XSW vs. XLKI

Last updated Aug 2, 2026

XSW (SPDR S&P Software & Services ETF) and XLKI (State Street Technology Select Sector SPDR Premium Income ETF) are both Technology Equities funds from State Street. XSW is passively managed, while XLKI is actively managed. Over the past year, XSW returned 0.97% vs 24.59% for XLKI. Their 0.42 correlation means their historical movements had little consistent relationship. Both charge a 0.35% expense ratio.

Performance

XSW vs. XLKI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) and State Street Technology Select Sector SPDR Premium Income ETF (XLKI). 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 XLKI's 10.67% 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%

XLKI

• 1D: 0.01%
• 1M: -1.06%
• 6M: 9.29%
• YTD: 10.67%
• 1Y: 24.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.71%

*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)
XLKI State Street Technology Select Sector SPDR Premium Income ETF	$514.98K	$430.22K	$356.64K
XSW SPDR S&P Software & Services ETF	$8.95M	$8.27M	$10.07M

XSW vs. XLKI - Yearly Performance Comparison

	2026 (YTD)	2025
XSW SPDR S&P Software & Services ETF	-2.35%	-2.39%
XLKI State Street Technology Select Sector SPDR Premium Income ETF	10.67%	10.02%

Correlation

The correlation between XSW and XLKI is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.42

XSW vs. XLKI - Sectors Allocation Comparison

Sectors	XSW	XLKI
Technology	87.3%	99.2%
Financial Services	7.1%	99.9%
Communication Services	3.3%	0.8%
Consumer Cyclical	0.8%	-
Healthcare	0.8%	-
Industrials	0.7%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XSW vs. XLKI — 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

XLKI

XLKI Risk / Return Rank: 51
XLKI Sharpe Ratio Rank: 46
XLKI Sortino Ratio Rank: 43
XLKI Omega Ratio Rank: 47
XLKI Calmar Ratio Rank: 57
XLKI Martin Ratio Rank: 60

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. XLKI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) and State Street Technology Select Sector SPDR Premium Income ETF (XLKI). 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	XLKI	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	1.13	-1.21
Sortino ratio: Return per unit of downside risk	0.10	1.61	-1.51
Omega ratio: Gain probability vs. loss probability	1.01	1.22	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.07	2.02	-2.08
Martin ratio: Return relative to average drawdown	-0.13	7.10	-7.23

XSW vs. XLKI - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.08, which is lower than the XLKI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of XSW and XLKI, 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. XLKI - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, which is greater than XLKI's maximum drawdown of -11.21%. Use the drawdown chart below to compare losses from any high point for XSW and XLKI.

Drawdown Indicators

	XSW	XLKI	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-11.21%	-34.17%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-11.21%	-22.54%
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%	-6.73%	-4.23%
Average Drawdown Average peak-to-trough decline	-9.90%	-2.16%	-7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	3.18%	+13.74%

Volatility

XSW vs. XLKI - Volatility Comparison

The current volatility for SPDR S&P Software & Services ETF (XSW) is 8.03%, while State Street Technology Select Sector SPDR Premium Income ETF (XLKI) has a volatility of 8.68%. This indicates that XSW experiences smaller price fluctuations and is considered to be less risky than XLKI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSW	XLKI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	8.68%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	24.75%	17.55%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	29.79%	19.96%	+9.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.15%	19.92%	+9.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.36%	19.92%	+6.44%

XSW vs. XLKI - Expense Ratio Comparison

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

Dividends

XSW vs. XLKI - Dividend Comparison

XSW has not paid dividends to shareholders, while XLKI's dividend yield for the trailing twelve months is around 17.91%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLKI State Street Technology Select Sector SPDR Premium Income ETF	17.91%	8.52%	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

Can I hold both XSW and XLKI in my portfolio?

XSW and XLKI have a correlation of 0.42, 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 XLKI?

XLKI has higher volatility (8.68%) compared to XSW (8.03%). In terms of maximum drawdown, XSW dropped -45.38% vs XLKI's -11.21%.

Which ETF is better, XSW or XLKI?

On 1-year performance, XLKI leads with 24.59% 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 XLKI?

Over the 1-year period, XLKI has performed better with a 24.59% 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 XLKI?

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

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

XLKI has the higher dividend yield at 17.91%, compared with 0.00% for XSW.

Which has better risk-adjusted returns?

XLKI currently has the higher Sharpe Ratio (1.13 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.