XSW — State Street SPDR S&P Software & Services ETF

XSW Price Performance — Growth of $10,000

Value of a $10,000 investment in XSW over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

XSW Drawdown

The "underwater" chart: XSW's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR S&P Software & Services ETF (XSW) is a technology sector fund managed by State Street Investment Management with $402 million in assets under management. Currently priced at $169.53, the fund holds an overall rank of #448 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of F with a score of 30.3 out of 100. It competes within a category of 17 ETFs and charges an expense ratio of 0.35% while offering a dividend yield of just 0.01%. The relatively low asset size and high expense ratio compared to the broader universe suggest limited investor adoption relative to larger peers. Its position near the bottom of the overall ranking reflects a combination of high costs and performance metrics that have not attracted significant capital inflows. The fund's classification within the Technology sector places it in direct competition with other software and services vehicles tracked by the platform.

Recent price action shows a sharp divergence between short-term gains and longer-term losses, with the fund rising 2.03% over one day and 4.65% over one month. This short-term recovery contrasts with a 4.46% decline over the past week and a 6.04% drop over the last six months. Year-to-date performance remains negative at -7.74%, while the one-year return stands at -12.93%, indicating sustained pressure over the last twelve months. However, the three-year return of +19.52% demonstrates that the fund has generated positive returns over a longer horizon despite recent underperformance. The pattern suggests a volatile trajectory where recent monthly gains have not yet offset the significant declines seen over the past year and half. This mix of positive short-term momentum and negative medium-to-long-term results creates a complex performance profile for the fund.

The fund carries a High volatility label and a beta of 1.37, indicating that its price movements tend to be more pronounced than the broader market. A Sharpe ratio of -0.61 suggests that the risk-adjusted returns have been negative, meaning the fund has not adequately compensated investors for the level of risk taken. This risk profile is further evidenced by a maximum drawdown of -33.75%, which represents the largest peak-to-trough decline recorded for the ETF. The combination of high beta and significant drawdown implies that the fund experiences amplified losses during market downturns. Investors holding this asset face substantial exposure to market swings, as the negative Sharpe ratio confirms that recent volatility has not resulted in positive risk-adjusted gains.

AI-generated summary based on the data on this page.

XSW Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 16.7% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how XSW's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With XSW

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with XSW's top 10 — SPDW overlaps most, holding 1 of the same companies as XSW's top 10 (9.0% of XSW's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

XSW Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 2.94% and average daily volume is 62K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $402M provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: XSW is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

XSW Performance History

How XSW Compares to Other Technology ETFs