GFIRX vs. XLK

Last updated Jul 14, 2026

GFIRX (Goldman Sachs Managed Futures Strategy Fund) and XLK (State Street Technology Select Sector SPDR ETF) are both funds - GFIRX is a Systematic Trend fund managed by Goldman Sachs, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Over the past 10 years, GFIRX returned 2.81%/yr vs 24.50%/yr for XLK. At a 0.18 correlation, their price movements are largely independent. GFIRX charges 1.33%/yr vs 0.08%/yr for XLK.

Performance

GFIRX vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Managed Futures Strategy Fund (GFIRX) 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, GFIRX achieves a 6.18% return, which is significantly lower than XLK's 26.22% return. Over the past 10 years, GFIRX has underperformed XLK with an annualized return of 2.81%, while XLK has yielded a comparatively higher 24.50% annualized return.

GFIRX

• 1D: 0.10%
• 1M: 0.72%
• 6M: 4.03%
• YTD: 6.18%
• 1Y: 15.70%
• 3Y*: -0.90%
• 5Y*: 3.60%
• 10Y*: 2.81%

XLK

• 1D: -2.42%
• 1M: -1.79%
• 6M: 23.80%
• YTD: 26.22%
• 1Y: 42.45%
• 3Y*: 28.08%
• 5Y*: 19.72%
• 10Y*: 24.50%

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

GFIRX vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GFIRX Goldman Sachs Managed Futures Strategy Fund	6.18%	0.54%	-5.17%	-3.87%	20.44%	4.86%	6.94%	2.61%	-2.24%	2.56%
XLK State Street Technology Select Sector SPDR ETF	26.22%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%

Correlation

The correlation between GFIRX and XLK is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.18

Over the past year, GFIRX and XLK have become more correlated (0.51) than their long-term average of 0.18, meaning their price movements have been converging.

Return for Risk

GFIRX vs. XLK — Risk / Return Rank

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

GFIRX

GFIRX Risk / Return Rank: 72
GFIRX Sharpe Ratio Rank: 74
GFIRX Sortino Ratio Rank: 71
GFIRX Omega Ratio Rank: 70
GFIRX Calmar Ratio Rank: 85
GFIRX Martin Ratio Rank: 63

XLK

XLK Risk / Return Rank: 63
XLK Sharpe Ratio Rank: 68
XLK Sortino Ratio Rank: 60
XLK Omega Ratio Rank: 61
XLK Calmar Ratio Rank: 67
XLK Martin Ratio Rank: 58

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.

GFIRX vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Managed Futures Strategy Fund (GFIRX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GFIRX	XLK	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.75	+0.17
Sortino ratio: Return per unit of downside risk	2.66	2.25	+0.41
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	3.23	2.68	+0.55
Martin ratio: Return relative to average drawdown	9.54	8.10	+1.44

GFIRX vs. XLK - Sharpe Ratio Comparison

The current GFIRX Sharpe Ratio is 1.92, which is comparable to the XLK Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of GFIRX 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.

Drawdowns

GFIRX vs. XLK - Drawdown Comparison

The maximum GFIRX drawdown since its inception was -23.09%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for GFIRX and XLK.

Drawdown Indicators

	GFIRX	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-23.09%	-82.05%	+58.96%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-15.92%	+11.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.39%	-25.66%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-33.56%	+10.47%
Max Drawdown (10Y) Largest decline over 10 years	-23.09%	-33.56%	+10.47%
Current Drawdown Current decline from peak	-7.06%	-8.43%	+1.37%
Average Drawdown Average peak-to-trough decline	-7.02%	-34.85%	+27.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	5.25%	-3.61%

Volatility

GFIRX vs. XLK - Volatility Comparison

The current volatility for Goldman Sachs Managed Futures Strategy Fund (GFIRX) is 3.19%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 11.01%. This indicates that GFIRX experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GFIRX	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	11.01%	-7.82%
Volatility (6M) Calculated over the trailing 6-month period	6.67%	20.77%	-14.10%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	24.43%	-16.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.43%	25.56%	-15.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.09%	24.79%	-15.70%

GFIRX vs. XLK - Expense Ratio Comparison

GFIRX has a 1.33% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

GFIRX vs. XLK - Dividend Comparison

GFIRX has not paid dividends to shareholders, while XLK's dividend yield for the trailing twelve months is around 0.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GFIRX Goldman Sachs Managed Futures Strategy Fund	0.00%	0.00%	0.00%	0.00%	20.11%	7.35%	1.21%	7.06%	0.16%	0.49%	0.00%	3.98%
XLK State Street Technology Select Sector SPDR ETF	0.44%	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 GFIRX and XLK in my portfolio?

GFIRX and XLK have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GFIRX or XLK?

XLK has higher volatility (11.01%) compared to GFIRX (3.19%). In terms of maximum drawdown, GFIRX dropped -23.09% vs XLK's -82.05%.

Which has better risk-adjusted returns?

GFIRX currently has the higher Sharpe Ratio (1.92 vs 1.75), 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.