IYW vs XLK: Grades, Fees and Holdings Compared

iShares U.S. Technology ETF

IYWBNYSE Arca

State Street Technology Select Sector SPDR ETF

XLKANYSE Arca

Overlap

80.0%by weight

Expense ratio

XLK −0.29pt a year

IYW0.37%XLK0.08%

Avg volume · 30D

XLK 13.6×the volume

IYW609KXLK8.28M

10Y return · a year

IYW +0.4pt

IYW+24.1%XLK+23.7%

IYW vs XLK Performance

Oct 29, 2021 – Oct 30, 2026

+123.2%IYW+130.6%XLK

Expense ratio: IYW 0.37%; XLK 0.08%, better
Fund size: IYW $23.8B; XLK $125B
1Y total return: IYW +16.8%; XLK +20.0%, better
Yield (12M): IYW 0.10%; XLK 0.47%, better
Holdings: IYW 150; XLK 78
Avg volume (30D): IYW 609K sh; XLK 8.28M sh, better
NAV per share: IYW $242.61; XLK $188.72
52W range

ETF.net Grade

Pillar letters and Scores for IYW, XLK, with each pillar’s weight
Pillar	IYW	XLK
Cost30% weight	B65	A98Higher
Mission25% weight	A83Higher	A76
Risk15% weight	B67Higher	B61
Tradability15% weight	A89	A98Higher
Holdings10% weight	F14	C41Higher
Durability5% weight	A83Higher	A82

Rank among Technology (Broad) funds

How we build Categories ›

Same Category. IYW and XLK are both graded against the same 23 Technology (Broad) funds, so their Grades compare head to head.

Technology (Broad)⁠

Category · 23 funds

See all 23 ›

XLK ranks 1st and IYW 5th of 23 funds in the Technology (Broad) Category.

Rank 1AXLKState Street Technology Select Sector SPDR ETFScore 82
Rank 2AFTECFidelity MSCI Information Technology Index ETFScore 78
Rank 5BIGMiShares Expanded Tech Sector ETFScore 64
Rank 5BIYWiShares U.S. Technology ETFScore 64
Rank 5BXNTKState Street SPDR NYSE Technology ETFScore 64

Our read on each fund

ETF.net Research

IYWBiShares U.S. Technology ETF

XLKAState Street Technology Select Sector SPDR ETF

In short

IYW Most tech ETFs follow GICS and leave the big ad platforms out of the sector. IYW tracks a Russell index built on ICB rules, where there is no communication services bucket, so internet-ad giants count as tech. Listed in 2000, 0.37%, below the category median.

XLK A 1998 original: XLK owns the technology slice of the S&P 500, about 70 names, for eight basis points. Big, heavily traded, and top-heavy by design, with quarterly caps the only brake on the giants at the top.

Stated mandate

IYW Under ordinary conditions, the Fund commits a minimum of 80% of its assets to equity securities issued by U.S. technology or technology-enabled companies.

XLK The fund seeks to track the price and yield performance of the Technology Select Sector Index before expenses.

Why people hold it

IYW Russell's sector runs on ICB rules with no communication services bucket, so ad-driven platforms like Alphabet and Meta count as tech here, unlike in GICS-built XLK, VGT or FTEC.ishares.com lseg.com
The benchmark is capped by design: 22.5% ceiling on any single issuer, 45% combined for all names above 4.5%, trimmed at each quarterly rebalance.ishares.com
Listed in 2000 and now a multi-billion-dollar fund that trades actively, so getting in and out is rarely the expensive part.

XLK Costs 0.08% a year against a roughly 0.40% median for broad tech funds, tying FTEC as the cheapest of the category's top-rated names and undercutting VGT's 0.09%.
One of the largest and most actively traded funds in the tech aisle, so entering or exiting rarely means fighting the order book.
Running since December 1998 and dead simple: the tech sector of the S&P 500, spanning software, semiconductors, hardware, communications equipment and IT services. Pays quarterly.ssga.com

Worth knowing

IYW At 0.37% it sits below the category median, but the index giants undercut it hard: XLK at 0.08%, FTEC at 0.084%, VGT at 0.09%.
Top-heavy by construction: about 150 holdings, with caps reset only quarterly, so a few mega caps can drift above their reset weight between rebalances.
Distributions come quarterly, but income is not the job here; the mandate is a US technology sector view.

XLK Top-heavy by construction. About 70 stocks, and the index only trims its biggest weights at quarterly rebalances to stay inside fund diversification limits.spglobal.com
The universe is S&P 500 tech only. Smaller tech companies outside the big index are out, and the Select Sector funds split the S&P 500 up, so some familiar names sit in other sector funds.ssga.com
It is one sector with no ballast from the rest of the market, so a tech drawdown lands here in full.

Full IYW profile⁠

Full XLK profile⁠

IYW vs XLK Holdings

How IYW and XLK differ

Overlap by weight

80.0%

Shared holdings make up 91.6% of XLK and 86.5% of IYW.

Level by level

Sector10 Sectors0.0%
Holdings60 in both80.0%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in IYW and XLK, widest gap first
Sector	More in IYWMore in XLK	IYW	XLK
Technology	XLK +99.9 points	0.0%	99.9%
Semiconductors & Semiconductor Equipment	IYW +38.5 points	38.5%	0.0%
Software & Services	IYW +30.3 points	30.3%	0.0%
Tech Hardware & Equip	IYW +22.5 points	22.5%	0.0%
Media & Entertainment	IYW +7.8 points	7.8%	0.0%
Commercial & Professional Services	IYW +0.4 points	0.4%	0.0%
Consumer Services	IYW +0.3 points	0.3%	0.0%
Energy	XLK +0.1 points	0.0%	0.1%
Financials	IYW +0.1 points	0.1%	0.0%
Consumer Staples Distribution & Retail	IYW +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IYW and XLK, widest gap first
Country	More in IYWMore in XLK	IYW	XLK
United States	IYW +0.4 points	99.8%	99.4%
China	XLK +0.4 points	0.0%	0.4%
Mexico	Same weight	0.2%	0.2%
Australia	IYW +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

IYW65.7%
XLK64.6%

Securities held

IYW148
XLK76

Asset class

IYW: Equity
XLK: Equity

Holdings

Only in IYW88
In both60
Only in XLK16

Only in IYW

88 securities, 13.5% of IYW by weight

Meta Platforms Class A3.17%
Alphabet Class A2.19%
Alphabet Class C1.78%
Snowflake0.54%
Cloudflare Class A0.47%
Doordash Class A0.35%
Applovin Class A0.29%
Strategy Inc Class A0.24%
Astera Labs0.21%
Okta Class A0.18%
Atlassian Corp Class A0.16%
Mongodb Class A0.14%
Zoom Communications Class A0.13%
Credo Technology Group Holding Ltd0.13%
Zscaler0.13%
Entegris Inc0.12%
Rubrik Class A0.10%
Td Synnex0.09%
Leidos Holdings0.09%
Nutanix Class A0.09%
Coreweave Class A0.09%
Dynatrace Inc0.09%
Ss and C Technologies Holdings0.09%
Macom Technology Solutions0.08%
Docusign0.08%
Toast Class A0.08%
Caci International Inc Class A0.08%
Samsara Class A0.08%
Manhattan Associates0.07%
Unity Software0.07%
Guidewire Software0.07%
Lattice Semiconductor0.07%
Reddit Class A0.07%
Bitmine Immersion Technologies0.06%
Semtech0.06%
Fabrinet0.06%
Hubspot0.06%
Ionq0.06%
Paycom Software0.06%
Arrow Electronics0.06%
Onto Innovation0.05%
Sitime0.05%
Match Group Inc0.05%
Pinterest Class A0.05%
Rambus0.05%
Elastic0.05%
Digitalocean Holdings0.05%
Maplebear0.05%
Ttm Technologies Inc0.04%
Gitlab Class A0.04%

Only in XLK

16 securities, 8.4% of XLK by weight

Cisco Systems Inc2.51%
Arista Networks Inc1.13%
Seagate Technology Holdings0.93%
Accenture PLC Class A0.89%
Lumentum Holdings Inc0.48%
Motorola Solutions Inc0.48%
Nxp Semiconductors NV0.39%
Te Connectivity PLC0.38%
Keysight Technologies In0.33%
Ciena Corp0.29%
Teledyne Technologies Inc0.18%
First Solar Inc0.11%
Zebra Technologies Corp Class A0.10%
Fair Isaac Corp0.09%
Trimble Inc0.09%
Xak Technology DEC26<0.01%

Weight gaps

All 60 Holdings in both funds, largest gap first.

Holding weights in IYW and XLK, widest gap first
Holding	More in IYWMore in XLK	IYW	XLK
AppleAAPL	IYW +2.65 points	17.41%	14.76%
MicrosoftMSFT	IYW +2.15 points	13.56%	11.41%
Advanced Micro DevicesAMD	XLK +1.96 points	2.89%	4.85%
NVIDIANVDA	IYW +1.70 points	16.68%	14.98%
Broadcom IncAVGO	XLK +1.60 points	3.16%	4.76%
Micron TechnologyMU	XLK +1.32 points	2.74%	4.06%
Intel CorporationINTC	XLK +1.11 points	1.57%	2.68%
Palantir Technologies Class APLTR	XLK +0.52 points	2.13%	2.65%
Applied Material IncAMAT	XLK +0.35 points	1.61%	1.96%
Lam ResearchLRCX	XLK +0.31 points	1.56%	1.87%
Palo Alto NetworksPANW	XLK +0.28 points	1.54%	1.82%
SandiskSNDK	XLK +0.27 points	0.87%	1.14%
QualcommQCOM	XLK +0.25 points	0.91%	1.16%
Crowdstrike Holdings Class ACRWD	XLK +0.25 points	1.31%	1.56%
OracleORCL	XLK +0.25 points	1.17%	1.42%
Texas InstrumentTXN	XLK +0.24 points	1.43%	1.67%
Marvell TechnologyMRVL	XLK +0.23 points	0.89%	1.12%
KlaKLAC	XLK +0.20 points	1.08%	1.28%
Western Digital CorpWDC	XLK +0.18 points	0.66%	0.84%
Dell Technologies Inc Class CDELL	XLK +0.17 points	0.67%	0.84%
Analog DevicesADI	XLK +0.18 points	1.06%	1.24%
Amphenol Corp Class AAPH	XLK +0.17 points	1.02%	1.19%
International Business Machines CoIBM	XLK +0.16 points	1.27%	1.43%
SalesforceCRM	XLK +0.16 points	0.95%	1.11%
Datadog Inc Class ADDOG	XLK +0.12 points	0.40%	0.52%
ServicenowNOW	XLK +0.11 points	0.56%	0.67%
SynopsysSNPS	XLK +0.09 points	0.46%	0.55%
CorningGLW	XLK +0.09 points	0.51%	0.60%
Cadence Design SystemsCDNS	XLK +0.08 points	0.47%	0.55%
Hewlett Packard EnterpriseHPE	XLK +0.08 points	0.38%	0.46%
FortinetFTNT	XLK +0.07 points	0.43%	0.50%
CoherentCOHR	XLK +0.06 points	0.21%	0.27%
Everpure Inc Class AP	XLK +0.06 points	0.21%	0.27%
Adobe IncADBE	XLK +0.06 points	0.52%	0.58%
IntuitINTU	XLK +0.05 points	0.48%	0.53%
Netapp IncNTAP	XLK +0.05 points	0.20%	0.25%
TeradyneTER	XLK +0.05 points	0.22%	0.27%
Monolithic Power Systems IncMPWR	XLK +0.05 points	0.30%	0.35%
Microchip Technology IncMCHP	XLK +0.05 points	0.21%	0.26%
Flex LtdFLEX	XLK +0.03 points	0.17%	0.20%
Hp IncHPQ	XLK +0.03 points	0.14%	0.17%
JabilJBL	XLK +0.03 points	0.15%	0.18%
Workday Class AWDAY	XLK +0.03 points	0.20%	0.23%
On Semiconductor CorpON	XLK +0.02 points	0.15%	0.17%
AutodeskADSK	XLK +0.03 points	0.27%	0.30%
Qnity ElectronicsQ	XLK +0.02 points	0.13%	0.15%
F5FFIV	XLK +0.02 points	0.10%	0.12%
Roper TechnologiesROP	XLK +0.02 points	0.24%	0.26%
CdwCDW	XLK +0.02 points	0.10%	0.12%
Super Micro Computer IncSMCI	XLK +0.01 points	0.10%	0.11%
Skyworks SolutionsSWKS	XLK +0.02 points	0.10%	0.12%
VerisignVRSN	XLK +0.02 points	0.13%	0.15%
Akamai Technologies IncAKAM	XLK +0.01 points	0.07%	0.08%
PtcPTC	XLK +0.01 points	0.11%	0.12%
Cognizant Technology Solutions ClaCTSH	XLK +0.02 points	0.15%	0.17%
Twilio Class ATWLO	IYW +0.01 points	0.16%	0.15%
Gen DigitalGEN	XLK +0.01 points	0.08%	0.09%
GartnerIT	Same weight	0.08%	0.08%
Godaddy Class AGDDY	Same weight	0.08%	0.08%
Tyler TechnologiesTYL	Same weight	0.08%	0.08%

All 148 IYW holdings⁠All 75 XLK holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IYW vs XLK Cost

Overpaying IYW vs XLK

$5,824

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IYW 0.37%
$7,513
XLK 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

IYW 0.37%
XLK 0.08%
Overpaying

Year by year

Year	IYW	XLK	Overpaying
10	$670	$147	$523
20	$2,590	$575	$2,015
30	$7,513	$1,689	$5,824

Expense ratio

0.37%IYW
0.08%XLK, cheaper

XLK0.08%IYW0.37%

0.08%1.00%

Middle half of Technology (Broad) funds
Median 0.45%

XLK cheapest of 23 funds

IYW 7th cheapest of 23 funds

IYW vs XLK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IYW 0.10%; XLK 0.47%, better
Payout (12M): IYW $0.25; XLK $0.83
Last payment: IYW $0.05; XLK $0.22
Ex-dividend: IYW Sep 15, 2026; XLK Sep 21, 2026
Paid on: IYW Sep 18, 2026; XLK Sep 23, 2026
Frequency: IYW Quarterly; XLK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IYWQuarterly · 39 paymentsAll IYW payments⁠

XLKQuarterly · 39 paymentsAll XLK payments⁠

IYW vs XLK Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IYW 22.8%, betterXLK 23.6%
Return per unit of riskSharpe ratio, 3 years: IYW 1.18, betterXLK 1.07
Worst fallMax drawdown, 5 years: IYW −39.4%XLK −33.6%, better
Market sensitivityBeta, 5 years: IYW 1.35XLK 1.35; Market = 1

IYW and XLK in the news

All news⁠

Closing Bell
S&P 500 falls 0.5% as tech losses outweigh oil’s 7% drop
6 hours agoXLK
Closing Bell
Chip woes drag Nazdaq, S&P 500 to worst day since June
Oct 30, 2026XLK
Closing Bell
Alphabet falls 12.6% - dragging SPY into negative territory for the day
Oct 29, 2026XLK
Closing Bell
Fed holds rates, stocks rise a third day as long yields climb
Oct 28, 2026XLK
Closing Bell
Boeing plummets 10.7%, but Chip stocks lift S&P 500 on Broadcom deal
Oct 27, 2026XLK
Closing Bell
Brazil ETF EWZ falls 19.8% as Lula win drives Ibovespa’s worst day since 2020
Oct 26, 2026XLK

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