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XLK vs. XSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLK vs. XSP.TO

Last updated Jun 14, 2026

XLK (State Street Technology Select Sector SPDR ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLK returned 25.19%/yr vs 12.43%/yr for XSP.TO. A 0.74 correlation means they provide meaningful diversification when combined. XLK charges 0.08%/yr vs 0.09%/yr for XSP.TO.

Performance

XLK vs. XSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XLK is traded in USD, while XSP.TO is traded in CAD. To make them comparable, the XSP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLK achieves a 28.52% return, which is significantly higher than XSP.TO's 5.60% return. Over the past 10 years, XLK has outperformed XSP.TO with an annualized return of 25.19%, while XSP.TO has yielded a comparatively lower 12.43% annualized return.

XLK

1D
0.87%
1M
4.85%
YTD
28.52%
6M
28.96%
1Y
55.42%
3Y*
30.28%
5Y*
22.02%
10Y*
25.19%

XSP.TO

1D
0.31%
1M
-1.56%
YTD
5.60%
6M
6.46%
1Y
19.70%
3Y*
17.06%
5Y*
7.90%
10Y*
12.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLK vs. XSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLK
State Street Technology Select Sector SPDR ETF		28.52%24.61%21.63%56.02%-27.73%34.74%43.62%49.86%-1.68%34.26%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		5.60%21.22%13.76%27.36%-24.13%24.33%17.96%34.93%-13.52%29.45%

Correlation

The correlation between XLK and XSP.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.74

The correlation between XLK and XSP.TO has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

XLK vs. XSP.TO - Sectors Allocation Comparison

Sectors
XLK
XSP.TO

Technology

99.7%
36.2%

Energy

0.2%
3.5%

Industrials

0.1%
8.1%

Basic Materials

-

1.8%

Communication Services

-

10.9%

Consumer Cyclical

-

10.1%

Consumer Defensive

-

4.9%

Financial Services

-

11.9%

Healthcare

-

8.4%

Real Estate

-

1.9%

Utilities

-

2.3%

Technology

XLK
99.7%
XSP.TO
36.2%

Energy

XLK
0.2%
XSP.TO
3.5%

Industrials

XLK
0.1%
XSP.TO
8.1%

Basic Materials

XLK

-

XSP.TO
1.8%

Communication Services

XLK

-

XSP.TO
10.9%

Consumer Cyclical

XLK

-

XSP.TO
10.1%

Consumer Defensive

XLK

-

XSP.TO
4.9%

Financial Services

XLK

-

XSP.TO
11.9%

Healthcare

XLK

-

XSP.TO
8.4%

Real Estate

XLK

-

XSP.TO
1.9%

Utilities

XLK

-

XSP.TO
2.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Technology Select Sector SPDR ETF

iShares Core S&P 500 Index ETF (CAD-Hedged)

Often compared with XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. XLEXLK vs. IYW
Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. XQQ.TOXSP.TO vs. VFVA

Return for Risk

XLK vs. XSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLK
XLK Risk / Return Rank: 7676
Overall Rank
XLK Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 7676
Sortino Ratio Rank
XLK Omega Ratio Rank: 7878
Omega Ratio Rank
XLK Calmar Ratio Rank: 7575
Calmar Ratio Rank
XLK Martin Ratio Rank: 6868
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 6060
Overall Rank
XSP.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
Martin Ratio Rank
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. XSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). 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.

XLKXSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
1.42

+0.95

Sortino ratioReturn per unit of downside risk
2.92
1.98

+0.94

Omega ratioGain probability vs. loss probability

1.39

1.25

+0.14

Calmar ratioReturn relative to maximum drawdown

3.36

1.63

+1.73

Martin ratioReturn relative to average drawdown

10.85

6.95

+3.90

XLK vs. XSP.TO - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 2.37, which is higher than the XSP.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of XLK and XSP.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XLK vs. XSP.TO - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, which is greater than XSP.TO's maximum drawdown of -69.22%. Use the drawdown chart below to compare losses from any high point for XLK and XSP.TO.

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Drawdown Indicators

XLKXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-82.05%

-69.22%

-12.83%

Max Drawdown (1Y)

Largest decline over 1 year

-15.92%

-11.63%

-4.29%

Max Drawdown (3Y)

Largest decline over 3 years

-25.66%

-19.45%

-6.21%

Max Drawdown (5Y)

Largest decline over 5 years

-33.56%

-33.34%

-0.22%

Max Drawdown (10Y)

Largest decline over 10 years

-33.56%

-41.38%

+7.82%

Current Drawdown

Current decline from peak

-6.77%

-3.55%

-3.22%

Average Drawdown

Average peak-to-trough decline

-34.93%

-13.14%

-21.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.92%

2.72%

+2.20%

Volatility

XLK vs. XSP.TO - Volatility Comparison

State Street Technology Select Sector SPDR ETF (XLK) has a higher volatility of 10.86% compared to iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) at 4.62%. This indicates that XLK's price experiences larger fluctuations and is considered to be riskier than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLKXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.86%

4.62%

+6.24%

Volatility (6M)

Calculated over the trailing 6-month period

18.92%

10.33%

+8.59%

Volatility (1Y)

Calculated over the trailing 1-year period

22.55%

13.32%

+9.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.18%

18.01%

+7.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.64%

19.50%

+5.14%

XLK vs. XSP.TO - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than XSP.TO's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLK vs. XSP.TO - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.41%, less than XSP.TO's 1.14% yield.

PositionTTM20252024202320222021202020192018201720162015
XLK
State Street Technology Select Sector SPDR ETF		0.41%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.14%1.23%1.09%1.18%1.37%1.01%1.31%1.73%1.86%1.45%1.76%1.88%

Frequently Asked Questions

XLK and XSP.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLK is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLK is cheaper with a 0.08% expense ratio, compared with 0.09% for XSP.TO.

XLK is categorized as Technology Equities, while XSP.TO is S&P 500. XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index, while XSP.TO tracks S&P 500 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLK and 0.09% for XSP.TO.

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