GXLK.L vs. KWBP.L

Last updated Jun 5, 2026

GXLK.L (SPDR S&P US Technology Select Sector UCITS ETF) and KWBP.L (KraneShares CSI China Internet UCITS ETF GBP) are both Technology Equities funds tracking the MSCI World/Information Tech NR USD, from State Street and Waystone Management respectively. Both are passively managed. Over the past 3 years, GXLK.L returned 26.51%/yr vs 2.17%/yr for KWBP.L. At a 0.25 correlation, their price movements are largely independent. GXLK.L charges 0.15%/yr vs 0.75%/yr for KWBP.L.

Performance

GXLK.L vs. KWBP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L) and KraneShares CSI China Internet UCITS ETF GBP (KWBP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXLK.L achieves a 23.38% return, which is significantly higher than KWBP.L's -20.25% return.

GXLK.L

• 1D: -2.05%
• 1M: 12.00%
• YTD: 23.38%
• 6M: 21.44%
• 1Y: 52.82%
• 3Y*: 26.51%
• 5Y*: —
• 10Y*: —

KWBP.L

• 1D: -0.55%
• 1M: -3.57%
• YTD: -20.25%
• 6M: -22.68%
• 1Y: -13.99%
• 3Y*: 2.17%
• 5Y*: -12.84%
• 10Y*: —

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

GXLK.L vs. KWBP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GXLK.L SPDR S&P US Technology Select Sector UCITS ETF	23.38%	15.88%	24.73%	48.31%	-16.12%
KWBP.L KraneShares CSI China Internet UCITS ETF GBP	-20.25%	16.32%	15.36%	-14.43%	1.13%

Correlation

The correlation between GXLK.L and KWBP.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.25

The correlation between GXLK.L and KWBP.L shifts across timeframes, from 0.23 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GXLK.L vs. KWBP.L — Risk / Return Rank

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

GXLK.L

GXLK.L Risk / Return Rank: 72
GXLK.L Sharpe Ratio Rank: 85
GXLK.L Sortino Ratio Rank: 80
GXLK.L Omega Ratio Rank: 78
GXLK.L Calmar Ratio Rank: 66
GXLK.L Martin Ratio Rank: 50

KWBP.L

KWBP.L Risk / Return Rank: 5
KWBP.L Sharpe Ratio Rank: 4
KWBP.L Sortino Ratio Rank: 4
KWBP.L Omega Ratio Rank: 4
KWBP.L Calmar Ratio Rank: 6
KWBP.L Martin Ratio Rank: 5

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.

GXLK.L vs. KWBP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L) and KraneShares CSI China Internet UCITS ETF GBP (KWBP.L). 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.

	GXLK.L	KWBP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.77	-0.56	+3.33
Sortino ratio: Return per unit of downside risk	3.53	-0.68	+4.21
Omega ratio: Gain probability vs. loss probability	1.46	0.92	+0.53
Calmar ratio: Return relative to maximum drawdown	3.21	-0.40	+3.61
Martin ratio: Return relative to average drawdown	8.20	-0.83	+9.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXLK.L vs. KWBP.L - Sharpe Ratio Comparison

The current GXLK.L Sharpe Ratio is 2.77, which is higher than the KWBP.L Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of GXLK.L and KWBP.L, 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

	GXLK.L	KWBP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	-0.56	+3.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	-0.29	+1.07

Drawdowns

GXLK.L vs. KWBP.L - Drawdown Comparison

The maximum GXLK.L drawdown since its inception was -28.24%, smaller than the maximum KWBP.L drawdown of -76.46%. Use the drawdown chart below to compare losses from any high point for GXLK.L and KWBP.L.

Drawdown Indicators

	GXLK.L	KWBP.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.24%	-76.46%	+48.22%
Max Drawdown (1Y) Largest decline over 1 year	-16.67%	-34.52%	+17.85%
Max Drawdown (3Y) Largest decline over 3 years	-28.24%	-34.52%	+6.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-65.41%	—
Current Drawdown Current decline from peak	-2.76%	-66.65%	+63.89%
Average Drawdown Average peak-to-trough decline	-7.64%	-56.29%	+48.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.54%	16.89%	-10.35%

Volatility

GXLK.L vs. KWBP.L - Volatility Comparison

The current volatility for SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L) is 6.90%, while KraneShares CSI China Internet UCITS ETF GBP (KWBP.L) has a volatility of 10.77%. This indicates that GXLK.L experiences smaller price fluctuations and is considered to be less risky than KWBP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXLK.L	KWBP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	10.77%	-3.87%
Volatility (6M) Calculated over the trailing 6-month period	14.09%	18.33%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	24.82%	-5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.83%	44.54%	-17.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.83%	43.47%	-16.64%

GXLK.L vs. KWBP.L - Expense Ratio Comparison

GXLK.L has a 0.15% expense ratio, which is lower than KWBP.L's 0.75% expense ratio.

Dividends

GXLK.L vs. KWBP.L - Dividend Comparison

Neither GXLK.L nor KWBP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GXLK.L and KWBP.L in my portfolio?

GXLK.L and KWBP.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXLK.L or KWBP.L?

On fees, GXLK.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXLK.L or KWBP.L?

GXLK.L is cheaper with a 0.15% expense ratio, compared with 0.75% for KWBP.L.

What is the main difference between GXLK.L and KWBP.L?

Both ETFs track MSCI World/Information Tech NR USD. They also come from different issuers: State Street and Waystone Management. Their fees differ too: 0.15% for GXLK.L and 0.75% for KWBP.L.