XLK vs. PSI

Last updated Apr 3, 2026

Compare and contrast key facts about State Street Technology Select Sector SPDR ETF (XLK) and Invesco Semiconductors ETF (PSI).

XLK and PSI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XLK is a passively managed fund by State Street that tracks the performance of the S&P Technology Select Sector Daily Capped 35/20 Index. It was launched on Dec 16, 1998. PSI is a passively managed fund by Invesco that tracks the performance of the Dynamic Semiconductors Intellidex Index. It was launched on Jun 23, 2005. Both XLK and PSI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XLK vs. PSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) and Invesco Semiconductors ETF (PSI). The values are adjusted to include any dividend payments, if applicable.

XLK vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLK State Street Technology Select Sector SPDR ETF	-5.43%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%
PSI Invesco Semiconductors ETF	23.68%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%

Returns By Period

In the year-to-date period, XLK achieves a -5.43% return, which is significantly lower than PSI's 23.68% return. Over the past 10 years, XLK has underperformed PSI with an annualized return of 21.15%, while PSI has yielded a comparatively higher 28.04% annualized return.

XLK

• 1D: 0.80%
• 1M: -0.98%
• YTD: -5.43%
• 6M: -4.69%
• 1Y: 30.55%
• 3Y*: 22.58%
• 5Y*: 15.84%
• 10Y*: 21.15%

PSI

• 1D: 0.47%
• 1M: 2.26%
• YTD: 23.68%
• 6M: 33.80%
• 1Y: 102.12%
• 3Y*: 33.89%
• 5Y*: 18.67%
• 10Y*: 28.04%

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

XLK vs. PSI - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than PSI's 0.56% expense ratio.

PSI

Invesco Semiconductors ETF

XLK

State Street Technology Select Sector SPDR ETF

Return for Risk

XLK vs. PSI — Risk / Return Rank

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

XLK

XLK Risk / Return Rank: 61
XLK Sharpe Ratio Rank: 60
XLK Sortino Ratio Rank: 63
XLK Omega Ratio Rank: 60
XLK Calmar Ratio Rank: 67
XLK Martin Ratio Rank: 55

PSI

PSI Risk / Return Rank: 94
PSI Sharpe Ratio Rank: 94
PSI Sortino Ratio Rank: 92
PSI Omega Ratio Rank: 90
PSI Calmar Ratio Rank: 97
PSI Martin Ratio Rank: 97

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. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) and Invesco Semiconductors ETF (PSI). 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.

	XLK	PSI	Difference
Sharpe ratio Return per unit of total volatility	1.13	2.35	-1.22
Sortino ratio Return per unit of downside risk	1.71	2.84	-1.13
Omega ratio Gain probability vs. loss probability	1.24	1.40	-0.16
Calmar ratio Return relative to maximum drawdown	1.98	5.60	-3.62
Martin ratio Return relative to average drawdown	6.27	20.14	-13.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLK vs. PSI - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 1.13, which is lower than the PSI Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of XLK and PSI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XLK	PSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.35	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.50	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.81	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.51	-0.14

Correlation

The correlation between XLK and PSI is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XLK vs. PSI - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.56%, more than PSI's 0.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLK State Street Technology Select Sector SPDR ETF	0.56%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%
PSI Invesco Semiconductors ETF	0.08%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Drawdowns

XLK vs. PSI - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, which is greater than PSI's maximum drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for XLK and PSI.

Drawdown Indicators

	XLK	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-82.05%	-62.96%	-19.09%
Max Drawdown (1Y) Largest decline over 1 year	-15.92%	-15.48%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-33.56%	-44.85%	+11.29%
Max Drawdown (10Y) Largest decline over 10 years	-33.56%	-44.85%	+11.29%
Current Drawdown Current decline from peak	-10.32%	-6.87%	-3.45%
Average Drawdown Average peak-to-trough decline	-35.16%	-16.05%	-19.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.03%	5.19%	-0.16%

Volatility

XLK vs. PSI - Volatility Comparison

The current volatility for State Street Technology Select Sector SPDR ETF (XLK) is 7.96%, while Invesco Semiconductors ETF (PSI) has a volatility of 15.27%. This indicates that XLK experiences smaller price fluctuations and is considered to be less risky than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLK	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	15.27%	-7.31%
Volatility (6M) Calculated over the trailing 6-month period	16.48%	29.73%	-13.25%
Volatility (1Y) Calculated over the trailing 1-year period	27.05%	43.67%	-16.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.71%	37.33%	-12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.33%	34.66%	-10.33%