XAR vs. MOON

Last updated Jun 4, 2026

XAR (SPDR S&P Aerospace & Defense ETF) and MOON (Direxion Moonshot Innovators ETF) are both exchange-traded funds - XAR is a Aerospace & Defense fund tracking the S&P Aerospace & Defense Select Industry Index, while MOON is a Technology Equities fund tracking the S&P Kensho Moonshots Index. Both are passively managed. At a 0.48 correlation, their price movements are largely independent. XAR charges 0.35%/yr vs 0.65%/yr for MOON.

Performance

XAR vs. MOON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Aerospace & Defense ETF (XAR) and Direxion Moonshot Innovators ETF (MOON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XAR

• 1D: -2.08%
• 1M: 7.34%
• YTD: 13.40%
• 6M: 20.10%
• 1Y: 41.33%
• 3Y*: 34.11%
• 5Y*: 16.26%
• 10Y*: 18.01%

MOON

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

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

XAR vs. MOON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XAR SPDR S&P Aerospace & Defense ETF	13.40%	46.15%	23.32%	23.79%	-5.02%	2.31%	17.68%
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	-8.56%	9.85%	-61.07%	-13.78%	24.70%

Correlation

The correlation between XAR and MOON is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020	0.48

The correlation between XAR and MOON shifts across timeframes, from 0.29 (3 years) to 0.48 (all time), reflecting how their relationship changes across market environments.

XAR vs. MOON - Sectors Allocation Comparison

Sectors	XAR	MOON
Industrials	99.4%	7.5%
Technology	0.5%	42.4%
Basic Materials	-	1.2%
Communication Services	-	9.3%
Consumer Cyclical	-	11.9%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.2%
Healthcare	-	23.5%
Real Estate	-	-
Utilities	-	-

Return for Risk

XAR vs. MOON — Risk / Return Rank

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

XAR

XAR Risk / Return Rank: 43
XAR Sharpe Ratio Rank: 43
XAR Sortino Ratio Rank: 43
XAR Omega Ratio Rank: 38
XAR Calmar Ratio Rank: 48
XAR Martin Ratio Rank: 42

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.

XAR vs. MOON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Aerospace & Defense ETF (XAR) and Direxion Moonshot Innovators ETF (MOON). 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.

	XAR	MOON	Difference
Sharpe ratio: Return per unit of total volatility	1.55	—	—
Sortino ratio: Return per unit of downside risk	2.21	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.41	—	—
Martin ratio: Return relative to average drawdown	6.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	XAR	MOON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	—	—

Drawdowns

Drawdown Indicators

	XAR	MOON	Difference
Max Drawdown Largest peak-to-trough decline	-46.37%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-17.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.37%	—	—
Current Drawdown Current decline from peak	-6.55%	—	—
Average Drawdown Average peak-to-trough decline	-6.79%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	—	—

Volatility

Volatility by Period

	XAR	MOON	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	22.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.81%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.41%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.62%	—	—

XAR vs. MOON - Expense Ratio Comparison

XAR has a 0.35% expense ratio, which is lower than MOON's 0.65% expense ratio.

Dividends

XAR vs. MOON - Dividend Comparison

XAR's dividend yield for the trailing twelve months is around 0.32%, while MOON has not paid dividends to shareholders.

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%
XAR SPDR S&P Aerospace & Defense ETF	0.32%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Frequently Asked Questions

Can I hold both XAR and MOON in my portfolio?

XAR and MOON have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAR or MOON?

On fees, XAR is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAR or MOON?

XAR is cheaper with a 0.35% expense ratio, compared with 0.65% for MOON.

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

XAR has the higher dividend yield at 0.32%, compared with 0.00% for MOON.

What is the main difference between XAR and MOON?

XAR is categorized as Aerospace & Defense, while MOON is Technology Equities. XAR tracks S&P Aerospace & Defense Select Industry Index, while MOON tracks S&P Kensho Moonshots Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for XAR and 0.65% for MOON.