29.6%+28.4%+1.6%+22.8%+5.9%+9.9%+9.5%+42.8%+23.6%+6.0%+27.4%+40.6%−32.9%−13.7%+18.5%−6.5%+13.0%+37.1%−18.5%+12.8%−16.8%+19.4%
XLC State Street Communication Services Select Sector SPDR ETF1 of 7+23.1%+34.7%+52.8%−37.6%+16.0%+26.9%+31.1%————————————————————
JTEK JPMorgan U.S. Tech Leaders ETF1 of 2+19.0%+28.7%—————————————————————————
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Risk and diversification

How XLK has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were XLK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents XLK's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means XLK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringXLK fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−82.0%−46.9%Mar 2000Oct 20022.6 yearsMar 201714.4 years
2022 bear market−33.6%−24.4%Dec 2021Oct 202210 monthsJun 20238 months
Covid crash−31.1%−33.7%Feb 2020Mar 20201 monthJun 20203 months
No named crash−25.7%−18.8%Feb 2025Apr 20252 monthsJun 20252 months
Late-2018 sell-off−23.8%−19.2%Oct 2018Dec 20182 monthsApr 20194 months

How did XLK do in stock market crashes?

This section measures how far XLK, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than XLK.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
XLK This pageState Street Technology Select Sector SPDR ETF—−3.2%−32.4%−31.1%−23.8%−6.7%−12.7%−15.9%−2.1%−53.0%−82.0%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
SMH VanEck Semiconductor ETF1 of 9−3.6%−44.1%−33.6%−23.5%−7.4%−17.9%−18.6%−1.5%−59.2%—
SOXX iShares Semiconductor ETF2 of 9−3.9%−44.6%−34.3%−22.8%−7.4%−18.9%−19.8%−1.2%−65.7%—
XSD State Street SPDR S&P Semiconductor ETF2 of 9−4.8%−40.6%−35.9%−22.2%−8.1%−18.6%−27.5%−1.1%−63.5%—
IYW iShares U.S. Technology ETF1 of 9−3.7%−36.7%−30.5%−23.7%−6.7%−16.0%−17.8%−2.3%−54.8%—
RSPT Invesco S&P 500 Equal Weight Technology ETF2 of 9−4.6%−31.6%−33.7%−22.1%−6.8%−16.9%−20.5%−2.3%−58.2%—
PTF Invesco Dorsey Wright Technology Momentum ETF1 of 9−4.9%−37.0%−34.6%−26.8%−5.8%−26.1%−24.4%−2.7%−54.5%—
VGT Vanguard Information Technology ETF0 of 9−3.5%−33.6%−31.8%−23.7%−6.6%−16.4%−18.1%−2.1%−54.6%—
IXN iShares Global Tech ETF1 of 9−3.1%−35.1%−30.9%−23.2%−6.7%−14.8%−17.6%−1.9%−55.8%—
XNTK State Street SPDR NYSE Technology ETF0 of 9−4.2%−44.4%−32.3%−25.3%−6.6%−21.5%−19.3%−2.0%−58.0%—
IGM iShares Expanded Tech Sector ETF1 of 9−3.8%−37.7%−30.2%−23.9%−6.6%−17.3%−18.2%−2.6%−54.9%—
CIBR First Trust Nasdaq Cybersecurity ETF3 of 6−4.6%−31.0%−33.1%−22.9%−5.3%−29.7%————
SKYY First Trust Cloud Computing ETF1 of 7−6.9%−42.6%−33.0%−20.0%−6.7%−20.9%−23.2%———
IGV iShares Expanded Tech-Software Sector ETF3 of 9−4.9%−36.3%−30.3%−22.2%−6.2%−21.5%−22.4%−2.5%−49.8%—
XSW State Street SPDR S&P Software & Services ETF1 of 6−6.9%−35.8%−37.8%−23.3%−4.0%−24.0%————
PSCT Invesco S&P SmallCap Information Technology ETF2 of 8−5.3%−29.6%−37.5%−25.2%−5.1%−14.8%−28.0%−6.1%——
FXL First Trust Technology AlphaDEX Fund0 of 9−5.3%−34.2%−34.0%−24.3%−6.7%−20.7%−24.6%−2.4%−61.4%—
QQQ Invesco QQQ Trust, Series 12 of 10−3.1%−33.4%−28.6%−22.7%−6.8%−16.1%−16.1%−2.5%−53.4%−83.0%
TDIV First Trust NASDAQ Technology Dividend Index Fund3 of 6−2.4%−32.0%−30.6%−18.5%−6.3%−14.7%————
XLY State Street Consumer Discretionary Select Sector SPDR ETF3 of 10−3.4%−35.5%−33.9%−21.3%−5.1%−15.8%−17.4%−1.8%−56.6%−31.5%
XLC State Street Communication Services Select Sector SPDR ETF2 of 4−3.6%−38.5%−30.1%−20.5%——————
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How closely does XLK move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares XLK with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than XLK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
XLK This pageState Street Technology Select Sector SPDR ETF128%100%1.281.19
SMH VanEck Semiconductor ETF159%108%1.471.46
SOXX iShares Semiconductor ETF156%112%1.391.50
IYW iShares U.S. Technology ETF131%104%1.261.21
VGT Vanguard Information Technology ETF130%104%1.251.22
IXN iShares Global Tech ETF127%102%1.251.20
CIBR First Trust Nasdaq Cybersecurity ETF99%79%1.250.97
XNTK State Street SPDR NYSE Technology ETF131%108%1.221.30
PTF Invesco Dorsey Wright Technology Momentum ETF125%103%1.211.38
IGM iShares Expanded Tech Sector ETF131%110%1.191.24
QQQ Invesco QQQ Trust, Series 1118%102%1.161.13
XSD State Street SPDR S&P Semiconductor ETF151%133%1.131.65
RSPT Invesco S&P 500 Equal Weight Technology ETF125%114%1.101.24
FXL First Trust Technology AlphaDEX Fund120%111%1.081.22
TDIV First Trust NASDAQ Technology Dividend Index Fund109%108%1.011.07
SKYY First Trust Cloud Computing ETF114%114%1.001.13
IGV iShares Expanded Tech-Software Sector ETF112%114%0.991.10
PSCT Invesco S&P SmallCap Information Technology ETF108%119%0.911.27
XSW State Street SPDR S&P Software & Services ETF110%129%0.861.18
XLY State Street Consumer Discretionary Select Sector SPDR ETF102%125%0.821.18
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What diversifies XLK?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with XLK's. Because such investments tend not to fall at the same time, pairing XLK with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which XLK lost money. The last two columns show a portfolio that is 80% XLK and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220182008200520022001200080/20 mix volatility80/20 mix annual return
XLK State Street Technology Select Sector SPDR ETF (this page)1.00+143%0.82−27.7%−1.7%−41.5%−0.4%−38.2%−23.4%−41.9%24.0%+22.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.22+119%1.48+3.8%−5.2%—————19.7%+21.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.42+225%1.34+6.0%−19.8%−20.8%————20.4%+23.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.28+101%1.04+10.4%−8.7%—————20.2%+21.3%
EWP Broad MarketiShares MSCI Spain ETF0.33+140%0.97−5.2%−15.3%−36.8%+4.6%−13.6%−9.2%−11.8%20.8%+22.5%
GLD CommoditiesSPDR Gold Shares0.03+126%0.96−0.8%−1.9%+4.9%+17.8%———19.6%+22.2%
XLE EnergyState Street Energy Select Sector SPDR ETF0.00+177%0.93+64.4%−18.2%−39.0%+40.1%−14.8%−18.2%+24.4%19.9%+23.5%
AMLP EnergyAlerian MLP ETF0.19+111%0.89+25.5%−12.6%—————20.2%+22.1%
EFV InternationaliShares MSCI EAFE Value ETF0.36+89.0%0.88−5.2%−14.7%−41.7%————20.5%+21.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220182008200520022001200080/20 mix volatility80/20 mix annual return
XLK State Street Technology Select Sector SPDR ETF (this page)1.00+143%0.82−27.7%−1.7%−41.5%−0.4%−38.2%−23.4%−41.9%24.0%+22.2%
CAH Medical - DistributionCardinal Health, Inc.0.16+479%1.55+54.1%−24.5%−39.6%+18.7%−8.3%−2.5%+108%20.8%+26.1%
MCK Medical - DistributionMcKesson Corporation-0.03+413%1.44+51.8%−28.4%−40.4%+64.9%−27.2%+4.9%+61.2%19.7%+25.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.09+690%1.41+86.6%−8.2%—————20.8%+28.4%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.33+594%1.36+24.2%−37.5%−67.4%−1.8%−33.1%+9.8%−15.9%22.5%+28.3%
ATI Manufacturing - Metal FabricationATI Inc.0.21+1,008%1.34+87.5%−9.8%−70.0%+68.2%−60.8%+10.3%−26.5%23.2%+31.6%
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Common questions

What was XLK's worst drawdown?

XLK's deepest decline since it began trading in 1998 was 82.0%, from March 2000 to October 2002. It took about 14 years from the low to climb back to its old high.

What were XLK's best and worst years?

Over 27 full calendar years, XLK's best year was 1999, when it returned 65.0%. Its worst was 2000, with a return of -41.9%.

Is there a better investment than XLK?

Few investments have done better on both counts: only 19 of the 3,633 stocks and funds worth at least $500 million earned more than XLK with less volatility over the past 5 years, among them WMT, ABBV and PM.

Is XLK more volatile than the S&P 500?

Yes. XLK's volatility over the past 5 years was 26.0%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XLK's return lands within 26.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is XLK's Sharpe ratio?

XLK's Sharpe ratio over the past 5 years was 0.82, against 0.79 for the S&P 500, so XLK earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is XLK with the S&P 500?

Over the past 5 years, XLK's monthly returns had a correlation of 0.87 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against XLK instead: the lower it is, the more that option would diversify a XLK holding.

What are the best alternatives to XLK?

None of the 22 popular alternatives we compared outperformed XLK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about XLK's strength than about its alternatives.

Did XLK outperform the S&P 500?

XLK finished ahead of the S&P 500 (SPY) in 15 of 27 full calendar years. In 2025, it returned +24.6%, against +17.7% for the index.

How did XLK do in stock market crashes?

XLK fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in four. The clearest case was the dot-com bust, when XLK fell 82.0% and the S&P 500 fell 47.5%.

What diversifies XLK?

These had a low correlation with XLK over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.22), DXJ (correlation 0.42) and EMLP (correlation 0.28); among large stocks, CAH (correlation 0.16), MCK (correlation -0.03) and MPC (correlation 0.09). A correlation near zero means the two have moved largely independently.

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