ICMBX vs. XLK

Last updated Jun 3, 2026

ICMBX (Intrepid Capital Fund) and XLK (State Street Technology Select Sector SPDR ETF) are both funds - ICMBX is a Diversified Portfolio fund managed by Intrepid Funds, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Over the past 10 years, ICMBX returned 5.88%/yr vs 25.97%/yr for XLK. A 0.72 correlation means they provide meaningful diversification when combined. ICMBX charges 1.40%/yr vs 0.08%/yr for XLK.

Performance

ICMBX vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intrepid Capital Fund (ICMBX) 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, ICMBX achieves a 4.04% return, which is significantly lower than XLK's 37.85% return. Over the past 10 years, ICMBX has underperformed XLK with an annualized return of 5.88%, while XLK has yielded a comparatively higher 25.97% annualized return.

ICMBX

• 1D: 0.00%
• 1M: 1.05%
• YTD: 4.04%
• 6M: 5.70%
• 1Y: 15.82%
• 3Y*: 14.49%
• 5Y*: 7.11%
• 10Y*: 5.88%

XLK

• 1D: 1.25%
• 1M: 22.45%
• YTD: 37.85%
• 6M: 37.41%
• 1Y: 71.15%
• 3Y*: 34.35%
• 5Y*: 24.55%
• 10Y*: 25.97%

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

ICMBX vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICMBX Intrepid Capital Fund	4.04%	13.45%	15.40%	14.18%	-12.44%	12.85%	9.18%	6.45%	-13.37%	8.09%
XLK State Street Technology Select Sector SPDR ETF	37.85%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%

Correlation

The correlation between ICMBX and XLK is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 6, 2005	0.72

Over the past year, the correlation between ICMBX and XLK has dropped to 0.45 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

Return for Risk

ICMBX vs. XLK — Risk / Return Rank

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

ICMBX

ICMBX Risk / Return Rank: 40
ICMBX Sharpe Ratio Rank: 40
ICMBX Sortino Ratio Rank: 41
ICMBX Omega Ratio Rank: 39
ICMBX Calmar Ratio Rank: 35
ICMBX Martin Ratio Rank: 42

XLK

XLK Risk / Return Rank: 86
XLK Sharpe Ratio Rank: 93
XLK Sortino Ratio Rank: 89
XLK Omega Ratio Rank: 87
XLK Calmar Ratio Rank: 84
XLK Martin Ratio Rank: 78

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.

ICMBX vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intrepid Capital Fund (ICMBX) 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.

	ICMBX	XLK	Difference
Sharpe ratio Return per unit of total volatility	1.85	3.44	-1.59
Sortino ratio Return per unit of downside risk	2.68	4.12	-1.44
Omega ratio Gain probability vs. loss probability	1.33	1.55	-0.22
Calmar ratio Return relative to maximum drawdown	2.28	4.56	-2.28
Martin ratio Return relative to average drawdown	9.12	15.32	-6.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICMBX vs. XLK - Sharpe Ratio Comparison

The current ICMBX Sharpe Ratio is 1.85, which is lower than the XLK Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of ICMBX 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

	ICMBX	XLK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	3.44	-1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.99	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	1.06	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.42	+0.14

Drawdowns

ICMBX vs. XLK - Drawdown Comparison

The maximum ICMBX drawdown since its inception was -33.71%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for ICMBX and XLK.

Drawdown Indicators

	ICMBX	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-82.05%	+48.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-15.92%	+9.03%
Max Drawdown (3Y) Largest decline over 3 years	-11.49%	-25.66%	+14.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.76%	-33.56%	+15.80%
Max Drawdown (10Y) Largest decline over 10 years	-33.71%	-33.56%	-0.15%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.54%	-34.96%	+30.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	4.74%	-3.02%

Volatility

ICMBX vs. XLK - Volatility Comparison

The current volatility for Intrepid Capital Fund (ICMBX) is 2.34%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 6.74%. This indicates that ICMBX 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

	ICMBX	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	6.74%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	6.31%	16.64%	-10.33%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	20.80%	-12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	24.90%	-14.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.31%	24.49%	-13.18%

ICMBX vs. XLK - Expense Ratio Comparison

ICMBX has a 1.40% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

ICMBX vs. XLK - Dividend Comparison

ICMBX's dividend yield for the trailing twelve months is around 1.75%, more than XLK's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMBX Intrepid Capital Fund	1.75%	2.15%	2.96%	4.14%	1.82%	2.10%	1.68%	5.47%	3.48%	2.96%	3.64%	2.19%
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 ICMBX and XLK in my portfolio?

ICMBX and XLK have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICMBX or XLK?

XLK has higher volatility (6.74%) compared to ICMBX (2.34%). In terms of maximum drawdown, ICMBX dropped -33.71% vs XLK's -82.05%.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (3.44 vs 1.85), 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.