MOON vs. XLK

Last updated Jul 14, 2026

MOON (Direxion Moonshot Innovators ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both Technology Equities funds - MOON tracks the S&P Kensho Moonshots Index while XLK tracks the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. At a 0.45 correlation, their price movements are largely independent. MOON charges 0.65%/yr vs 0.08%/yr for XLK.

Performance

MOON vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Moonshot Innovators ETF (MOON) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MOON

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

MOON vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	-8.56%	9.85%	-61.07%	-13.78%	26.82%
XLK State Street Technology Select Sector SPDR ETF	26.22%	24.61%	21.63%	56.02%	-27.73%	34.74%	7.47%

Correlation

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

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 12, 2020	0.45

The correlation between MOON and XLK shifts across timeframes, from 0.21 (3 years) to 0.46 (5 years), reflecting how their relationship changes across market environments.

MOON vs. XLK - Sectors Allocation Comparison

Sectors	MOON	XLK
Technology	42.4%	99.7%
Healthcare	23.5%	-
Consumer Cyclical	11.9%	-
Communication Services	9.3%	-
Industrials	7.5%	0.1%
Financial Services	4.2%	-
Basic Materials	1.2%	-
Consumer Defensive	-	-
Energy	-	0.2%
Real Estate	-	-
Utilities	-	-

Return for Risk

MOON vs. XLK — Risk / Return Rank

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

MOON

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MOON vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Moonshot Innovators ETF (MOON) 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.

	MOON	XLK	Difference
Sharpe ratio: Return per unit of total volatility	—	1.75	—
Sortino ratio: Return per unit of downside risk	—	2.25	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.68	—
Martin ratio: Return relative to average drawdown	—	8.10	—

Drawdowns

Drawdown Indicators

	MOON	XLK	Difference
Max Drawdown Largest peak-to-trough decline	—	-82.05%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-15.92%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-25.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.56%	—
Current Drawdown Current decline from peak	—	-8.43%	—
Average Drawdown Average peak-to-trough decline	—	-34.85%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.25%	—

Volatility

Volatility by Period

	MOON	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	24.43%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	25.56%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	24.79%	—

MOON vs. XLK - Expense Ratio Comparison

MOON has a 0.65% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

MOON vs. XLK - Dividend Comparison

MOON 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
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.62%	1.41%	0.00%	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 MOON and XLK in my portfolio?

MOON 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 ETF is better, MOON or XLK?

On fees, XLK is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MOON or XLK?

XLK is cheaper with a 0.08% expense ratio, compared with 0.65% for MOON.

Which ETF pays a higher dividend yield, MOON or XLK?

XLK has the higher dividend yield at 0.44%, compared with 0.00% for MOON.

What is the main difference between MOON and XLK?

MOON tracks S&P Kensho Moonshots Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.65% for MOON and 0.08% for XLK.