PSI vs. XSD

Last updated Jun 23, 2026

PSI (Invesco Semiconductors ETF) and XSD (SPDR S&P Semiconductor ETF) are both Semiconductors funds - PSI tracks the Dynamic Semiconductors Intellidex Index while XSD tracks the S&P Semiconductor Select Industry Index. Both are passively managed. Over the past 10 years, PSI returned 36.34%/yr vs 31.63%/yr for XSD. Their correlation of 0.93 suggests significant overlap in exposure. PSI charges 0.56%/yr vs 0.35%/yr for XSD.

Performance

PSI vs. XSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) and SPDR S&P Semiconductor ETF (XSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSI achieves a 133.92% return, which is significantly higher than XSD's 101.75% return. Over the past 10 years, PSI has outperformed XSD with an annualized return of 36.34%, while XSD has yielded a comparatively lower 31.63% annualized return.

PSI

• 1D: 3.50%
• 1M: 19.98%
• YTD: 133.92%
• 6M: 128.73%
• 1Y: 228.62%
• 3Y*: 63.00%
• 5Y*: 35.60%
• 10Y*: 36.34%

XSD

• 1D: 1.91%
• 1M: 7.37%
• YTD: 101.75%
• 6M: 95.13%
• 1Y: 166.27%
• 3Y*: 46.54%
• 5Y*: 29.17%
• 10Y*: 31.63%

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

PSI vs. XSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	133.92%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
XSD SPDR S&P Semiconductor ETF	101.75%	29.85%	10.75%	34.87%	-30.92%	42.54%	61.95%	64.66%	-6.35%	25.21%

Correlation

The correlation between PSI and XSD is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.93

The correlation between PSI and XSD has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

PSI vs. XSD - Sectors Allocation Comparison

Sectors	PSI	XSD
Technology	98.4%	98.0%
Industrials	1.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	2.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PSI vs. XSD — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 97
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 95
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 98

XSD

XSD Risk / Return Rank: 94
XSD Sharpe Ratio Rank: 97
XSD Sortino Ratio Rank: 92
XSD Omega Ratio Rank: 91
XSD Calmar Ratio Rank: 96
XSD Martin Ratio Rank: 95

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.

PSI vs. XSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) and SPDR S&P Semiconductor ETF (XSD). 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.

	PSI	XSD	Difference
Sharpe ratio: Return per unit of total volatility	5.56	4.17	+1.38
Sortino ratio: Return per unit of downside risk	4.91	4.18	+0.73
Omega ratio: Gain probability vs. loss probability	1.68	1.57	+0.11
Calmar ratio: Return relative to maximum drawdown	14.87	8.99	+5.88
Martin ratio: Return relative to average drawdown	51.96	29.69	+22.28

PSI vs. XSD - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 5.56, which is higher than the XSD Sharpe Ratio of 4.17. The chart below compares the historical Sharpe Ratios of PSI and XSD, 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

PSI vs. XSD - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, roughly equal to the maximum XSD drawdown of -64.56%. Use the drawdown chart below to compare losses from any high point for PSI and XSD.

Drawdown Indicators

	PSI	XSD	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-64.56%	+1.60%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-18.61%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-41.25%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-42.27%	-2.58%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-42.27%	-2.58%
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-15.91%	-13.72%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	5.62%	-1.20%

Volatility

PSI vs. XSD - Volatility Comparison

The current volatility for Invesco Semiconductors ETF (PSI) is 19.98%, while SPDR S&P Semiconductor ETF (XSD) has a volatility of 21.48%. This indicates that PSI experiences smaller price fluctuations and is considered to be less risky than XSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSI	XSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.98%	21.48%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	32.65%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	41.49%	40.16%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.68%	39.08%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.56%	35.42%	+0.14%

PSI vs. XSD - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is higher than XSD's 0.35% expense ratio.

Dividends

PSI vs. XSD - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.05%, less than XSD's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%
XSD SPDR S&P Semiconductor ETF	0.16%	0.26%	0.20%	0.31%	0.44%	0.10%	0.26%	0.51%	1.16%	0.59%	0.64%	0.58%

Frequently Asked Questions

Can I hold both PSI and XSD in my portfolio?

With a correlation of 0.93, PSI and XSD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PSI or XSD?

XSD has higher volatility (21.48%) compared to PSI (19.98%). In terms of maximum drawdown, PSI dropped -62.96% vs XSD's -64.56%.

Which ETF is better, PSI or XSD?

On 10-year performance, PSI leads with 36.34% vs 31.63% for XSD. On fees, XSD is cheaper at 0.35% per year. On volatility, PSI has been the lower-risk option at 19.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSI or XSD?

Over the 10-year period, PSI has performed better with a 36.34% return vs 31.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSI or XSD?

XSD is cheaper with a 0.35% expense ratio, compared with 0.56% for PSI.

Which ETF pays a higher dividend yield, PSI or XSD?

XSD has the higher dividend yield at 0.16%, compared with 0.05% for PSI.

What is the main difference between PSI and XSD?

PSI tracks Dynamic Semiconductors Intellidex Index, while XSD tracks S&P Semiconductor Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.56% for PSI and 0.35% for XSD.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (5.56 vs 4.17), 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.