XSD vs. PSI

Last updated Aug 2, 2026

XSD (SPDR S&P Semiconductor ETF) and PSI (Invesco Semiconductors ETF) are both Semiconductors funds - XSD tracks the S&P Semiconductor Select Industry Index while PSI tracks the Dynamic Semiconductors Intellidex Index. Both are passively managed. Over the past 10 years, XSD returned 26.46%/yr vs 30.65%/yr for PSI. Their correlation of 0.94 means they have usually moved in the same direction. XSD charges 0.35%/yr vs 0.56%/yr for PSI.

Performance

XSD vs. PSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Semiconductor ETF (XSD) and Invesco Semiconductors ETF (PSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSD achieves a 51.72% return, which is significantly lower than PSI's 73.04% return. Over the past 10 years, XSD has underperformed PSI with an annualized return of 26.46%, while PSI has yielded a comparatively higher 30.65% annualized return.

XSD

• 1D: 0.92%
• 1M: -12.31%
• 6M: 40.73%
• YTD: 51.72%
• 1Y: 86.66%
• 3Y*: 29.34%
• 5Y*: 20.96%
• 10Y*: 26.46%
• ALL TIME*: 15.93%

PSI

• 1D: 1.16%
• 1M: -13.65%
• 6M: 46.70%
• YTD: 73.04%
• 1Y: 132.40%
• 3Y*: 41.83%
• 5Y*: 26.56%
• 10Y*: 30.65%
• ALL TIME*: 17.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PSI Invesco Semiconductors ETF	$62.53M	$61.83M	$72.77M
XSD SPDR S&P Semiconductor ETF	$35.96M	$51.40M	$77.64M

XSD vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSD SPDR S&P Semiconductor ETF	51.72%	29.85%	10.75%	34.87%	-30.92%	42.54%	61.95%	64.66%	-6.35%	25.21%
PSI Invesco Semiconductors ETF	73.04%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%

Correlation

The correlation between XSD and PSI is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.94

The correlation between XSD and PSI has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

XSD vs. PSI - Sectors Allocation Comparison

Sectors	XSD	PSI
Technology	97.4%	100.0%
Industrials	2.6%	1.6%
Energy	2.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XSD vs. PSI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XSD

XSD Risk / Return Rank: 77
XSD Sharpe Ratio Rank: 81
XSD Sortino Ratio Rank: 73
XSD Omega Ratio Rank: 72
XSD Calmar Ratio Rank: 78
XSD Martin Ratio Rank: 80

PSI

PSI Risk / Return Rank: 90
PSI Sharpe Ratio Rank: 94
PSI Sortino Ratio Rank: 86
PSI Omega Ratio Rank: 87
PSI Calmar Ratio Rank: 89
PSI Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XSD vs. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Semiconductor ETF (XSD) 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.

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.

	XSD	PSI	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.61	-0.74
Sortino ratio: Return per unit of downside risk	2.33	2.84	-0.51
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.74	3.64	-0.90
Martin ratio: Return relative to average drawdown	10.21	16.65	-6.45

XSD vs. PSI - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 1.87, which is comparable to the PSI Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of XSD and PSI, 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

XSD vs. PSI - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, roughly equal to the maximum PSI drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for XSD and PSI.

Drawdown Indicators

	XSD	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-64.56%	-62.96%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-30.81%	-35.74%	+4.93%
Max Drawdown (3Y) Largest decline over 3 years	-41.25%	-41.07%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-42.27%	-44.85%	+2.58%
Max Drawdown (10Y) Largest decline over 10 years	-42.27%	-44.85%	+2.58%
Current Drawdown Current decline from peak	-24.95%	-27.36%	+2.41%
Average Drawdown Average peak-to-trough decline	-13.74%	-15.91%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.27%	7.80%	+0.47%

Volatility

XSD vs. PSI - Volatility Comparison

The current volatility for SPDR S&P Semiconductor ETF (XSD) is 18.43%, while Invesco Semiconductors ETF (PSI) has a volatility of 24.37%. This indicates that XSD 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

	XSD	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.43%	24.37%	-5.94%
Volatility (6M) Calculated over the trailing 6-month period	38.72%	43.89%	-5.17%
Volatility (1Y) Calculated over the trailing 1-year period	45.32%	50.15%	-4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.07%	40.59%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.91%	36.55%	-0.64%

XSD vs. PSI - Expense Ratio Comparison

XSD has a 0.35% expense ratio, which is lower than PSI's 0.56% expense ratio.

Dividends

XSD vs. PSI - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.16%, more than PSI's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSI Invesco Semiconductors ETF	0.04%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%
XSD SPDR S&P Semiconductor ETF	0.16%	0.26%	0.20%	0.31%	0.44%	0.10%	0.26%	0.51%	1.16%	0.59%	0.64%	0.58%

Frequently Asked Questions

Can I hold both XSD and PSI in my portfolio?

With a correlation of 0.93, XSD and PSI 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 is riskier, XSD or PSI?

PSI has higher volatility (24.37%) compared to XSD (18.43%). In terms of maximum drawdown, XSD dropped -64.56% vs PSI's -62.96%.

Which ETF is better, XSD or PSI?

On 10-year performance, PSI leads with 30.65% vs 26.46% for XSD. On fees, XSD is cheaper at 0.35% per year. On volatility, XSD has been the lower-risk option at 18.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSD or PSI?

Over the 10-year period, PSI has performed better with a 30.65% return vs 26.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSD or PSI?

XSD is cheaper with a 0.35% expense ratio, compared with 0.56% for PSI.

Which ETF pays a higher dividend yield, XSD or PSI?

XSD has the higher dividend yield at 0.16%, compared with 0.04% for PSI.

What is the main difference between XSD and PSI?

XSD tracks S&P Semiconductor Select Industry Index, while PSI tracks Dynamic Semiconductors Intellidex Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for XSD and 0.56% for PSI.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (2.61 vs 1.87), 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.