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 13.43%/yr vs 11.05%/yr for GLD. Their 0.04 correlation means their historical movements had little consistent relationship. 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 -2.35% return, which is significantly higher than GLD's -6.25% return. Over the past 10 years, XSW has outperformed GLD with an annualized return of 13.43%, while GLD has yielded a comparatively lower 11.05% annualized return.
XSW
- 1D
- 0.60%
- 1M
- 3.56%
- 6M
- 9.30%
- YTD
- -2.35%
- 1Y
- 0.97%
- 3Y*
- 8.86%
- 5Y*
- 1.40%
- 10Y*
- 13.43%
- ALL TIME*
- 14.98%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.38B | $2.40B | $2.72B | |
| $8.95M | $8.27M | $10.07M |
XSW vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -2.35% | -0.90% | 25.81% | 38.60% | -34.22% | 7.47% | 52.41% | 36.50% | 7.67% | 27.94% |
GLD SPDR Gold Shares | -6.25% | 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 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.17 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.86 | -0.93 |
| Martin ratioReturn relative to average drawdown | -0.13 | 1.86 | -1.99 |
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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% | -26.40% | -7.35% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | -26.40% | -7.35% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -26.40% | -18.98% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | -26.40% | -18.98% |
Current DrawdownCurrent decline from peak | -10.96% | -25.08% | +14.12% |
Average DrawdownAverage peak-to-trough decline | -9.90% | -16.21% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.92% | 12.18% | +4.74% |
Volatility
XSW vs. GLD - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) has a higher volatility of 8.03% compared to SPDR Gold Shares (GLD) at 6.40%. This indicates that XSW's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. 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 | 8.03% | 6.40% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 23.52% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.79% | 28.13% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.15% | 18.49% | +10.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.36% | 16.14% | +10.22% |
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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSW has higher volatility (8.03%) compared to GLD (6.40%). In terms of maximum drawdown, XSW dropped -45.38% vs GLD's -45.56%.
On 10-year performance, XSW leads with 13.43% vs 11.05% for GLD. On fees, XSW is cheaper at 0.35% per year. On volatility, GLD has been the lower-risk option at 6.40%. 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 13.43% return vs 11.05%. 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 (0.81 vs -0.08), 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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