XSW vs. SPAM
Compare and contrast key facts about SPDR S&P Software & Services ETF (XSW) and Themes Cybersecurity ETF (SPAM).
XSW and SPAM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSW is a passively managed fund by State Street that tracks the performance of the S&P Software & Services Select Industry Index. It was launched on Sep 28, 2011. SPAM is a passively managed fund by Themes that tracks the performance of the Solactive Cyber Security Index - Benchmark TR Net. It was launched on Dec 7, 2023. Both XSW and SPAM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
XSW vs. SPAM - Performance Comparison
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XSW vs. SPAM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -23.97% | -0.90% | 25.81% | 6.00% |
SPAM Themes Cybersecurity ETF | -5.88% | 4.86% | 10.58% | 5.42% |
Returns By Period
In the year-to-date period, XSW achieves a -23.97% return, which is significantly lower than SPAM's -5.88% return.
XSW
- 1D
- 2.63%
- 1M
- -5.49%
- YTD
- -23.97%
- 6M
- -28.05%
- 1Y
- -10.96%
- 3Y*
- 5.07%
- 5Y*
- -2.31%
- 10Y*
- 11.83%
SPAM
- 1D
- 3.78%
- 1M
- 0.69%
- YTD
- -5.88%
- 6M
- -17.32%
- 1Y
- 1.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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XSW vs. SPAM - Expense Ratio Comparison
Both XSW and SPAM have an expense ratio of 0.35%.
Return for Risk
XSW vs. SPAM — Risk / Return Rank
XSW
SPAM
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.
| XSW | SPAM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.36 | 0.07 | -0.44 |
Sortino ratioReturn per unit of downside risk | -0.33 | 0.29 | -0.61 |
Omega ratioGain probability vs. loss probability | 0.96 | 1.04 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | -0.38 | 0.01 | -0.38 |
Martin ratioReturn relative to average drawdown | -1.01 | 0.02 | -1.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XSW | SPAM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | 0.07 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.27 | +0.30 |
Correlation
The correlation between XSW and SPAM is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
XSW vs. SPAM - Dividend Comparison
XSW's dividend yield for the trailing twelve months is around 0.05%, less than SPAM's 0.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | 0.05% | 0.06% | 0.07% | 0.20% | 0.09% | 0.13% | 0.26% | 0.12% | 0.31% | 0.46% | 0.87% | 0.54% |
SPAM Themes Cybersecurity ETF | 0.52% | 0.49% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| XSW | SPAM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -24.02% | -21.36% |
Max Drawdown (1Y)Largest decline over 1 year | -32.64% | -24.02% | -8.62% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | — | — |
Current DrawdownCurrent decline from peak | -30.67% | -20.11% | -10.56% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -6.37% | -3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.18% | 9.78% | +2.40% |
Volatility
XSW vs. SPAM - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) and Themes Cybersecurity ETF (SPAM) have volatilities of 7.84% and 8.04%, 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 | SPAM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.84% | 8.04% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 20.51% | 19.15% | +1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.30% | 26.80% | +3.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.21% | 23.51% | +4.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.87% | 23.51% | +2.36% |