XSW — State Street SPDR S&P Software & Services ETF
Technology Ranked #423 of 458 tracked ETFs · Issued by State Street Investment Management
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.
What If You'd Invested in XSW?
See what a lump sum in XSW would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The State Street SPDR S&P Software & Services ETF (XSW) is a technology-focused fund, tracking the performance of the S&P Software & Services Index. Issued by State Street Investment Management, XSW is positioned as the 4th largest fund in its category, with an AUM of $509M. Its overall rank of #423 out of 458 tracked ETFs indicates a modest standing in the broader market. The fund carries a D grade from ETFValuer, reflecting a score of 40.3/100. With an expense ratio of 0.35%, XSW is relatively cost-effective, and its dividend yield of 0.01% suggests minimal income generation. Despite its high price of $202.99, the fund's AUM indicates that it has attracted a significant but not overwhelming amount of investor capital, positioning it as a mid-sized player in its category.
XSW's performance has shown a mix of short-term volatility and long-term growth. Over the past year, the fund has seen a modest gain of 8.35%, but this is offset by a 2.30% decline in a single day, indicating significant short-term fluctuations. The 1-month return of +6.52% suggests a recovery from the short-term dip, while the 3-month and 6-month returns of +20.68% and +29.83%, respectively, point to a strong upward trend. The year-to-date return of +10.46% and the 3-year return of +54.31% further support this trend, showing consistent growth over the longer term. However, the 1-week return of -2.97% indicates that the fund can experience short-term declines, even during periods of overall growth.
XSW is categorized as having a Very High volatility label, which is reflected in its beta of 1.36, indicating that the fund is more volatile than the overall market. This high volatility is further supported by its Sharpe ratio of 0.11, which suggests that the fund's returns are not sufficiently rewarded for the level of risk taken. The maximum drawdown of -33.75% indicates that the fund has experienced a significant decline in value, which could be concerning for investors seeking stability. In up markets, XSW is likely to outperform the broader market due to its high beta, but in down markets, it is also more susceptible to large losses. Overall, the combination of high volatility, a modest Sharpe ratio, and a significant drawdown suggests that XSW is a high-risk, high-reward investment, suitable for investors who can tolerate substantial price fluctuations and are looking for potential for strong growth.
AI-generated summary based on the data on this page.
XSW Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | State Street Global Advisors | 9.95% | $40M |
| 2 | Porch Group Inc | 1.17% | $5M |
| 3 | Arteris Inc | 1.06% | $4M |
| 4 | Tenable Holdings Inc | 1.01% | $4M |
| 5 | ROBLOX Corp | 0.96% | $4M |
| 6 | Palo Alto Networks Inc | 0.95% | $4M |
| 7 | PAR Technology Corp | 0.94% | $4M |
| 8 | Netskope Inc | 0.94% | $4M |
| 9 | Varonis Systems Inc | 0.93% | $4M |
| 10 | Digital Turbine Inc | 0.92% | $4M |
Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 18.8% 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 — BUG overlaps most, holding 2 of the same companies as XSW's top 10 (2.0% of XSW's assets).
| ETF | Name | Shared Companies | XSW Weight | Examples |
|---|---|---|---|---|
| BUG | Global X Cybersecurity ETF | 2 | 2.0% | Palo Alto Networks Inc, Tenable Holdings Inc |
| SPDW | State Street SPDR Portfolio Developed World ex-US ETF | 1 | 9.9% | State Street Global Advisors |
| SPEM | State Street SPDR Portfolio Emerging Markets ETF | 1 | 9.9% | State Street Global Advisors |
| SDY | State Street SPDR S&P Dividend ETF | 1 | 9.9% | State Street Global Advisors |
| KRE | State Street SPDR S&P Regional Banking ETF | 1 | 9.9% | State Street Global Advisors |
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: 4.77% (as of 2026-09-03) — 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): 14.32 (as of 2026-09-03) — 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 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What XSW's Fees Cost You
XSW charges an expense ratio of 0.35% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
XSW Dividend Income Estimator
XSW currently yields 0.01%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
XSW Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 4.19% and average daily volume is 48K/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 $509M 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
| Period | Return |
|---|---|
| 1-Day | -2.30% |
| 1-Week | -2.97% |
| 1-Month | +6.52% |
| 3-Month | +20.68% |
| 6-Month | +29.83% |
| YTD | +10.46% |
| 1-Year | +8.35% |
| 3-Year | +54.31% |
How XSW Compares to Other Technology ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #26 | B+ |
XLK | State Street Technology Select Sector SPDR ETF | +43.36% | 0.08% | $121B |
| #33 | B+ |
SMH | VanEck Semiconductor ETF | +96.22% | 0.35% | $67.8B |
| #36 | B+ |
VGT | Vanguard Information Technology Index Fund ETF Shares | +39.70% | 0.09% | $169B |
| #41 | B+ |
SOXX | iShares Semiconductor ETF | +113.90% | 0.33% | $41.8B |
| #58 | B |
FTEC | Fidelity MSCI Information Technology Index ETF | +39.99% | 0.084% | $21.3B |
| #69 | B |
SOXQ | Invesco PHLX Semiconductor ETF | +107.87% | 0.19% | $2.96B |
| #88 | B |
IYW | iShares U.S. Technology ETF | +38.69% | 0.37% | $25.2B |
| #120 | B |
IGM | iShares Expanded Tech Sector ETF | +36.43% | 0.37% | $10.7B |
| #129 | B |
PSI | Invesco Semiconductors ETF | +115.95% | 0.56% | $2.38B |
| #143 | B |
XSD | State Street SPDR S&P Semiconductor ETF | +71.77% | 0.35% | $2.59B |
| #189 | B |
CIBR | First Trust NASDAQ Cybersecurity ETF | +31.44% | 0.58% | $16.1B |
| #218 | C |
HACK | Amplify Cybersecurity ETF | +32.94% | 0.6% | $3.04B |
| #312 | C |
SKYY | First Trust Cloud Computing ETF | +26.45% | 0.6% | $3.39B |
| #397 | D |
BUG | Global X Cybersecurity ETF | +22.99% | 0.5% | $1.73B |
| #403 | D |
FDN | First Trust Dow Jones Internet Index Fund | +3.77% | 0.49% | $5.41B |
| #423 | D |
XSW | State Street SPDR S&P Software & Services ETF | +8.35% | 0.35% | $509M |
| #429 | D |
IGV | iShares Expanded Tech-Software Sector ETF | -2.11% | 0.38% | $15.7B |