XLKS.L vs. SXLK.AS

Last updated Jun 5, 2026

XLKS.L (Invesco Technology S&P US Select Sector UCITS ETF Acc) and SXLK.AS (SPDR S&P U.S. Technology Select Sector UCITS ETF) are both Technology Equities funds - XLKS.L tracks the S&P® Select Sector Capped 20% Technology Index while SXLK.AS tracks the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 5 years, XLKS.L returned 25.25%/yr vs 21.25%/yr for SXLK.AS. Their correlation of 0.94 suggests significant overlap in exposure. XLKS.L charges 0.14%/yr vs 0.15%/yr for SXLK.AS.

Performance

XLKS.L vs. SXLK.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) and SPDR S&P U.S. Technology Select Sector UCITS ETF (SXLK.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLKS.L is traded in USD, while SXLK.AS is traded in EUR. To make them comparable, the SXLK.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with XLKS.L having a 23.53% return and SXLK.AS slightly lower at 23.15%.

XLKS.L

• 1D: -2.32%
• 1M: 10.89%
• YTD: 23.53%
• 6M: 22.51%
• 1Y: 51.57%
• 3Y*: 36.69%
• 5Y*: 25.25%
• 10Y*: 26.28%

SXLK.AS

• 1D: -2.20%
• 1M: 13.11%
• YTD: 23.15%
• 6M: 22.86%
• 1Y: 52.16%
• 3Y*: 29.80%
• 5Y*: 21.25%
• 10Y*: —

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

XLKS.L vs. SXLK.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XLKS.L Invesco Technology S&P US Select Sector UCITS ETF Acc	23.53%	24.23%	41.72%	60.64%	-29.12%	34.73%	42.78%	48.83%	-17.15%
SXLK.AS SPDR S&P U.S. Technology Select Sector UCITS ETF	23.13%	24.94%	23.18%	55.91%	-29.54%	36.36%	43.38%	48.42%	-17.11%

Correlation

The correlation between XLKS.L and SXLK.AS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 3, 2018	0.94

The correlation between XLKS.L and SXLK.AS has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

XLKS.L vs. SXLK.AS — Risk / Return Rank

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

XLKS.L

XLKS.L Risk / Return Rank: 70
XLKS.L Sharpe Ratio Rank: 81
XLKS.L Sortino Ratio Rank: 77
XLKS.L Omega Ratio Rank: 72
XLKS.L Calmar Ratio Rank: 63
XLKS.L Martin Ratio Rank: 55

SXLK.AS

SXLK.AS Risk / Return Rank: 65
SXLK.AS Sharpe Ratio Rank: 76
SXLK.AS Sortino Ratio Rank: 70
SXLK.AS Omega Ratio Rank: 67
SXLK.AS Calmar Ratio Rank: 63
SXLK.AS Martin Ratio Rank: 50

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.

XLKS.L vs. SXLK.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) and SPDR S&P U.S. Technology Select Sector UCITS ETF (SXLK.AS). 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.

	XLKS.L	SXLK.AS	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.57	+0.04
Sortino ratio: Return per unit of downside risk	3.43	3.37	+0.06
Omega ratio: Gain probability vs. loss probability	1.42	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	3.10	3.07	+0.02
Martin ratio: Return relative to average drawdown	9.28	9.41	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLKS.L vs. SXLK.AS - Sharpe Ratio Comparison

The current XLKS.L Sharpe Ratio is 2.61, which is comparable to the SXLK.AS Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of XLKS.L and SXLK.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XLKS.L	SXLK.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.57	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.91	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.97	+0.08

Drawdowns

XLKS.L vs. SXLK.AS - Drawdown Comparison

The maximum XLKS.L drawdown since its inception was -34.26%, roughly equal to the maximum SXLK.AS drawdown of -33.61%. Use the drawdown chart below to compare losses from any high point for XLKS.L and SXLK.AS.

Drawdown Indicators

	XLKS.L	SXLK.AS	Difference
Max Drawdown Largest peak-to-trough decline	-34.26%	-33.61%	-0.65%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-16.72%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-26.97%	-26.84%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-34.26%	-33.61%	-0.65%
Max Drawdown (10Y) Largest decline over 10 years	-34.26%	—	—
Current Drawdown Current decline from peak	-3.15%	-3.11%	-0.04%
Average Drawdown Average peak-to-trough decline	-5.09%	-7.24%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.69%	5.49%	+0.20%

Volatility

XLKS.L vs. SXLK.AS - Volatility Comparison

Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) and SPDR S&P U.S. Technology Select Sector UCITS ETF (SXLK.AS) have volatilities of 7.45% and 7.23%, 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

	XLKS.L	SXLK.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.45%	7.23%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	15.09%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	19.99%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.80%	23.04%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.04%	23.48%	-1.44%

XLKS.L vs. SXLK.AS - Expense Ratio Comparison

XLKS.L has a 0.14% expense ratio, which is lower than SXLK.AS's 0.15% 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

XLKS.L vs. SXLK.AS - Dividend Comparison

Neither XLKS.L nor SXLK.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XLKS.L and SXLK.AS in my portfolio?

With a correlation of 0.96, XLKS.L and SXLK.AS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XLKS.L or SXLK.AS?

On fees, XLKS.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLKS.L or SXLK.AS?

XLKS.L is cheaper with a 0.14% expense ratio, compared with 0.15% for SXLK.AS.

What is the main difference between XLKS.L and SXLK.AS?

XLKS.L tracks S&P® Select Sector Capped 20% Technology Index, while SXLK.AS tracks MSCI World/Information Tech NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.14% for XLKS.L and 0.15% for SXLK.AS.