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CWI vs. XLK
Performance
Return for Risk
Dividends
Drawdowns
Volatility

CWI vs. XLK

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR MSCI ACWI ex-US ETF (CWI) and State Street Technology Select Sector SPDR ETF (XLK).

CWI and XLK are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CWI is a passively managed fund by State Street that tracks the performance of the MSCI All Country World ex-U.S. Index. It was launched on Jan 10, 2007. XLK is a passively managed fund by State Street that tracks the performance of the S&P Technology Select Sector Daily Capped 35/20 Index. It was launched on Dec 16, 1998. Both CWI and XLK are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CWI vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

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CWI vs. XLK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CWI
SPDR MSCI ACWI ex-US ETF		1.87%32.75%6.27%15.74%-15.39%8.81%9.83%21.92%-13.83%26.89%
XLK
State Street Technology Select Sector SPDR ETF		-7.57%24.61%21.63%56.02%-27.73%34.74%43.62%49.86%-1.68%34.26%

Returns By Period

In the year-to-date period, CWI achieves a 1.87% return, which is significantly higher than XLK's -7.57% return. Over the past 10 years, CWI has underperformed XLK with an annualized return of 9.02%, while XLK has yielded a comparatively higher 20.82% annualized return.

CWI

1D
3.22%
1M
-8.11%
YTD
1.87%
6M
6.68%
1Y
27.73%
3Y*
15.86%
5Y*
7.61%
10Y*
9.02%

XLK

1D
4.24%
1M
-4.10%
YTD
-7.57%
6M
-5.44%
1Y
29.46%
3Y*
21.58%
5Y*
15.31%
10Y*
20.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI ACWI ex-US ETF

State Street Technology Select Sector SPDR ETF

Often compared with CWI:
CWI vs. SPYCWI vs. IXUSCWI vs. VXUSCWI vs. FSPSXCWI vs. SPGMCWI vs. SCHFCWI vs. VTI
Often compared with XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. IYWXLK vs. XLE

CWI vs. XLK - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than XLK's 0.08% expense ratio.

CWI
SPDR MSCI ACWI ex-US ETF
XLK
State Street Technology Select Sector SPDR ETF

Return for Risk

CWI vs. XLK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CWI
CWI Risk / Return Rank: 8484
Overall Rank
CWI Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
CWI Sortino Ratio Rank: 8585
Sortino Ratio Rank
CWI Omega Ratio Rank: 8585
Omega Ratio Rank
CWI Calmar Ratio Rank: 8484
Calmar Ratio Rank
CWI Martin Ratio Rank: 8383
Martin Ratio Rank
XLK
XLK Risk / Return Rank: 6969
Overall Rank
XLK Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 6969
Sortino Ratio Rank
XLK Omega Ratio Rank: 6767
Omega Ratio Rank
XLK Calmar Ratio Rank: 7575
Calmar Ratio Rank
XLK Martin Ratio Rank: 6565
Martin Ratio Rank
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.

CWI vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) 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.

CWIXLKDifference

Sharpe ratio

Return per unit of total volatility

1.61

1.10

+0.51

Sortino ratio

Return per unit of downside risk

2.21

1.66

+0.54

Omega ratio

Gain probability vs. loss probability

1.33

1.23

+0.09

Calmar ratio

Return relative to maximum drawdown

2.34

1.85

+0.49

Martin ratio

Return relative to average drawdown

9.07

5.98

+3.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWI vs. XLK - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.61, which is higher than the XLK Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of CWI and XLK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

CWIXLKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.61

1.10

+0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.62

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.86

-0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

0.36

-0.13

Correlation

The correlation between CWI and XLK is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CWI vs. XLK - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.91%, more than XLK's 0.57% yield.

TTM20252024202320222021202020192018201720162015
CWI
SPDR MSCI ACWI ex-US ETF		2.91%2.97%2.89%2.80%3.17%2.65%2.07%3.05%2.81%2.29%2.45%2.62%
XLK
State Street Technology Select Sector SPDR ETF		0.57%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%

Drawdowns

CWI vs. XLK - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for CWI and XLK.

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Drawdown Indicators

CWIXLKDifference

Max Drawdown

Largest peak-to-trough decline

-60.77%

-82.05%

+21.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.47%

-15.92%

+4.45%

Max Drawdown (5Y)

Largest decline over 5 years

-29.45%

-33.56%

+4.11%

Max Drawdown (10Y)

Largest decline over 10 years

-34.64%

-33.56%

-1.08%

Current Drawdown

Current decline from peak

-8.57%

-12.36%

+3.79%

Average Drawdown

Average peak-to-trough decline

-12.95%

-35.17%

+22.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

4.93%

-1.97%

Volatility

CWI vs. XLK - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) and State Street Technology Select Sector SPDR ETF (XLK) have volatilities of 8.14% and 8.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CWIXLKDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.14%

8.06%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

11.60%

16.43%

-4.83%

Volatility (1Y)

Calculated over the trailing 1-year period

17.37%

27.02%

-9.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.01%

24.72%

-8.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.05%

24.33%

-7.28%