IGPT vs. XSW

Last updated Aug 4, 2026

IGPT (Invesco AI and Next Gen Software ETF) and XSW (SPDR S&P Software & Services ETF) are both exchange-traded funds - IGPT is a Artificial Intelligence fund tracking the STOXX World AC NexGen Software Development Index, while XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index. Both are passively managed. Over the past 10 years, IGPT returned 19.82%/yr vs 13.58%/yr for XSW. Their correlation of 0.80 means they have usually moved in the same direction. IGPT charges 0.56%/yr vs 0.35%/yr for XSW.

Performance

IGPT vs. XSW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco AI and Next Gen Software ETF (IGPT) and SPDR S&P Software & Services ETF (XSW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGPT achieves a 50.51% return, which is significantly higher than XSW's 0.50% return. Over the past 10 years, IGPT has outperformed XSW with an annualized return of 19.82%, while XSW has yielded a comparatively lower 13.58% annualized return.

IGPT

• 1D: 3.23%
• 1M: -6.05%
• 6M: 36.61%
• YTD: 50.51%
• 1Y: 80.58%
• 3Y*: 37.96%
• 5Y*: 12.94%
• 10Y*: 19.82%
• ALL TIME*: 15.04%

XSW

• 1D: 2.92%
• 1M: 6.59%
• 6M: 13.29%
• YTD: 0.50%
• 1Y: 3.92%
• 3Y*: 11.57%
• 5Y*: 1.99%
• 10Y*: 13.58%
• ALL TIME*: 15.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IGPT Invesco AI and Next Gen Software ETF	$24.39M	$21.86M	$21.83M
XSW SPDR S&P Software & Services ETF	$9.09M	$8.80M	$9.91M

IGPT vs. XSW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGPT Invesco AI and Next Gen Software ETF	50.51%	31.55%	17.15%	27.29%	-27.73%	-11.79%	54.31%	35.06%	16.38%	34.60%
XSW SPDR S&P Software & Services ETF	0.50%	-0.90%	25.81%	38.60%	-34.22%	7.47%	52.41%	36.50%	7.67%	27.94%

Correlation

The correlation between IGPT and XSW is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011	0.80

Over the past year, the correlation between IGPT and XSW has dropped to 0.38 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

IGPT vs. XSW - Sectors Allocation Comparison

Sectors	IGPT	XSW
Technology	76.6%	87.3%
Communication Services	16.9%	3.3%
Real Estate	2.4%	-
Healthcare	2.1%	0.8%
Industrials	2.0%	0.7%
Consumer Cyclical	0.1%	0.8%
Financial Services	0.1%	7.1%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

IGPT vs. XSW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IGPT

IGPT Risk / Return Rank: 84
IGPT Sharpe Ratio Rank: 89
IGPT Sortino Ratio Rank: 81
IGPT Omega Ratio Rank: 82
IGPT Calmar Ratio Rank: 85
IGPT Martin Ratio Rank: 85

XSW

XSW Risk / Return Rank: 14
XSW Sharpe Ratio Rank: 14
XSW Sortino Ratio Rank: 15
XSW Omega Ratio Rank: 15
XSW Calmar Ratio Rank: 13
XSW Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IGPT vs. XSW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AI and Next Gen Software ETF (IGPT) and SPDR S&P Software & Services ETF (XSW). 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.

	IGPT	XSW	Difference
Sharpe ratio: Return per unit of total volatility	2.20	0.13	+2.06
Sortino ratio: Return per unit of downside risk	2.69	0.39	+2.30
Omega ratio: Gain probability vs. loss probability	1.36	1.05	+0.31
Calmar ratio: Return relative to maximum drawdown	3.27	0.12	+3.16
Martin ratio: Return relative to average drawdown	12.33	0.23	+12.09

IGPT vs. XSW - Sharpe Ratio Comparison

The current IGPT Sharpe Ratio is 2.20, which is higher than the XSW Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of IGPT and XSW, 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

IGPT vs. XSW - Drawdown Comparison

The maximum IGPT drawdown since its inception was -50.14%, which is greater than XSW's maximum drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for IGPT and XSW.

Drawdown Indicators

	IGPT	XSW	Difference
Max Drawdown Largest peak-to-trough decline	-50.14%	-45.38%	-4.76%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-33.75%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-29.30%	-33.75%	+4.45%
Max Drawdown (5Y) Largest decline over 5 years	-42.04%	-45.38%	+3.34%
Max Drawdown (10Y) Largest decline over 10 years	-50.14%	-45.38%	-4.76%
Current Drawdown Current decline from peak	-17.20%	-8.36%	-8.84%
Average Drawdown Average peak-to-trough decline	-11.95%	-9.90%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	16.93%	-10.37%

Volatility

IGPT vs. XSW - Volatility Comparison

Invesco AI and Next Gen Software ETF (IGPT) has a higher volatility of 14.42% compared to SPDR S&P Software & Services ETF (XSW) at 8.47%. This indicates that IGPT's price experiences larger fluctuations and is considered to be riskier than XSW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGPT	XSW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.42%	8.47%	+5.95%
Volatility (6M) Calculated over the trailing 6-month period	32.86%	24.82%	+8.04%
Volatility (1Y) Calculated over the trailing 1-year period	36.96%	29.76%	+7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.58%	29.19%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	26.39%	+0.92%

IGPT vs. XSW - Expense Ratio Comparison

IGPT has a 0.56% expense ratio, which is higher than XSW's 0.35% expense ratio.

Dividends

IGPT vs. XSW - Dividend Comparison

IGPT's dividend yield for the trailing twelve months is around 0.01%, while XSW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGPT Invesco AI and Next Gen Software ETF	0.01%	0.04%	0.00%	0.00%	1.41%	6.21%	0.04%	0.05%	0.00%	0.00%	0.03%	0.15%
XSW SPDR S&P Software & Services ETF	0.00%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both IGPT and XSW in my portfolio?

IGPT and XSW have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGPT or XSW?

IGPT has higher volatility (14.42%) compared to XSW (8.47%). In terms of maximum drawdown, IGPT dropped -50.14% vs XSW's -45.38%.

Which ETF is better, IGPT or XSW?

On 10-year performance, IGPT leads with 19.82% vs 13.58% for XSW. On fees, XSW is cheaper at 0.35% per year. On volatility, XSW has been the lower-risk option at 8.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGPT or XSW?

Over the 10-year period, IGPT has performed better with a 19.82% return vs 13.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGPT or XSW?

XSW is cheaper with a 0.35% expense ratio, compared with 0.56% for IGPT.

Which ETF pays a higher dividend yield, IGPT or XSW?

IGPT has the higher dividend yield at 0.01%, compared with 0.00% for XSW.

What is the main difference between IGPT and XSW?

IGPT is categorized as Artificial Intelligence, while XSW is Technology Equities. IGPT tracks STOXX World AC NexGen Software Development Index, while XSW tracks S&P Software & Services Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.56% for IGPT and 0.35% for XSW.

Which has better risk-adjusted returns?

IGPT currently has the higher Sharpe Ratio (2.20 vs 0.13), 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.