SPAM vs. XLKI

Last updated Aug 2, 2026

SPAM (Themes Cybersecurity ETF) and XLKI (State Street Technology Select Sector SPDR Premium Income ETF) are both Technology Equities funds. SPAM is passively managed, while XLKI is actively managed. Over the past year, SPAM returned 31.93% vs 24.59% for XLKI. Their 0.54 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

SPAM vs. XLKI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and State Street Technology Select Sector SPDR Premium Income ETF (XLKI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAM achieves a 33.96% return, which is significantly higher than XLKI's 10.67% return.

SPAM

• 1D: 1.63%
• 1M: -2.56%
• 6M: 34.94%
• YTD: 33.96%
• 1Y: 31.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.07%

XLKI

• 1D: 0.01%
• 1M: -1.06%
• 6M: 9.29%
• YTD: 10.67%
• 1Y: 24.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.71%

*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)
SPAM Themes Cybersecurity ETF	$48.61K	$58.13K	$116.83K
XLKI State Street Technology Select Sector SPDR Premium Income ETF	$514.98K	$430.22K	$356.64K

SPAM vs. XLKI - Yearly Performance Comparison

	2026 (YTD)	2025
SPAM Themes Cybersecurity ETF	33.96%	-5.30%
XLKI State Street Technology Select Sector SPDR Premium Income ETF	10.67%	10.02%

Correlation

The correlation between SPAM and XLKI is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.54

The correlation between SPAM and XLKI has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

SPAM vs. XLKI - Sectors Allocation Comparison

Sectors	SPAM	XLKI
Technology	89.9%	99.2%
Communication Services	6.4%	0.8%
Industrials	3.4%	-
Real Estate	0.3%	-
Financial Services	0.1%	99.9%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

SPAM vs. XLKI — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 38
SPAM Sharpe Ratio Rank: 41
SPAM Sortino Ratio Rank: 42
SPAM Omega Ratio Rank: 39
SPAM Calmar Ratio Rank: 36
SPAM Martin Ratio Rank: 30

XLKI

XLKI Risk / Return Rank: 51
XLKI Sharpe Ratio Rank: 46
XLKI Sortino Ratio Rank: 43
XLKI Omega Ratio Rank: 47
XLKI Calmar Ratio Rank: 57
XLKI Martin Ratio Rank: 60

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.

SPAM vs. XLKI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and State Street Technology Select Sector SPDR Premium Income ETF (XLKI). 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.

	SPAM	XLKI	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.13	-0.10
Sortino ratio: Return per unit of downside risk	1.53	1.61	-0.08
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.23	2.02	-0.79
Martin ratio: Return relative to average drawdown	2.68	7.10	-4.42

SPAM vs. XLKI - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 1.03, which is comparable to the XLKI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of SPAM and XLKI, 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

SPAM vs. XLKI - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, which is greater than XLKI's maximum drawdown of -11.21%. Use the drawdown chart below to compare losses from any high point for SPAM and XLKI.

Drawdown Indicators

	SPAM	XLKI	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-11.21%	-12.81%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-11.21%	-12.81%
Current Drawdown Current decline from peak	-6.87%	-6.73%	-0.14%
Average Drawdown Average peak-to-trough decline	-6.51%	-2.16%	-4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.97%	3.18%	+7.79%

Volatility

SPAM vs. XLKI - Volatility Comparison

Themes Cybersecurity ETF (SPAM) and State Street Technology Select Sector SPDR Premium Income ETF (XLKI) have volatilities of 8.48% and 8.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAM	XLKI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.48%	8.68%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	24.09%	17.55%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	28.57%	19.96%	+8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.04%	19.92%	+5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.04%	19.92%	+5.12%

SPAM vs. XLKI - Expense Ratio Comparison

Both SPAM and XLKI have an expense ratio of 0.35%.

Dividends

SPAM vs. XLKI - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.37%, less than XLKI's 17.91% yield.

Position	TTM	2025	2024
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%
XLKI State Street Technology Select Sector SPDR Premium Income ETF	17.91%	8.52%	0.00%

Frequently Asked Questions

Can I hold both SPAM and XLKI in my portfolio?

SPAM and XLKI have a correlation of 0.53, 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 XLKI?

XLKI has higher volatility (8.68%) compared to SPAM (8.48%). In terms of maximum drawdown, SPAM dropped -24.02% vs XLKI's -11.21%.

Which ETF is better, SPAM or XLKI?

On 1-year performance, SPAM leads with 31.93% vs 24.59% for XLKI. Both ETFs have the same 0.35% expense ratio. On volatility, SPAM has been the lower-risk option at 8.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or XLKI?

Over the 1-year period, SPAM has performed better with a 31.93% return vs 24.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or XLKI?

SPAM and XLKI have the same expense ratio: 0.35% per year.

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

XLKI has the higher dividend yield at 17.91%, compared with 0.37% for SPAM.

What is the main difference between SPAM and XLKI?

They also come from different issuers: Themes and State Street.

Which has better risk-adjusted returns?

XLKI currently has the higher Sharpe Ratio (1.13 vs 1.03), 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.