TNOW.L vs. GXLK.L

Last updated Jun 5, 2026

TNOW.L (Lyxor MSCI World Information Technology TR UCITS ETF - Acc (USD)) and GXLK.L (SPDR S&P US Technology Select Sector UCITS ETF) are both Technology Equities funds tracking the MSCI World/Information Tech NR USD, from Amundi and State Street respectively. Both are passively managed. Over the past 3 years, TNOW.L returned 32.35%/yr vs 29.76%/yr for GXLK.L. Their correlation of 0.94 suggests significant overlap in exposure. TNOW.L charges 0.30%/yr vs 0.15%/yr for GXLK.L.

Performance

TNOW.L vs. GXLK.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lyxor MSCI World Information Technology TR UCITS ETF - Acc (USD) (TNOW.L) and SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TNOW.L is traded in USD, while GXLK.L is traded in GBP. To make them comparable, the GXLK.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with TNOW.L having a 24.24% return and GXLK.L slightly lower at 23.08%.

TNOW.L

• 1D: -1.97%
• 1M: 13.88%
• YTD: 24.24%
• 6M: 23.41%
• 1Y: 50.94%
• 3Y*: 32.35%
• 5Y*: 21.03%
• 10Y*: 24.02%

GXLK.L

• 1D: -2.01%
• 1M: 13.27%
• YTD: 23.08%
• 6M: 23.10%
• 1Y: 52.29%
• 3Y*: 29.76%
• 5Y*: —
• 10Y*: —

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

TNOW.L vs. GXLK.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TNOW.L Lyxor MSCI World Information Technology TR UCITS ETF - Acc (USD)	24.24%	21.66%	34.01%	54.23%	-24.63%
GXLK.L SPDR S&P US Technology Select Sector UCITS ETF	23.08%	24.63%	22.65%	56.14%	-22.69%

Correlation

The correlation between TNOW.L and GXLK.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.94

The correlation between TNOW.L and GXLK.L has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

TNOW.L vs. GXLK.L — Risk / Return Rank

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

TNOW.L

TNOW.L Risk / Return Rank: 67
TNOW.L Sharpe Ratio Rank: 77
TNOW.L Sortino Ratio Rank: 74
TNOW.L Omega Ratio Rank: 69
TNOW.L Calmar Ratio Rank: 61
TNOW.L Martin Ratio Rank: 53

GXLK.L

GXLK.L Risk / Return Rank: 72
GXLK.L Sharpe Ratio Rank: 85
GXLK.L Sortino Ratio Rank: 80
GXLK.L Omega Ratio Rank: 78
GXLK.L Calmar Ratio Rank: 66
GXLK.L Martin Ratio Rank: 50

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.

TNOW.L vs. GXLK.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI World Information Technology TR UCITS ETF - Acc (USD) (TNOW.L) and SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L). 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.

	TNOW.L	GXLK.L	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.64	-0.18
Sortino ratio: Return per unit of downside risk	3.28	3.48	-0.20
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	2.98	3.11	-0.14
Martin ratio: Return relative to average drawdown	8.84	9.30	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNOW.L vs. GXLK.L - Sharpe Ratio Comparison

The current TNOW.L Sharpe Ratio is 2.46, which is comparable to the GXLK.L Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of TNOW.L and GXLK.L, 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

	TNOW.L	GXLK.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.64	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.78	+0.25

Drawdowns

TNOW.L vs. GXLK.L - Drawdown Comparison

The maximum TNOW.L drawdown since its inception was -36.17%, which is greater than GXLK.L's maximum drawdown of -28.06%. Use the drawdown chart below to compare losses from any high point for TNOW.L and GXLK.L.

Drawdown Indicators

	TNOW.L	GXLK.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-28.06%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-17.03%	-16.71%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-26.15%	-27.01%	+0.86%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.17%	—	—
Current Drawdown Current decline from peak	-2.56%	-3.06%	+0.50%
Average Drawdown Average peak-to-trough decline	-5.62%	-8.55%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	5.61%	+0.13%

Volatility

TNOW.L vs. GXLK.L - Volatility Comparison

Lyxor MSCI World Information Technology TR UCITS ETF - Acc (USD) (TNOW.L) has a higher volatility of 7.76% compared to SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L) at 6.86%. This indicates that TNOW.L's price experiences larger fluctuations and is considered to be riskier than GXLK.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNOW.L	GXLK.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	6.86%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	15.81%	14.74%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.58%	19.71%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.57%	27.80%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	27.80%	-6.05%

TNOW.L vs. GXLK.L - Expense Ratio Comparison

TNOW.L has a 0.30% expense ratio, which is higher than GXLK.L's 0.15% expense ratio.

Dividends

TNOW.L vs. GXLK.L - Dividend Comparison

Neither TNOW.L nor GXLK.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TNOW.L and GXLK.L in my portfolio?

With a correlation of 0.96, TNOW.L and GXLK.L 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 ETF is better, TNOW.L or GXLK.L?

On fees, GXLK.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TNOW.L or GXLK.L?

GXLK.L is cheaper with a 0.15% expense ratio, compared with 0.30% for TNOW.L.

What is the main difference between TNOW.L and GXLK.L?

Both ETFs track MSCI World/Information Tech NR USD. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.30% for TNOW.L and 0.15% for GXLK.L.