XSW vs. GLD
XSW (SPDR S&P Software & Services ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, XSW returned 13.25%/yr vs 11.21%/yr for GLD. At a 0.04 correlation, their price movements are largely independent. XSW charges 0.35%/yr vs 0.40%/yr for GLD.
Performance
XSW vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, XSW achieves a -4.56% return, which is significantly higher than GLD's -7.36% return. Over the past 10 years, XSW has outperformed GLD with an annualized return of 13.25%, while GLD has yielded a comparatively lower 11.21% annualized return.
XSW
- 1D
- 0.88%
- 1M
- 7.50%
- 6M
- -6.34%
- YTD
- -4.56%
- 1Y
- -3.96%
- 3Y*
- 8.75%
- 5Y*
- 1.43%
- 10Y*
- 13.25%
GLD
- 1D
- -2.62%
- 1M
- -5.02%
- 6M
- -13.05%
- YTD
- -7.36%
- 1Y
- 18.76%
- 3Y*
- 26.48%
- 5Y*
- 16.50%
- 10Y*
- 11.21%
XSW vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -4.56% | -0.90% | 25.81% | 38.60% | -34.22% | 7.47% | 52.41% | 36.50% | 7.67% | 27.94% |
GLD SPDR Gold Shares | -7.36% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between XSW and GLD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011 | 0.04 |
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Return for Risk
XSW vs. GLD — Risk / Return Rank
XSW
GLD
XSW vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.15 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 0.72 | -0.84 |
| Martin ratioReturn relative to average drawdown | -0.24 | 1.76 | -2.00 |
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Drawdowns
XSW vs. GLD - Drawdown Comparison
The maximum XSW drawdown since its inception was -45.38%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for XSW and GLD.
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Drawdown Indicators
| XSW | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -45.56% | +0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -33.75% | -26.21% | -7.54% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | -26.21% | -7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -26.21% | -19.17% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | -26.21% | -19.17% |
Current DrawdownCurrent decline from peak | -12.97% | -25.97% | +13.00% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -16.19% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.67% | 10.69% | +5.98% |
Volatility
XSW vs. GLD - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) and SPDR Gold Shares (GLD) have volatilities of 7.88% and 7.58%, 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.
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Volatility by Period
| XSW | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 7.58% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 24.53% | 24.18% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.16% | 27.96% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.04% | 18.39% | +10.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.29% | 16.10% | +10.19% |
XSW vs. GLD - Expense Ratio Comparison
XSW has a 0.35% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
XSW vs. GLD - Dividend Comparison
Neither XSW nor GLD has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
XSW and GLD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSW has higher volatility (7.88%) compared to GLD (7.58%). In terms of maximum drawdown, XSW dropped -45.38% vs GLD's -45.56%.
On 10-year performance, XSW leads with 13.25% vs 11.21% for GLD. On fees, XSW is cheaper at 0.35% per year. On volatility, GLD has been the lower-risk option at 7.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XSW has performed better with a 13.25% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSW is cheaper with a 0.35% expense ratio, compared with 0.40% for GLD.
XSW and GLD have nearly identical dividend yields, around 0.00%.
XSW is categorized as Technology Equities, while GLD is Gold. XSW tracks S&P Software & Services Select Industry Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.35% for XSW and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.68 vs -0.14), 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.
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