CBOE vs. XLK

Last updated Jun 4, 2026

CBOE (Cboe Global Markets, Inc.) is a stock, while XLK (State Street Technology Select Sector SPDR ETF) is Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Over the past 10 years, CBOE returned 17.84%/yr vs 25.84%/yr for XLK. At a 0.21 correlation, their price movements are largely independent.

Performance

CBOE vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cboe Global Markets, Inc. (CBOE) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOE achieves a 14.10% return, which is significantly lower than XLK's 36.47% return. Over the past 10 years, CBOE has underperformed XLK with an annualized return of 17.84%, while XLK has yielded a comparatively higher 25.84% annualized return.

CBOE

• 1D: 3.45%
• 1M: -15.70%
• YTD: 14.10%
• 6M: 12.80%
• 1Y: 26.75%
• 3Y*: 29.74%
• 5Y*: 22.18%
• 10Y*: 17.84%

XLK

• 1D: -1.00%
• 1M: 21.09%
• YTD: 36.47%
• 6M: 35.71%
• 1Y: 66.93%
• 3Y*: 33.90%
• 5Y*: 23.83%
• 10Y*: 25.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBOE vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CBOE Cboe Global Markets, Inc.	14.10%	29.96%	10.74%	44.37%	-2.16%	42.23%	-21.17%	24.16%	-20.60%	70.49%
XLK State Street Technology Select Sector SPDR ETF	36.47%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%

Correlation

The correlation between CBOE and XLK is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 16, 2010	0.21

The correlation between CBOE and XLK shifts across timeframes, from -0.19 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CBOE vs. XLK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBOE

CBOE Risk / Return Rank: 68
CBOE Sharpe Ratio Rank: 71
CBOE Sortino Ratio Rank: 63
CBOE Omega Ratio Rank: 65
CBOE Calmar Ratio Rank: 62
CBOE Martin Ratio Rank: 78

XLK

XLK Risk / Return Rank: 83
XLK Sharpe Ratio Rank: 91
XLK Sortino Ratio Rank: 85
XLK Omega Ratio Rank: 83
XLK Calmar Ratio Rank: 80
XLK Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBOE vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cboe Global Markets, Inc. (CBOE) and State Street Technology Select Sector SPDR ETF (XLK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CBOE	XLK	Difference
Sharpe ratio: Return per unit of total volatility	1.00	3.24	-2.24
Sortino ratio: Return per unit of downside risk	1.43	3.92	-2.50
Omega ratio: Gain probability vs. loss probability	1.20	1.52	-0.32
Calmar ratio: Return relative to maximum drawdown	1.09	4.22	-3.14
Martin ratio: Return relative to average drawdown	6.14	14.16	-8.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBOE vs. XLK - Sharpe Ratio Comparison

The current CBOE Sharpe Ratio is 1.00, which is lower than the XLK Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of CBOE and XLK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBOE	XLK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	3.24	-2.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.96	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	1.06	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.42	+0.25

Drawdowns

CBOE vs. XLK - Drawdown Comparison

The maximum CBOE drawdown since its inception was -43.23%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for CBOE and XLK.

Drawdown Indicators

	CBOE	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-43.23%	-82.05%	+38.82%
Max Drawdown (1Y) Largest decline over 1 year	-24.69%	-15.92%	-8.77%
Max Drawdown (3Y) Largest decline over 3 years	-24.69%	-25.66%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-24.69%	-33.56%	+8.87%
Max Drawdown (10Y) Largest decline over 10 years	-43.23%	-33.56%	-9.67%
Current Drawdown Current decline from peak	-22.09%	-1.00%	-21.09%
Average Drawdown Average peak-to-trough decline	-11.39%	-34.96%	+23.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	4.74%	-0.36%

Volatility

CBOE vs. XLK - Volatility Comparison

Cboe Global Markets, Inc. (CBOE) has a higher volatility of 15.84% compared to State Street Technology Select Sector SPDR ETF (XLK) at 6.98%. This indicates that CBOE's price experiences larger fluctuations and is considered to be riskier than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOE	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.84%	6.98%	+8.86%
Volatility (6M) Calculated over the trailing 6-month period	23.69%	16.68%	+7.01%
Volatility (1Y) Calculated over the trailing 1-year period	27.03%	20.82%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.16%	24.90%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.31%	24.49%	+0.82%

Dividends

CBOE vs. XLK - Dividend Comparison

CBOE's dividend yield for the trailing twelve months is around 1.01%, more than XLK's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBOE Cboe Global Markets, Inc.	1.01%	1.08%	1.21%	1.18%	1.56%	1.38%	1.68%	1.12%	1.19%	0.83%	1.30%	1.36%
XLK State Street Technology Select Sector SPDR ETF	0.39%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both CBOE and XLK in my portfolio?

CBOE and XLK have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOE or XLK?

CBOE has higher volatility (15.84%) compared to XLK (6.98%). In terms of maximum drawdown, CBOE dropped -43.23% vs XLK's -82.05%.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (3.24 vs 1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.