SPAM vs. PSI

Last updated Jun 4, 2026

SPAM (Themes Cybersecurity ETF) and PSI (Invesco Semiconductors ETF) are both exchange-traded funds - SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net, while PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. Both are passively managed. Over the past year, SPAM returned 30.91% vs 208.96% for PSI. A 0.50 correlation means they provide meaningful diversification when combined. SPAM charges 0.35%/yr vs 0.56%/yr for PSI.

Performance

SPAM vs. PSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and Invesco Semiconductors ETF (PSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAM achieves a 33.77% return, which is significantly lower than PSI's 107.72% return.

SPAM

• 1D: -2.70%
• 1M: 24.26%
• YTD: 33.77%
• 6M: 25.92%
• 1Y: 30.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSI

• 1D: 1.35%
• 1M: 21.18%
• YTD: 107.72%
• 6M: 104.36%
• 1Y: 208.96%
• 3Y*: 57.01%
• 5Y*: 31.86%
• 10Y*: 34.28%

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

SPAM vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAM Themes Cybersecurity ETF	33.77%	4.86%	10.58%	5.42%
PSI Invesco Semiconductors ETF	107.72%	36.32%	17.17%	12.13%

Correlation

The correlation between SPAM and PSI is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 11, 2023	0.50

The correlation between SPAM and PSI shifts across timeframes, from 0.37 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

SPAM vs. PSI - Sectors Allocation Comparison

Sectors	SPAM	PSI
Technology	88.9%	97.6%
Communication Services	6.7%	-
Industrials	4.0%	2.4%
Real Estate	0.5%	-
Financial Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

SPAM vs. PSI — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 28
SPAM Sharpe Ratio Rank: 31
SPAM Sortino Ratio Rank: 30
SPAM Omega Ratio Rank: 30
SPAM Calmar Ratio Rank: 27
SPAM Martin Ratio Rank: 23

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

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.

SPAM vs. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and Invesco Semiconductors ETF (PSI). 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.

	SPAM	PSI	Difference
Sharpe ratio Return per unit of total volatility	1.15	5.58	-4.43
Sortino ratio Return per unit of downside risk	1.64	5.11	-3.46
Omega ratio Gain probability vs. loss probability	1.21	1.69	-0.48
Calmar ratio Return relative to maximum drawdown	1.29	13.59	-12.30
Martin ratio Return relative to average drawdown	2.90	49.28	-46.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAM vs. PSI - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 1.15, which is lower than the PSI Sharpe Ratio of 5.58. The chart below compares the historical Sharpe Ratios of SPAM and PSI, 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

	SPAM	PSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	5.58	-4.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.59	+0.30

Drawdowns

SPAM vs. PSI - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, smaller than the maximum PSI drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for SPAM and PSI.

Drawdown Indicators

	SPAM	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-62.96%	+38.94%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-15.48%	-8.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-41.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.85%	—
Current Drawdown Current decline from peak	-3.90%	0.00%	-3.90%
Average Drawdown Average peak-to-trough decline	-6.53%	-15.94%	+9.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.69%	4.26%	+6.43%

Volatility

SPAM vs. PSI - Volatility Comparison

The current volatility for Themes Cybersecurity ETF (SPAM) is 10.67%, while Invesco Semiconductors ETF (PSI) has a volatility of 13.60%. This indicates that SPAM experiences smaller price fluctuations and is considered to be less risky than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAM	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.67%	13.60%	-2.93%
Volatility (6M) Calculated over the trailing 6-month period	22.35%	30.09%	-7.74%
Volatility (1Y) Calculated over the trailing 1-year period	27.01%	37.75%	-10.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.72%	37.85%	-13.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	35.09%	-10.37%

SPAM vs. PSI - Expense Ratio Comparison

SPAM has a 0.35% expense ratio, which is lower than PSI's 0.56% expense ratio.

Dividends

SPAM vs. PSI - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.37%, more than PSI's 0.05% 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%
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPAM and PSI in my portfolio?

SPAM and PSI have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAM or PSI?

PSI has higher volatility (13.60%) compared to SPAM (10.67%). In terms of maximum drawdown, SPAM dropped -24.02% vs PSI's -62.96%.

Which ETF is better, SPAM or PSI?

On 1-year performance, PSI leads with 208.96% vs 30.91% for SPAM. On fees, SPAM is cheaper at 0.35% per year. On volatility, SPAM has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or PSI?

Over the 1-year period, PSI has performed better with a 208.96% return vs 30.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or PSI?

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

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

SPAM has the higher dividend yield at 0.37%, compared with 0.05% for PSI.

What is the main difference between SPAM and PSI?

SPAM is categorized as Technology Equities, while PSI is Semiconductors. SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while PSI tracks Dynamic Semiconductors Intellidex Index. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.35% for SPAM and 0.56% for PSI.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (5.58 vs 1.15), 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.