XSW vs. FSCSX

Last updated Jun 24, 2026

XSW (SPDR S&P Software & Services ETF) and FSCSX (Fidelity Select Software & IT Services Portfolio) are both Technology Equities funds. XSW is passively managed, while FSCSX is actively managed. Over the past 10 years, XSW returned 12.80%/yr vs 15.92%/yr for FSCSX. Their correlation of 0.84 suggests significant overlap in exposure. XSW charges 0.35%/yr vs 0.67%/yr for FSCSX.

Performance

XSW vs. FSCSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) and Fidelity Select Software & IT Services Portfolio (FSCSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSW achieves a -13.68% return, which is significantly higher than FSCSX's -17.45% return. Over the past 10 years, XSW has underperformed FSCSX with an annualized return of 12.80%, while FSCSX has yielded a comparatively higher 15.92% annualized return.

XSW

• 1D: 0.86%
• 1M: -2.12%
• YTD: -13.68%
• 6M: -15.49%
• 1Y: -10.86%
• 3Y*: 8.06%
• 5Y*: -1.20%
• 10Y*: 12.80%

FSCSX

• 1D: -2.26%
• 1M: -5.70%
• YTD: -17.45%
• 6M: -18.73%
• 1Y: -15.79%
• 3Y*: 8.01%
• 5Y*: 3.72%
• 10Y*: 15.92%

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

XSW vs. FSCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSW SPDR S&P Software & Services ETF	-13.68%	-0.90%	25.81%	38.60%	-34.22%	7.47%	52.41%	36.50%	7.67%	27.94%
FSCSX Fidelity Select Software & IT Services Portfolio	-17.45%	6.96%	19.66%	51.72%	-29.13%	18.13%	45.55%	38.99%	4.08%	38.60%

Correlation

The correlation between XSW and FSCSX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011	0.84

The correlation between XSW and FSCSX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

XSW vs. FSCSX — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 6
XSW Sharpe Ratio Rank: 6
XSW Sortino Ratio Rank: 6
XSW Omega Ratio Rank: 6
XSW Calmar Ratio Rank: 6
XSW Martin Ratio Rank: 6

FSCSX

FSCSX Risk / Return Rank: 1
FSCSX Sharpe Ratio Rank: 1
FSCSX Sortino Ratio Rank: 1
FSCSX Omega Ratio Rank: 1
FSCSX Calmar Ratio Rank: 1
FSCSX Martin Ratio Rank: 1

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.

XSW vs. FSCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) and Fidelity Select Software & IT Services Portfolio (FSCSX). 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.

	XSW	FSCSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	-0.51	+0.13
Sortino ratio: Return per unit of downside risk	-0.34	-0.56	+0.22
Omega ratio: Gain probability vs. loss probability	0.96	0.93	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.32	-0.43	+0.11
Martin ratio: Return relative to average drawdown	-0.67	-0.94	+0.27

XSW vs. FSCSX - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.38, which is comparable to the FSCSX Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of XSW and FSCSX, 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

XSW vs. FSCSX - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum FSCSX drawdown of -64.66%. Use the drawdown chart below to compare losses from any high point for XSW and FSCSX.

Drawdown Indicators

	XSW	FSCSX	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-64.66%	+19.28%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-34.24%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	-34.24%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-37.06%	-8.32%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-37.06%	-8.32%
Current Drawdown Current decline from peak	-21.30%	-22.17%	+0.87%
Average Drawdown Average peak-to-trough decline	-9.86%	-13.23%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.31%	15.66%	+0.65%

Volatility

XSW vs. FSCSX - Volatility Comparison

The current volatility for SPDR S&P Software & Services ETF (XSW) is 11.42%, while Fidelity Select Software & IT Services Portfolio (FSCSX) has a volatility of 12.88%. This indicates that XSW experiences smaller price fluctuations and is considered to be less risky than FSCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSW	FSCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	12.88%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	23.81%	25.64%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	28.83%	28.65%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.89%	26.57%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.26%	24.68%	+1.58%

XSW vs. FSCSX - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is lower than FSCSX's 0.67% expense ratio.

Dividends

XSW vs. FSCSX - Dividend Comparison

XSW has not paid dividends to shareholders, while FSCSX's dividend yield for the trailing twelve months is around 24.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSCSX Fidelity Select Software & IT Services Portfolio	24.33%	15.40%	19.17%	7.72%	9.06%	6.54%	5.10%	12.70%	6.20%	7.15%	3.98%	5.22%
XSW SPDR S&P Software & Services ETF	0.00%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both XSW and FSCSX in my portfolio?

XSW and FSCSX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSW or FSCSX?

FSCSX has higher volatility (12.88%) compared to XSW (11.42%). In terms of maximum drawdown, XSW dropped -45.38% vs FSCSX's -64.66%.

Which has better risk-adjusted returns?

XSW currently has the higher Sharpe Ratio (-0.38 vs -0.51), 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.