XSW vs. MOON

Last updated Jun 23, 2026

XSW (SPDR S&P Software & Services ETF) and MOON (Direxion Moonshot Innovators ETF) are both Technology Equities funds - XSW tracks the S&P Software & Services Select Industry Index while MOON tracks the S&P Kensho Moonshots Index. Both are passively managed. At a 0.19 correlation, their price movements are largely independent. XSW charges 0.35%/yr vs 0.65%/yr for MOON.

Performance

XSW vs. MOON - Performance Comparison

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

Returns By Period

XSW

• 1D: -1.47%
• 1M: -2.96%
• YTD: -14.42%
• 6M: -17.32%
• 1Y: -10.76%
• 3Y*: 7.75%
• 5Y*: -1.17%
• 10Y*: 12.71%

MOON

• 1D: -5.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSW vs. MOON - Yearly Performance Comparison

	2026 (YTD)
XSW SPDR S&P Software & Services ETF	-4.79%
MOON Direxion Moonshot Innovators ETF	-15.19%

Correlation

The correlation between XSW and MOON is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.19

XSW vs. MOON - Sectors Allocation Comparison

Sectors	XSW	MOON
Technology	85.9%	42.4%
Financial Services	9.0%	4.2%
Communication Services	2.7%	9.3%
Consumer Cyclical	1.1%	11.9%
Healthcare	0.8%	23.5%
Industrials	0.6%	7.5%
Basic Materials	-	1.2%
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XSW vs. MOON — 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: 5
XSW Sortino Ratio Rank: 6
XSW Omega Ratio Rank: 5
XSW Calmar Ratio Rank: 6
XSW Martin Ratio Rank: 6

MOON

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MOON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) and Direxion Moonshot Innovators ETF (MOON). 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	MOON	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	—	—
Sortino ratio: Return per unit of downside risk	-0.34	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.32	—	—
Martin ratio: Return relative to average drawdown	-0.66	—	—

Drawdowns

XSW vs. MOON - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, which is greater than MOON's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for XSW and MOON.

Drawdown Indicators

	XSW	MOON	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-15.19%	-30.19%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	—	—
Current Drawdown Current decline from peak	-21.97%	-15.19%	-6.78%
Average Drawdown Average peak-to-trough decline	-9.86%	-10.52%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.25%	—	—

Volatility

Volatility by Period

	XSW	MOON	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.87%	13.68%	+15.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.89%	13.68%	+15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.30%	13.68%	+12.62%

XSW vs. MOON - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is lower than MOON's 0.65% expense ratio.

Dividends

XSW vs. MOON - Dividend Comparison

XSW's dividend yield for the trailing twelve months is around 0.04%, while MOON has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOON Direxion Moonshot Innovators ETF	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	0.04%	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 MOON in my portfolio?

XSW and MOON have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSW or MOON?

On fees, XSW is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSW or MOON?

XSW is cheaper with a 0.35% expense ratio, compared with 0.65% for MOON.

Which ETF pays a higher dividend yield, XSW or MOON?

XSW has the higher dividend yield at 0.04%, compared with 0.00% for MOON.

What is the main difference between XSW and MOON?

XSW tracks S&P Software & Services Select Industry Index, while MOON tracks S&P Kensho Moonshots Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for XSW and 0.65% for MOON.