XSW vs. SPAM

Last updated Aug 2, 2026

XSW (SPDR S&P Software & Services ETF) and SPAM (Themes Cybersecurity ETF) are both Technology Equities funds - XSW tracks the S&P Software & Services Select Industry Index while SPAM tracks the Solactive Cyber Security Index - Benchmark TR Net. Both are passively managed. Over the past year, XSW returned 0.97% vs 31.93% for SPAM. Their correlation of 0.81 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.

Performance

XSW vs. SPAM - Performance Comparison

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

Returns By Period

In the year-to-date period, XSW achieves a -2.35% return, which is significantly lower than SPAM's 33.96% 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%

SPAM

• 1D: 1.63%
• 1M: -2.56%
• 6M: 34.94%
• YTD: 33.96%
• 1Y: 31.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.07%

*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)
SPAM Themes Cybersecurity ETF	$48.61K	$58.13K	$116.83K
XSW SPDR S&P Software & Services ETF	$8.95M	$8.27M	$10.07M

XSW vs. SPAM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XSW SPDR S&P Software & Services ETF	-2.35%	-0.90%	25.81%	7.30%
SPAM Themes Cybersecurity ETF	33.96%	4.86%	10.58%	6.74%

Correlation

The correlation between XSW and SPAM is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.81

The correlation between XSW and SPAM has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

XSW vs. SPAM - Sectors Allocation Comparison

Sectors	XSW	SPAM
Technology	87.3%	89.9%
Financial Services	7.1%	0.1%
Communication Services	3.3%	6.4%
Consumer Cyclical	0.8%	-
Healthcare	0.8%	-
Industrials	0.7%	3.4%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	0.3%
Utilities	-	-

Return for Risk

XSW vs. SPAM — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 10
XSW Sharpe Ratio Rank: 10
XSW Sortino Ratio Rank: 10
XSW Omega Ratio Rank: 10
XSW Calmar Ratio Rank: 10
XSW Martin Ratio Rank: 10

SPAM

SPAM Risk / Return Rank: 38
SPAM Sharpe Ratio Rank: 41
SPAM Sortino Ratio Rank: 42
SPAM Omega Ratio Rank: 39
SPAM Calmar Ratio Rank: 36
SPAM Martin Ratio Rank: 30

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.

XSW vs. SPAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) and Themes Cybersecurity ETF (SPAM). 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	SPAM	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	1.03	-1.11
Sortino ratio: Return per unit of downside risk	0.10	1.53	-1.43
Omega ratio: Gain probability vs. loss probability	1.01	1.19	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.07	1.23	-1.29
Martin ratio: Return relative to average drawdown	-0.13	2.68	-2.81

XSW vs. SPAM - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.08, which is lower than the SPAM Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of XSW and SPAM, 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. SPAM - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, which is greater than SPAM's maximum drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for XSW and SPAM.

Drawdown Indicators

	XSW	SPAM	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-24.02%	-21.36%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-24.02%	-9.73%
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	-10.96%	-6.87%	-4.09%
Average Drawdown Average peak-to-trough decline	-9.90%	-6.51%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	10.97%	+5.95%

Volatility

XSW vs. SPAM - Volatility Comparison

The current volatility for SPDR S&P Software & Services ETF (XSW) is 8.03%, while Themes Cybersecurity ETF (SPAM) has a volatility of 8.48%. This indicates that XSW experiences smaller price fluctuations and is considered to be less risky than SPAM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSW	SPAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	8.48%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	24.75%	24.09%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	29.79%	28.57%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.15%	25.04%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.36%	25.04%	+1.32%

XSW vs. SPAM - Expense Ratio Comparison

Both XSW and SPAM have an expense ratio of 0.35%.

Dividends

XSW vs. SPAM - Dividend Comparison

XSW has not paid dividends to shareholders, while SPAM's dividend yield for the trailing twelve months is around 0.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%	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

Can I hold both XSW and SPAM in my portfolio?

XSW and SPAM have a correlation of 0.78, 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 SPAM?

SPAM has higher volatility (8.48%) compared to XSW (8.03%). In terms of maximum drawdown, XSW dropped -45.38% vs SPAM's -24.02%.

Which ETF is better, XSW or SPAM?

On 1-year performance, SPAM leads with 31.93% vs 0.97% for XSW. Both ETFs have the same 0.35% expense ratio. On volatility, XSW has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSW or SPAM?

Over the 1-year period, SPAM has performed better with a 31.93% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSW or SPAM?

XSW and SPAM have the same expense ratio: 0.35% per year.

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

SPAM has the higher dividend yield at 0.37%, compared with 0.00% for XSW.

What is the main difference between XSW and SPAM?

XSW tracks S&P Software & Services Select Industry Index, while SPAM tracks Solactive Cyber Security Index - Benchmark TR Net. They also come from different issuers: State Street and Themes.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.03 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.