XLK Technology Dashboard
The Technology Select Sector SPDR (XLK): leadership, its holdings underneath, valuation, positioning and options.
- Price
- $174.22 · −13.8% from high · +2.7% vs 200-day
- Ratio to SPY
- −0.3% vs its 200-day · −11.5% from record (2026)
- Valuation
- 32.1× trailing earnings, fund-weighted (66th pct since 2014)
- Flows
- $1.0B over 13 weeks · z 0.0
- Short interest
- 1.9% of shares (93rd pct) · 2.9 days to cover
- Options
- 30-day IV 38.8% (98th pct) · skew 2.8 pts
- Concentration
- top 10 = 65% · ~14 effective names
Leading: the ratio to SPY above its 200-day average and ahead of SPY over at least two of 3, 6 and 12 months. Lagging: below it and behind over at least two. Mixed: otherwise. Returns are total return. Breadth: broad at 70% of holdings above their 200-day, narrow below 40%. Descriptions, not forecasts.
Latest read
- Leadership: mixed. Against SPY in total return, XLK is behind by 4.4 pts over 3 months, ahead by 2.5 pts over 6 and ahead by 4.8 pts over 12, and the ratio sits −0.3% from its 200-day average.
- Trend: XLK closed at $174.22, above a rising trend (50-day over 200-day), −13.8% from its Oct 6, 2026 high.
- Underneath: 55% of the 74 holdings with 200 days of prices are above their 200-day averages (60% by weight) and 36% above their 50-day; 1 made a 52-week high on the latest session and 0 a 52-week low.
- Valuation: weighted as the fund holds them, the holdings whose filings yield a trailing P/E (98% of the fund) trade at 32.1 times trailing earnings, the 66th percentile since 2014; trailing revenue grew +28.0% on a year and the operating margin was 32.6% (2026Q2).
- Flows: $1.0B net over the 13 weeks to Oct 30, 2026, +0.0 standard deviations from its three-year norm.
Is XLK leading the market?
XLK divided by SPY in total return. A rising line means the sector is beating the S&P 500 whatever the market’s direction; a falling line means it is giving up leadership. The ratio is −0.3% from its 200-day average; XLK is behind by 4.4 pts over 3 months, ahead by 2.5 pts over 6 and ahead by 4.8 pts over 12. For longer context, the ratio sits −11.5% from its June 2, 2026 record.
XLK / SPY: relative strength
As of Nov 2, 2026XLK / SPY: relative strength
As of Nov 2, 202644.6% · 33 of 74 eligible holdings · Nov 2, 2026. 1 of 75 holdings excluded for incomplete price history.
XLK holdings beating SPY over 3 months
As of Nov 2, 2026XLK holdings beating SPY over 3 months
As of Nov 2, 2026Uses the holdings from Oct 30, 2026 throughout history. Former holdings are absent, so this is a view of today’s basket with survivorship bias. Each stock counts once; eligible counts vary with complete price history.
Trend, drawdown and stretch
XLK against its 50- and 200-day averages, then how far it sits below its record and how far it has run from its 200-day average. Today it is +2.7% from the 200-day, the 37th percentile of its history.
XLK price and its 50- and 200-day averages
As of Nov 2, 2026XLK price and its 50- and 200-day averages
As of Nov 2, 2026XLK drawdown from its record closing high
As of Nov 2, 2026XLK drawdown from its record closing high
As of Nov 2, 2026XLK distance from its 200-day average
As of Nov 2, 2026XLK distance from its 200-day average
As of Nov 2, 2026What the holdings are doing underneath
A fund can rise while fewer of its stocks participate. Compare XLK’s price with the share of its holdings above or below a moving average, then check new highs, new lows and daily advances against declines.
55.4% · 41 of 74 eligible holdings above their 200-day average as of Nov 2, 2026. 1 of 75 holdings excluded for incomplete history.
XLK: 41 of 74 holdings above their 200-day average
As of Nov 2, 2026XLK: 41 of 74 holdings above their 200-day average
As of Nov 2, 2026Uses the holdings from Oct 30, 2026 throughout the chart. Stocks that left the fund are absent, so historical readings have survivorship bias. The eligible count can change with available history. Missing prices are excluded; a close exactly at its average is neither above nor below. A breadth reading describes participation and does not establish a buy or sell signal.
61.6% · 45 of 73 eligible holdings · Nov 2, 2026. 2 of 75 holdings excluded for incomplete price history.
XLK holdings more than 20% below their 52-week highs
As of Nov 2, 2026XLK holdings more than 20% below their 52-week highs
As of Nov 2, 2026Uses the holdings from Oct 30, 2026 throughout history. Former holdings are absent, so this is a view of today’s basket with survivorship bias. Each stock counts once; eligible counts vary with complete price history.
XLK holdings at 52-week highs and lows
As of Nov 2, 2026XLK holdings at 52-week highs and lows
As of Nov 2, 2026XLK holdings: cumulative advances minus declines
As of Nov 2, 2026XLK holdings: cumulative advances minus declines
As of Nov 2, 2026How concentrated is the move?
The ten largest holdings are 65% of the fund; weighted, it behaves like about 14 equal positions. Over the last 63 sessions XLK’s price returned −6.8%, and by our estimate 8 holdings supplied half of all the movement, up and down.
Estimates in percentage points of the fund’s price return, dividends excluded: each holding’s starting weight is today’s weight rolled back by its price return, with no rebalancing, then multiplied by that return. Over the 74 holdings with prices they sum to −6.85 pts against the fund’s own price return of −6.78%, a gap of −0.06 pts from rebalancing, membership changes and fees.
XLK holdings at equal weight vs the fund
As of Nov 2, 2026XLK holdings at equal weight vs the fund
As of Nov 2, 2026Leaders and laggards
Every holding by fund weight, with price returns (dividends excluded), distance from its 52-week high and its trend.
| Holding | Weight | 1 mo | 3 mo | YTD | From high | 50d | 200d |
|---|---|---|---|---|---|---|---|
| AAPL | 15.3% | +1.6% | +9.6% | +24.7% | −2.8% | ▲ | ▲ |
| NVDA | 15.1% | −13.6% | −4.7% | +8.3% | −15.5% | ▼ | ▼ |
| MSFT | 11.8% | −2.0% | +2.9% | +4.9% | −6.7% | ▼ | ▲ |
| AVGO | 4.7% | −9.3% | −22.9% | −6.9% | −33.1% | ▼ | ▼ |
| AMD | 4.5% | −26.4% | −10.0% | +118.0% | −28.1% | ▼ | ▲ |
| MU | 4.0% | −22.5% | −6.7% | +191.8% | −31.4% | ▼ | ▲ |
| PLTR | 2.6% | −5.5% | +9.6% | +0.3% | −14.7% | ▼ | ▲ |
| CSCO | 2.5% | −9.4% | −16.5% | +31.9% | −21.8% | ▼ | ▲ |
| INTC | 2.0% | −49.7% | −40.5% | +62.8% | −57.4% | ▼ | ▼ |
| AMAT | 1.9% | −30.6% | −31.5% | +45.7% | −48.2% | ▼ | ▼ |
| LRCX | 1.8% | −34.5% | −28.4% | +32.9% | −47.5% | ▼ | ▼ |
| PANW | 1.8% | −12.8% | −4.0% | +90.9% | −16.2% | ▼ | ▲ |
| TXN | 1.7% | +2.8% | +6.5% | +74.1% | −9.1% | ▲ | ▲ |
| CRWD | 1.6% | −10.4% | +14.5% | +106.3% | −13.3% | ▲ | ▲ |
| IBM | 1.5% | +13.4% | +7.4% | −14.8% | −23.3% | ▲ | ▲ |
| ORCL | 1.4% | −16.3% | −18.3% | −38.9% | −54.6% | ▼ | ▼ |
| KLAC | 1.3% | −26.0% | −21.7% | +26.0% | −49.3% | ▼ | ▼ |
| ADI | 1.3% | −1.0% | +8.6% | +52.2% | −7.3% | ▲ | ▲ |
| APH | 1.2% | −8.2% | −6.8% | +18.2% | −9.9% | ▼ | ▲ |
| CRM | 1.2% | −3.6% | +18.4% | −14.6% | −15.0% | ▼ | ▲ |
| ANET | 1.1% | −20.8% | −13.8% | +25.3% | −24.3% | ▼ | ▼ |
| QCOM | 1.1% | −12.3% | −0.4% | −5.2% | −35.4% | ▼ | ▼ |
| MRVL | 1.1% | −37.0% | −21.6% | +101.7% | −45.8% | ▼ | ▼ |
| SNDK | 1.0% | −37.5% | −24.7% | +352.9% | −54.0% | ▼ | ▼ |
| ACN | 1.0% | +31.2% | +53.1% | −2.7% | −9.6% | ▲ | ▲ |
| STX | 0.9% | −30.1% | −29.8% | +115.6% | −45.7% | ▼ | ▼ |
| WDC | 0.8% | −18.5% | −38.3% | +96.5% | −54.6% | ▼ | ▼ |
| DELL | 0.8% | −30.2% | −16.0% | +211.9% | −33.3% | ▼ | ▲ |
| NOW | 0.7% | −21.1% | −10.3% | −30.8% | −42.3% | ▼ | ▼ |
| ADBE | 0.6% | +5.8% | −2.3% | −28.1% | −29.7% | ▼ | ▲ |
| GLW | 0.6% | −24.9% | −22.9% | +40.7% | −51.8% | ▼ | ▼ |
| INTU | 0.6% | +25.3% | +8.8% | −46.9% | −48.0% | ▲ | ▼ |
| CDNS | 0.6% | −6.2% | −3.3% | +5.4% | −20.9% | ▲ | ▲ |
| SNPS | 0.5% | −4.9% | +15.4% | −0.8% | −12.8% | ▲ | ▲ |
| FTNT | 0.5% | −30.3% | −25.0% | +58.9% | −35.2% | ▼ | ▼ |
| MSI | 0.5% | +8.9% | +10.0% | +27.1% | −1.0% | ▲ | ▲ |
| DDOG | 0.5% | −22.1% | −25.0% | +58.9% | −26.3% | ▼ | ▲ |
| LITE | 0.5% | −37.0% | −19.4% | +85.7% | −39.6% | ▼ | ▼ |
| HPE | 0.4% | −26.2% | −2.3% | +113.1% | −30.3% | ▼ | ▲ |
| NXPI | 0.4% | +5.6% | +8.3% | +18.5% | −22.7% | ▲ | ▲ |
| TEL | 0.4% | −1.3% | +0.3% | −4.4% | −12.7% | ▲ | ▲ |
| MPWR | 0.4% | −13.6% | −6.8% | +37.3% | −26.4% | ▼ | ▼ |
| ADSK | 0.3% | +21.7% | +8.7% | −12.9% | −16.9% | ▲ | ▲ |
| KEYS | 0.3% | −22.3% | −12.4% | +47.1% | −22.9% | ▼ | ▼ |
| ROP | 0.3% | +35.3% | +22.1% | +7.7% | 0.0% | ▲ | ▲ |
| CIEN | 0.3% | −27.3% | −30.8% | +21.6% | −54.6% | ▼ | ▼ |
| TER | 0.3% | −41.9% | −35.3% | +34.8% | −46.1% | ▼ | ▼ |
| P | 0.3% | no price file | |||||
| MCHP | 0.3% | −6.4% | −5.7% | +19.4% | −26.1% | ▲ | ▼ |
| COHR | 0.3% | −40.7% | −38.2% | +8.3% | −53.2% | ▼ | ▼ |
| WDAY | 0.3% | +6.4% | +15.7% | −7.8% | −17.4% | ▲ | ▲ |
| NTAP | 0.2% | −18.1% | −2.7% | +73.0% | −22.5% | ▼ | ▲ |
| FLEX | 0.2% | −27.8% | −33.6% | +39.4% | −48.0% | ▼ | ▼ |
| TDY | 0.2% | +6.9% | −3.6% | +29.2% | −4.5% | ▲ | ▲ |
| CTSH | 0.2% | +11.3% | +16.0% | −21.6% | −24.9% | ▲ | ▲ |
| JBL | 0.2% | −12.5% | −21.7% | +16.8% | −30.9% | ▼ | ▼ |
| ON | 0.2% | −17.4% | −13.2% | +29.5% | −47.6% | ▼ | ▼ |
| HPQ | 0.2% | −11.5% | −1.4% | +27.6% | −19.9% | ▼ | ▲ |
| VRSN | 0.1% | +7.0% | +3.1% | +26.9% | −0.5% | ▲ | ▲ |
| Q | 0.1% | −12.3% | −18.6% | +41.3% | −34.3% | ▼ | ▼ |
| PTC | 0.1% | +34.9% | +37.1% | +11.5% | −2.1% | ▲ | ▲ |
| TWLO | 0.1% | −29.5% | +7.0% | +46.0% | −31.1% | ▼ | ▲ |
| SWKS | 0.1% | +0.2% | +27.5% | +34.3% | −6.9% | ▲ | ▲ |
| CDW | 0.1% | +13.0% | −2.2% | +10.6% | −8.8% | ▲ | ▲ |
| FFIV | 0.1% | −28.5% | −21.3% | +27.1% | −32.4% | ▼ | ▼ |
| FSLR | 0.1% | +4.3% | −25.3% | −30.3% | −42.8% | ▼ | ▼ |
| SMCI | 0.1% | −30.3% | −3.9% | +4.0% | −41.4% | ▼ | ▼ |
| ZBRA | 0.1% | −3.9% | −2.1% | +48.7% | −7.6% | ▼ | ▲ |
| GEN | 0.1% | +35.9% | +5.7% | +9.9% | −4.8% | ▲ | ▲ |
| FICO | 0.1% | +9.5% | −30.8% | −57.2% | −60.8% | ▼ | ▼ |
| TRMB | 0.1% | +14.5% | +10.1% | −16.0% | −21.2% | ▲ | ▲ |
| TYL | 0.1% | +25.1% | +28.9% | −11.0% | −15.2% | ▲ | ▲ |
| GDDY | 0.1% | +20.0% | +30.9% | −6.0% | −13.7% | ▲ | ▲ |
| IT | 0.1% | +27.4% | +26.6% | −6.7% | −7.5% | ▲ | ▲ |
| AKAM | 0.1% | −20.4% | −29.7% | −0.6% | −46.2% | ▼ | ▼ |
What does XLK earn, and what does it cost?
Built from the quarterly filings of the 59 holdings with a usable trailing earnings yield on the latest date, 98% of the fund by weight. The P/E is the portfolio’s: each holding’s earnings yield (trailing twelve-month net income over market value) is weighted by its share of the fund, averaged over the covered holdings and inverted, so it prices a dollar of the fund rather than of the sector’s largest companies. Losses count as negative yields (2.7% of covered weight is loss-making today). Today: 32.1×, the 66th percentile since 2014 (median 26.2×).
The history is not a strict point-in-time record. Each trailing total enters on the day the last of its four quarters was first reported, but the figures are as later restated, past weights are today’s rolled back by price, and the holdings are today’s. Read it as today’s fund on restated fundamentals.
XLK portfolio trailing price-to-earnings ratio
As of Oct 30, 2026XLK portfolio trailing price-to-earnings ratio
As of Oct 30, 2026XLK holdings: operating margin and revenue growth
Quarterly data · As of Jun 30, 2026XLK holdings: operating margin and revenue growth
Quarterly data · As of Jun 30, 2026How are investors positioned?
Money moving into and out of the fund itself (the change in shares outstanding times the price, so price moves do not count), the share of the holdings sold short. Each comes on its own schedule.
XLK net fund flows over 13 weeks as % of starting assets
As of Oct 30, 2026XLK net fund flows over 13 weeks as % of starting assets
As of Oct 30, 2026XLK holdings: shares sold short
As of Oct 15, 2026XLK holdings: shares sold short
As of Oct 15, 2026What options are pricing
XLK’s 30-day at-the-money implied volatility against realized, and the price of downside protection (25-delta put minus call). Our options record for this fund starts in October 2024.
XLK implied vs realized volatility
As of Nov 2, 2026XLK implied vs realized volatility
As of Nov 2, 2026XLK downside protection: put IV minus call IV
As of Nov 2, 2026XLK downside protection: put IV minus call IV
As of Nov 2, 2026Macro context
Macro series relevant to this sector, weekly, with XLK’s price in the pane above. Reported correlations are between 13-week changes since 2010; they describe how the two have moved together, not which drives which. Each series is dated by its release.
10-year real yield (TIPS) and XLK price
As of Nov 2, 202610-year real yield (TIPS) and XLK price
As of Nov 2, 2026Returns against the S&P 500
| Period | XLK | SPY | Gap, pts |
|---|---|---|---|
| 1 day | −2.9% | −0.5% | −2.5 |
| 1 week | −6.5% | −1.7% | −4.8 |
| 1 month | −12.8% | −2.3% | −10.5 |
| 3 months | −6.7% | −2.3% | −4.4 |
| 6 months | +7.8% | +5.3% | +2.5 |
| Year to date | +21.4% | +11.2% | +10.3 |
| 1 year | +16.6% | +11.8% | +4.8 |
| 3 years | +121.6% | +89.0% | +32.6 |
| 5 years | +127.4% | +76.5% | +50.9 |
| Year | XLK | SPY | Gap, pts |
|---|---|---|---|
| 2026* | +21.4% | +11.2% | +10.3 |
| 2025 | +24.6% | +17.7% | +6.9 |
| 2024 | +21.6% | +24.9% | −3.3 |
| 2023 | +56.0% | +26.2% | +29.8 |
| 2022 | −27.7% | −18.2% | −9.6 |
| 2021 | +34.8% | +28.7% | +6.0 |
| 2020 | +43.6% | +18.4% | +25.2 |
| 2019 | +49.9% | +31.2% | +18.6 |
| 2018 | −1.7% | −4.6% | +2.9 |
| 2017 | +34.3% | +21.7% | +12.6 |
| 2016 | +15.0% | +12.0% | +3.0 |
| 2015 | +5.5% | +1.3% | +4.2 |
| 2014 | +17.9% | +13.5% | +4.4 |
| 2013 | +26.2% | +32.3% | −6.1 |
| 2012 | +15.3% | +16.0% | −0.7 |
| 2011 | +2.6% | +1.9% | +0.7 |
| 2010 | +11.4% | +15.1% | −3.7 |
| 2009 | +51.3% | +26.4% | +24.9 |
| 2008 | −41.5% | −36.8% | −4.7 |
XLK seasonality: the average trading year
Each complete year’s price path from the prior year-end, averaged across the window: the shape of a typical year for XLK, beside SPY over the same years. The green band marks the current month.
XLK: the average path through the trading year
Top: the median monthly return of XLK and the share of years it rose. Below the line: the median of each year’s gap to SPY in the same month, in points, and the share of years XLK beat SPY. About 18 years per month, so a 60% month is one or two years from a coin flip; these are descriptions, and none is tested here as a signal.
Method and limits
- Charts of the fund’s price are split-adjusted closes. The ratio to SPY, the leadership reading and the returns against the S&P 500 are total returns, with vendor dividend records reinvested on the ex-date. The holdings table and the contribution estimates are price returns. Differences between two returns, and contributions, are in percentage points.
- Holdings come from the issuer’s daily holdings file, equities only and rescaled to 100%; each day’s file is kept, so the membership record starts with this page and grows. Every history built from holdings uses today’s members, which flatters the past (survivorship).
- Fundamentals are GAAP figures from company 10-Q and 10-K filings (SEC EDGAR) for the holdings in our filings base; foreign filers and banks are mostly outside it. Each period is dated by its first report and carries its latest restated value.
- Holdings exclude cash, money-market funds and index futures listed in the issuer’s file.
- Flows use weekly vendor share counts; counts that lag a fund split are dropped until they catch up. Short interest is FINRA’s twice-monthly report.
- No reading on this page is graded as a forecast. Where a study exists it is on the page that owns the measure.
- Price
- $174.22 · −13.8% from high · +2.7% vs 200-day
- Ratio to SPY
- −0.3% vs its 200-day · −11.5% from record (2026)
- Valuation
- 32.1× trailing earnings, fund-weighted (66th pct since 2014)
- Flows
- $1.0B over 13 weeks · z 0.0
- Short interest
- 1.9% of shares (93rd pct) · 2.9 days to cover
- Options
- 30-day IV 38.8% (98th pct) · skew 2.8 pts
- Concentration
- top 10 = 65% · ~14 effective names
Leading: the ratio to SPY above its 200-day average and ahead of SPY over at least two of 3, 6 and 12 months. Lagging: below it and behind over at least two. Mixed: otherwise. Returns are total return. Breadth: broad at 70% of holdings above their 200-day, narrow below 40%. Descriptions, not forecasts.
How XLK Technology Dashboard Works
- 1Start with leadershipThe first chart divides the fund by SPY in total return, dividends included. A rising ratio means the sector is beating the S&P 500 whatever the market does. The answer card names the state with a fixed rule: the ratio against its 200-day average, and whether the fund is ahead of SPY over 3, 6 and 12 months.
- 2Look underneath the priceA sector fund can rise on a handful of large holdings while most of its stocks fall. The breadth charts count the fund’s own holdings above their moving averages and at 52-week highs and lows, and the contribution panel shows how many names did the work.
- 3Check what the sector earns and costsThe P/E is the portfolio’s: each holding’s trailing earnings yield from its own filings, weighted by its share of the fund and then inverted. The history dates each trailing total by when its last quarter was first reported, using restated figures and today’s holdings, so it describes today’s fund rather than a strict point-in-time record. Margins and revenue growth sit beside it.
- 4See who is positioned howFund flows count money entering and leaving the ETF itself, short interest shows how much of the holdings is sold short, and the options section shows what protection costs.