SPDR S&P Software & Services ETF (XSW) Performance
XSW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +15.1% since Dec 31, 2025
- 1 year
- +8.3% total return
- 5 years
- +3.5% a year
- 10 years
- +15.1% a year
- Since first price
- +16.2% a year since 2011
XSW trailing returns vs SPY, QQQ, AGG
| Period | XSW total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +7.3% | +7.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +29.6% | +29.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +46.0% | +46.0% | +7.8% | +8.4% | −1.5% |
| YTD | +15.1% | +15.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.3% | +8.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +79.3%+21.5%/yr | +79.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +18.7%+3.5%/yr | +18.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +309.2%+15.1%/yr | +299.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +775.5%+15.6%/yr | +694.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionSep 29, 2011 | +859.7%+16.2%/yr | +770.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: XSW vs SPY
From Sep 29, 2011: XSW grew to $95,966, SPY to $85,036.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
XSW returns by calendar year
12 of 14 full years positive. Best 2020 (+52.4%), worst 2022 (−34.2%). 2026 is year to date.
XSW annual returns table
| Year | XSW | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +15.1% | −29.0% | +12.3% | +15.1% | −1.0% |
| 2025 | −0.9% | −28.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +25.8% | −10.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +38.6% | −17.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −34.2% | −38.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.5% | −14.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +52.4% | −37.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +36.5% | −10.5% | +31.2% | +39.0% | +8.5% |
| 2018 | +7.7% | −24.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +27.9% | −5.2% | +21.7% | +32.7% | +3.6% |
| 2016 | +8.5% | −18.5% | +12.0% | +7.1% | +2.4% |
| 2015 | +7.1% | −13.3% | +1.2% | +9.4% | +0.5% |
| 2014 | +5.8% | −16.7% | +13.5% | +19.2% | +6.0% |
| 2013 | +48.2% | −4.8% | +32.3% | +36.6% | −2.0% |
| 2012 | +14.9% | −12.8% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
XSW largest drawdowns
At an all-time high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 9, 2021 | −45.4% | Nov 9, 2022 | Nov 11, 2024 | 1.0 years | 3.0 years |
| Feb 19, 2020 | −37.8% | Mar 18, 2020 | Jun 23, 2020 | 28 days | 4 months |
| Sep 22, 2025 | −33.8% | Apr 10, 2026 | Aug 27, 2026 | 7 months | 11 months |
| Dec 6, 2024 | −30.8% | Apr 8, 2025 | Sep 22, 2025 | 4 months | 10 months |
| Jun 23, 2015 | −24.7% | Feb 8, 2016 | Jul 12, 2016 | 8 months | 1.1 years |
| Sep 14, 2018 | −24.2% | Dec 24, 2018 | Feb 25, 2019 | 3 months | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
XSW risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +15.4% | +2.6% | +13.6% | +15.5% |
| Volatility (annualized) | 26.0% | 25.2% | 23.1% | 21.0% |
| Sharpe ratio | 0.51 | 0.08 | 0.57 | 0.72 |
| Sortino ratio | 0.89 | 0.13 | 0.94 | 1.21 |
| Best month | +17.5% | +17.5% | +18.4% | +18.4% |
| Worst month | −10.7% | −11.5% | −16.7% | −16.7% |
| Best 12 months | +43.1% | +43.1% | +92.0% | +92.0% |
| Worst 12 months | −14.5% | −37.6% | −37.6% | −37.6% |
| Positive months | 64% | 53% | 61% | 63% |
| Beta vs S&P 500 | 1.50 | 1.19 | 1.18 | — |
| Correlation with S&P 500 | 0.72 | 0.74 | 0.78 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
XSW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 170 | −37.6% | +17.7% | +92.0% | 80% |
| 3-year (a year) | 146 | −4.0% | +15.8% | +31.5% | 92% |
| 5-year (a year) | 122 | −1.9% | +14.9% | +29.4% | 98% |
| 10-year (a year) | 62 | +11.5% | +14.2% | +22.5% | 100% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
XSW performance overview
SPDR S&P Software & Services ETF (XSW) returned +8.3% over the past year and +15.1% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +16.2% a year, turning $10,000 into about $95,966. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −45.4%, from Nov 9, 2021 to Nov 9, 2022, and it took 2.0 years to get back to the old high. XSW finished 12 of its 14 full calendar years with a gain; the best year was 2020 (+52.4%) and the worst 2022 (−34.2%). Volatility has been 21.0% a year.
Related: XSW chart, XSW holdings. See the XSW overview for the latest quote and fund facts.
XSW performance FAQ
What is the XSW return over the past year?
XSW returned +8.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 8.3%.
What is the average annual return of XSW?
XSW has returned +3.5% a year over 5 years, +15.1% a year over 10 years, +16.2% a year since September 29, 2011 (total return, distributions reinvested).
How much would $10,000 invested in XSW be worth?
$10,000 invested in XSW at its first recorded close on September 29, 2011 would be worth about $95,966 on October 23, 2026 with distributions reinvested.
What was the worst year for XSW?
The worst calendar year was 2022, with a total return of −34.2%. The best was 2020 at +52.4%.
What is the biggest drawdown of XSW?
The largest peak-to-trough decline was −45.4% between November 9, 2021 and November 9, 2022. It recovered to the old high on November 11, 2024, 2.0 years after the bottom.
How volatile is XSW?
Over the past 3 years XSW had an annualized volatility of 26.0% and a Sharpe ratio of 0.51 (excess return over 1–3 month T-bills per unit of risk).