XLK vs. ION

Last updated Jul 21, 2026

XLK (State Street Technology Select Sector SPDR ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, XLK returned 26.73%/yr vs 7.83%/yr for ION. At a 0.39 correlation, their price movements are largely independent. XLK charges 0.08%/yr vs 0.58%/yr for ION.

Performance

XLK vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLK achieves a 22.34% return, which is significantly higher than ION's -12.05% 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%

ION

• 1D: -2.66%
• 1M: -19.28%
• 6M: -23.00%
• YTD: -12.05%
• 1Y: 45.93%
• 3Y*: 7.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.98%

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

XLK vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XLK State Street Technology Select Sector SPDR ETF	22.34%	24.61%	21.63%	56.02%	-8.21%
ION Proshares S&P Global Core Battery Metals ETF	-12.05%	108.37%	-20.02%	-14.10%	-8.45%

Correlation

The correlation between XLK and ION is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.39

XLK vs. ION - Sectors Allocation Comparison

Sectors	XLK	ION
Technology	99.1%	-
Communication Services	0.9%	-
Energy	0.2%	2.7%
Industrials	0.1%	1.8%
Basic Materials	-	14.1%
Consumer Cyclical	-	3.6%
Consumer Defensive	-	-
Financial Services	-	14.4%
Healthcare	-	2.2%
Real Estate	-	2.4%
Utilities	-	-

Return for Risk

XLK vs. ION — Risk / Return Rank

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

XLK

XLK Risk / Return Rank: 54
XLK Sharpe Ratio Rank: 57
XLK Sortino Ratio Rank: 51
XLK Omega Ratio Rank: 52
XLK Calmar Ratio Rank: 60
XLK Martin Ratio Rank: 52

ION

ION Risk / Return Rank: 39
ION Sharpe Ratio Rank: 43
ION Sortino Ratio Rank: 41
ION Omega Ratio Rank: 40
ION Calmar Ratio Rank: 36
ION Martin Ratio Rank: 37

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.

XLK vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) and Proshares S&P Global Core Battery Metals ETF (ION). 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	ION	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.15	+0.30
Sortino ratio: Return per unit of downside risk	1.93	1.65	+0.29
Omega ratio: Gain probability vs. loss probability	1.25	1.20	+0.05
Calmar ratio: Return relative to maximum drawdown	2.23	1.37	+0.86
Martin ratio: Return relative to average drawdown	6.53	4.26	+2.27

XLK vs. ION - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 1.45, which is comparable to the ION Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of XLK and ION, 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

XLK vs. ION - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, which is greater than ION's maximum drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for XLK and ION.

Drawdown Indicators

	XLK	ION	Difference
Max Drawdown Largest peak-to-trough decline	-82.05%	-52.08%	-29.97%
Max Drawdown (1Y) Largest decline over 1 year	-15.92%	-33.66%	+17.74%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-45.11%	+19.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.56%	—	—
Current Drawdown Current decline from peak	-11.25%	-33.66%	+22.41%
Average Drawdown Average peak-to-trough decline	-34.83%	-23.68%	-11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.43%	10.81%	-5.38%

Volatility

XLK vs. ION - Volatility Comparison

State Street Technology Select Sector SPDR ETF (XLK) and Proshares S&P Global Core Battery Metals ETF (ION) have volatilities of 9.59% and 9.58%, 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

	XLK	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.59%	9.58%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	20.94%	31.29%	-10.35%
Volatility (1Y) Calculated over the trailing 1-year period	24.61%	40.13%	-15.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.57%	31.64%	-6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.81%	31.64%	-6.83%

XLK vs. ION - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than ION's 0.58% expense ratio.

Dividends

XLK vs. ION - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.45%, less than ION's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ION Proshares S&P Global Core Battery Metals ETF	1.69%	1.63%	1.74%	2.23%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both XLK and ION in my portfolio?

XLK and ION have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLK or ION?

XLK has higher volatility (9.59%) compared to ION (9.58%). In terms of maximum drawdown, XLK dropped -82.05% vs ION's -52.08%.

Which ETF is better, XLK or ION?

On 3-year performance, XLK leads with 26.73% vs 7.83% for ION. On fees, XLK is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLK or ION?

Over the 3-year period, XLK has performed better with a 26.73% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLK or ION?

XLK is cheaper with a 0.08% expense ratio, compared with 0.58% for ION.

Which ETF pays a higher dividend yield, XLK or ION?

ION has the higher dividend yield at 1.69%, compared with 0.45% for XLK.

What is the main difference between XLK and ION?

XLK is categorized as Technology Equities, while ION is Lithium & Battery Metals. XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.08% for XLK and 0.58% for ION.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (1.45 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.