XLK vs. CBOE
XLK (State Street Technology Select Sector SPDR ETF) is Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index, while CBOE (Cboe Global Markets, Inc.) is a stock. Over the past 10 years, XLK returned 23.89%/yr vs 16.68%/yr for CBOE. At a 0.21 correlation, their price movements are largely independent.
Performance
XLK vs. CBOE - Performance Comparison
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Returns By Period
In the year-to-date period, XLK achieves a 22.34% return, which is significantly higher than CBOE's 11.35% return. Over the past 10 years, XLK has outperformed CBOE with an annualized return of 23.89%, while CBOE has yielded a comparatively lower 16.68% annualized return.
XLK
- 1D
- 0.07%
- 1M
- -8.11%
- 6M
- 20.96%
- YTD
- 22.34%
- 1Y
- 35.41%
- 3Y*
- 26.73%
- 5Y*
- 19.16%
- 10Y*
- 23.89%
- ALL TIME*
- 10.23%
CBOE
- 1D
- 1.76%
- 1M
- 11.69%
- 6M
- 2.17%
- YTD
- 11.35%
- 1Y
- 17.81%
- 3Y*
- 26.15%
- 5Y*
- 20.25%
- 10Y*
- 16.68%
- ALL TIME*
- 16.08%
XLK vs. CBOE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLK State Street Technology Select Sector SPDR ETF | 22.34% | 24.61% | 21.63% | 56.02% | -27.73% | 34.74% | 43.62% | 49.86% | -1.68% | 34.26% |
CBOE Cboe Global Markets, Inc. | 11.35% | 29.96% | 10.74% | 44.37% | -2.16% | 42.23% | -21.17% | 24.16% | -20.60% | 70.49% |
Correlation
The correlation between XLK and CBOE is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2010 | 0.21 |
The correlation between XLK and CBOE shifts across timeframes, from -0.20 (3 years) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XLK vs. CBOE — Risk / Return Rank
XLK
CBOE
XLK vs. CBOE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) and Cboe Global Markets, Inc. (CBOE). 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.
| XLK | CBOE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.13 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 0.49 | +1.75 |
| Martin ratioReturn relative to average drawdown | 6.53 | 1.69 | +4.85 |
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Drawdowns
XLK vs. CBOE - Drawdown Comparison
The maximum XLK drawdown since its inception was -82.05%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for XLK and CBOE.
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Drawdown Indicators
| XLK | CBOE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.05% | -43.23% | -38.82% |
Max Drawdown (1Y)Largest decline over 1 year | -15.92% | -36.73% | +20.81% |
Max Drawdown (3Y)Largest decline over 3 years | -25.66% | -36.73% | +11.07% |
Max Drawdown (5Y)Largest decline over 5 years | -33.56% | -36.73% | +3.17% |
Max Drawdown (10Y)Largest decline over 10 years | -33.56% | -43.23% | +9.67% |
Current DrawdownCurrent decline from peak | -11.25% | -23.97% | +12.72% |
Average DrawdownAverage peak-to-trough decline | -34.83% | -11.51% | -23.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.43% | 10.58% | -5.15% |
Volatility
XLK vs. CBOE - Volatility Comparison
The current volatility for State Street Technology Select Sector SPDR ETF (XLK) is 9.59%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 11.54%. This indicates that XLK experiences smaller price fluctuations and is considered to be less risky than CBOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLK | CBOE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.59% | 11.54% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 20.94% | 28.31% | -7.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.61% | 31.19% | -6.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 24.07% | +1.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.81% | 25.78% | -0.97% |
Dividends
XLK vs. CBOE - Dividend Comparison
XLK's dividend yield for the trailing twelve months is around 0.45%, less than CBOE's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBOE Cboe Global Markets, Inc. | 1.04% | 1.08% | 1.21% | 1.18% | 1.56% | 1.38% | 1.68% | 1.12% | 1.19% | 0.83% | 1.30% | 1.36% |
XLK State Street Technology Select Sector SPDR ETF | 0.45% | 0.54% | 0.66% | 0.76% | 1.04% | 0.65% | 0.92% | 1.16% | 1.60% | 1.37% | 1.74% | 1.79% |
Frequently Asked Questions
XLK and CBOE have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOE has higher volatility (11.54%) compared to XLK (9.59%). In terms of maximum drawdown, XLK dropped -82.05% vs CBOE's -43.23%.
XLK currently has the higher Sharpe Ratio (1.45 vs 0.57), 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.
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