XSW vs. VOX

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Software & Services ETF (XSW) and Vanguard Communication Services ETF (VOX).

XSW and VOX 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. VOX is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Telecommunication Services 25/50 Index. It was launched on Sep 23, 2004. Both XSW and VOX 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. VOX - Performance Comparison

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

XSW vs. VOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSW SPDR S&P Software & Services ETF	-23.97%	-0.90%	25.81%	38.60%	-34.22%	7.47%	52.41%	36.50%	7.67%	27.94%
VOX Vanguard Communication Services ETF	-6.90%	26.27%	33.12%	44.81%	-38.85%	13.83%	29.12%	28.03%	-16.75%	-5.50%

Returns By Period

In the year-to-date period, XSW achieves a -23.97% return, which is significantly lower than VOX's -6.90% return. Over the past 10 years, XSW has outperformed VOX with an annualized return of 11.83%, while VOX has yielded a comparatively lower 8.41% annualized 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%

VOX

• 1D: 3.50%
• 1M: -6.17%
• YTD: -6.90%
• 6M: -3.66%
• 1Y: 22.45%
• 3Y*: 24.33%
• 5Y*: 7.40%
• 10Y*: 8.41%

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

XSW vs. VOX - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is higher than VOX's 0.10% expense ratio.

XSW

SPDR S&P Software & Services ETF

VOX

Vanguard Communication Services ETF

Return for Risk

XSW vs. VOX — 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: 6
XSW Sortino Ratio Rank: 6
XSW Omega Ratio Rank: 6
XSW Calmar Ratio Rank: 6
XSW Martin Ratio Rank: 4

VOX

VOX Risk / Return Rank: 68
VOX Sharpe Ratio Rank: 66
VOX Sortino Ratio Rank: 72
VOX Omega Ratio Rank: 67
VOX Calmar Ratio Rank: 69
VOX Martin Ratio Rank: 67

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. VOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) and Vanguard Communication Services ETF (VOX). 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	VOX	Difference
Sharpe ratio Return per unit of total volatility	-0.36	1.11	-1.47
Sortino ratio Return per unit of downside risk	-0.33	1.72	-2.04
Omega ratio Gain probability vs. loss probability	0.96	1.23	-0.27
Calmar ratio Return relative to maximum drawdown	-0.38	1.67	-2.05
Martin ratio Return relative to average drawdown	-1.01	6.24	-7.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSW vs. VOX - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.36, which is lower than the VOX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of XSW and VOX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XSW	VOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	1.11	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.35	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.40	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.42	+0.15

Correlation

The correlation between XSW and VOX is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XSW vs. VOX - Dividend Comparison

XSW's dividend yield for the trailing twelve months is around 0.05%, less than VOX's 1.05% 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%
VOX Vanguard Communication Services ETF	1.05%	0.95%	1.05%	1.03%	0.88%	0.93%	0.73%	0.90%	2.77%	3.83%	2.67%	3.55%

Drawdowns

XSW vs. VOX - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum VOX drawdown of -57.18%. Use the drawdown chart below to compare losses from any high point for XSW and VOX.

Drawdown Indicators

	XSW	VOX	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-57.18%	+11.80%
Max Drawdown (1Y) Largest decline over 1 year	-32.64%	-13.56%	-19.08%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-46.76%	+1.38%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-46.76%	+1.38%
Current Drawdown Current decline from peak	-30.67%	-10.03%	-20.64%
Average Drawdown Average peak-to-trough decline	-9.66%	-11.99%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.18%	3.64%	+8.54%

Volatility

XSW vs. VOX - Volatility Comparison

SPDR S&P Software & Services ETF (XSW) has a higher volatility of 7.84% compared to Vanguard Communication Services ETF (VOX) at 6.40%. This indicates that XSW's price experiences larger fluctuations and is considered to be riskier than VOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSW	VOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	6.40%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	11.80%	+8.71%
Volatility (1Y) Calculated over the trailing 1-year period	30.30%	20.34%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.21%	21.19%	+7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.87%	20.87%	+5.00%