Inflation-Adjusted Technology Select Sector SPDR Fund (XLK)

The Technology Select Sector SPDR Fund (XLK) offers investors targeted exposure to the technology sector by tracking the Technology Select Sector Index.

Nominal growth can be a misleading measure of performance because it does not account for the real impact of inflation on purchasing power. To provide a more accurate analysis, this page adjusts XLK's historical prices using the US Consumer 'Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use September 2025 as the baseline (latest available CPI).

The current value of the Technology Select Sector SPDR Fund ETF is 143.69 (as of the close of Dec 12, 2025), 5.51% lower than the all-time high of 152.07 (Oct 29, 2025).

Since December 22, 1998, the inflation-adjusted total return for the ETF has been 702.36%, which is equivalent to an annual growth rate of 8.03%.

In nominal values, the total return since this date has been 1,490%, or an annualized rate of 10.8%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
Dec 2025 143.69 143.69
Nov 2025 143.11 143.11
Oct 2025 150.34 150.34
Sep 2025 140.93 140.93
Aug 2025 131.22 130.89
Jul 2025 131.74 131.03
Jun 2025 127.17 126.29
May 2025 115.97 114.78
Apr 2025 105.67 104.37
Mar 2025 104.24 102.64
Feb 2025 113.72 111.71
Jan 2025 116.89 114.33
Dec 2024 118.53 115.18
Nov 2024 118.8 115.4
Oct 2024 112.9 109.73
Sep 2024 114.82 111.46
Aug 2024 111.84 108.39
Jul 2024 111.15 107.64
Jun 2024 115.06 111.3
May 2024 106.55 103.03
Apr 2024 99.67 96.22
Mar 2024 106.18 102.1
Feb 2024 105.85 101.14
Jan 2024 101.72 96.59
Dec 2023 99.59 94.05
Nov 2023 95.29 90.08
Oct 2023 84.23 79.79
Sep 2023 84.16 79.75
Aug 2023 90.02 85.09
Jul 2023 91.8 86.4
Jun 2023 89.66 84.22
May 2023 84.64 79.25
Apr 2023 77.9 72.76
Mar 2023 78.39 72.85
Feb 2023 70.79 65.57
Jan 2023 70.9 65.3
Dec 2022 65.41 59.77
Nov 2022 70.84 64.93
Oct 2022 66.55 61.07
Sep 2022 62.07 56.72
Aug 2022 70.49 64.28
Jul 2022 75.14 68.54
Jun 2022 66.22 60.41
May 2022 73.78 66.4
Apr 2022 75.11 66.86
Mar 2022 84.88 75.14
Feb 2022 83.08 72.57
Jan 2022 88.14 76.29
Dec 2021 95.41 81.9
Nov 2021 92.52 79.17
Oct 2021 89.01 75.8
Sep 2021 82.97 70.07
Aug 2021 88.2 74.29
Jul 2021 85.34 71.73
Jun 2021 82.55 69.05
May 2021 77.8 64.48
Apr 2021 79.16 65.09
Mar 2021 75.88 61.88
Feb 2021 74.88 60.64
Jan 2021 74.28 59.82
Dec 2020 75.22 60.33
Nov 2020 71.18 57.03
Oct 2020 63.86 51.2
Sep 2020 67.25 53.89
Aug 2020 70.99 56.81
Jul 2020 63.65 50.78
Jun 2020 60.53 48.04
May 2020 56.75 44.8
Apr 2020 52.95 41.8
Mar 2020 46.25 36.75
Feb 2020 50.22 39.99
Jan 2020 54.32 43.14
Dec 2019 52.44 41.49
Nov 2019 50.06 39.64
Oct 2019 47.48 37.62
Sep 2019 45.81 36.21
Aug 2019 44.99 35.54
Jul 2019 45.69 36.09
Jun 2019 44.22 34.87
May 2019 40.46 31.9
Apr 2019 44.39 34.93
Mar 2019 41.96 32.84
Feb 2019 40.15 31.24
Jan 2019 37.71 29.22
Dec 2018 35.33 27.33
Nov 2018 38.27 29.7
Oct 2018 38.91 30.29
Sep 2018 42.37 32.93
Aug 2018 42.28 32.83
Jul 2018 39.69 30.79
Jun 2018 38.88 30.16
May 2018 38.91 30.14
Apr 2018 36.59 28.22
Mar 2018 36.71 28.21
Feb 2018 38.1 29.21
Jan 2018 38.43 29.33
Dec 2017 36.1 27.4
Nov 2017 35.75 27.15
Oct 2017 35.25 26.77
Sep 2017 33.08 25.14
Aug 2017 32.87 24.84
Jul 2017 32.03 24.14
Jun 2017 30.64 23.11
May 2017 31.43 23.68
Apr 2017 30.26 22.78
Mar 2017 29.75 22.33
Feb 2017 29.02 21.76
Jan 2017 27.85 20.82
Dec 2016 27.05 20.11
Nov 2016 26.34 19.58
Oct 2016 26.26 19.54
Sep 2016 26.49 19.69
Aug 2016 25.9 19.21
Jul 2016 25.63 18.99
Jun 2016 23.89 17.73
May 2016 24.19 17.89
Apr 2016 23.15 17.06
Mar 2016 24.49 17.96
Feb 2016 22.49 16.42
Jan 2016 22.66 16.53
Dec 2015 23.57 17.17
Nov 2015 23.87 17.44
Oct 2015 23.65 17.32
Sep 2015 21.4 15.67
Aug 2015 21.56 15.82
Jul 2015 22.79 16.75
Jun 2015 22.16 16.28
May 2015 23.09 16.91
Apr 2015 22.78 16.6
Mar 2015 22.22 16.15
Feb 2015 23.05 16.66
Jan 2015 21.44 15.43
Dec 2014 22.11 15.99
Nov 2014 22.36 16.26
Oct 2014 21.22 15.51
Sep 2014 20.83 15.27
Aug 2014 20.87 15.28
Jul 2014 20.17 14.8
Jun 2014 19.83 14.55
May 2014 19.41 14.22
Apr 2014 18.78 13.7
Mar 2014 18.79 13.67
Feb 2014 18.75 13.55
Jan 2014 18.02 12.98
Dec 2013 18.57 13.32
Nov 2013 17.85 12.81
Oct 2013 17.28 12.42
Sep 2013 16.41 11.83
Aug 2013 15.94 11.48
Jul 2013 16.13 11.6
Jun 2013 15.56 11.18
May 2013 15.98 11.46
Apr 2013 15.57 11.15
Mar 2013 15.29 10.96
Feb 2013 14.88 10.64
Jan 2013 14.89 10.56
Dec 2012 14.65 10.36
Nov 2012 14.59 10.34
Oct 2012 14.39 10.25
Sep 2012 15.36 10.94
Aug 2012 15.26 10.82
Jul 2012 14.73 10.39
Jun 2012 14.44 10.2
May 2012 13.91 9.84
Apr 2012 14.83 10.51
Mar 2012 15.04 10.62
Feb 2012 14.46 10.13
Jan 2012 13.56 9.46
Dec 2011 12.82 8.91
Nov 2011 12.76 8.89
Oct 2011 12.95 9.03
Sep 2011 11.72 8.19
Aug 2011 12.07 8.42
Jul 2011 12.78 8.89
Jun 2011 12.74 8.85
May 2011 13 9.04
Apr 2011 13.19 9.14
Mar 2011 12.94 8.9
Feb 2011 13.23 9.01
Jan 2011 13.01 8.82
Dec 2010 12.67 8.55
Nov 2010 11.98 8.07
Oct 2010 12.19 8.21
Sep 2010 11.53 7.76
Aug 2010 10.3 6.92
Jul 2010 10.93 7.33
Jun 2010 10.17 6.83
May 2010 10.7 7.19
Apr 2010 11.58 7.77
Mar 2010 11.45 7.67
Feb 2010 10.73 7.16
Jan 2010 10.37 6.92
Dec 2009 11.39 7.57
Nov 2009 10.7 7.13
Oct 2009 10.15 6.76
Sep 2009 10.29 6.84
Aug 2009 9.8 6.51
Jul 2009 9.67 6.41
Jun 2009 8.92 5.93
May 2009 8.64 5.69
Apr 2009 8.47 5.56
Mar 2009 7.69 5.04
Feb 2009 6.9 4.51
Jan 2009 7.21 4.69
Dec 2008 7.6 4.92
Nov 2008 7.37 4.82
Oct 2008 7.89 5.26
Sep 2008 9.31 6.27
Aug 2008 10.58 7.14
Jul 2008 10.36 7.01
Jun 2008 10.67 7.19
May 2008 11.86 7.91
Apr 2008 11.23 7.43
Mar 2008 10.63 6.99
Feb 2008 10.6 6.91
Jan 2008 11.16 7.25
Dec 2007 12.86 8.31
Nov 2007 12.54 8.12
Oct 2007 13.64 8.78
Sep 2007 12.99 8.34
Aug 2007 12.52 8.02
Jul 2007 12.26 7.87
Jun 2007 12.29 7.88
May 2007 12.32 7.89
Apr 2007 11.8 7.51
Mar 2007 11.34 7.17
Feb 2007 11.33 7.1
Jan 2007 11.71 7.29
Dec 2006 11.51 7.15
Nov 2006 11.52 7.15
Oct 2006 11.19 6.95
Sep 2006 10.7 6.69
Aug 2006 10.22 6.42
Jul 2006 9.57 5.99
Jun 2006 9.85 6.15
May 2006 9.92 6.18
Apr 2006 10.66 6.61
Mar 2006 10.9 6.7
Feb 2006 10.71 6.55
Jan 2006 10.71 6.54
Dec 2005 10.44 6.33
Nov 2005 10.66 6.48
Oct 2005 9.94 6.1
Sep 2005 10.2 6.24
Aug 2005 10.3 6.23
Jul 2005 10.45 6.29
Jun 2005 9.94 5.95
May 2005 10.07 6.03
Apr 2005 9.41 5.64
Mar 2005 9.82 5.84
Feb 2005 10.09 5.96
Jan 2005 10.13 5.95
Dec 2004 10.76 6.3
Nov 2004 10.26 6.03
Oct 2004 9.76 5.74
Sep 2004 9.4 5.5
Aug 2004 9.16 5.34
Jul 2004 9.58 5.59
Jun 2004 10.19 5.95
May 2004 9.95 5.79
Apr 2004 9.63 5.57
Mar 2004 10.05 5.8
Feb 2004 10.39 5.95
Jan 2004 10.71 6.11
Dec 2003 10.33 5.86
Nov 2003 9.93 5.64
Oct 2003 9.77 5.56
Sep 2003 9.09 5.18
Aug 2003 9.2 5.23
Jul 2003 8.81 4.99
Jun 2003 8.56 4.84
May 2003 8.51 4.81
Apr 2003 7.82 4.43
Mar 2003 7.15 4.05
Feb 2003 7.3 4.12
Jan 2003 7.32 4.1
Dec 2002 7.53 4.2
Nov 2002 8.64 4.82
Oct 2002 7.46 4.16
Sep 2002 5.99 3.34
Aug 2002 7.2 4
Jul 2002 7.28 4.04
Jun 2002 8.05 4.46
May 2002 9.3 5.15
Apr 2002 9.7 5.37
Mar 2002 11.1 6.11
Feb 2002 10.64 5.82
Jan 2002 12.28 6.69
Dec 2001 12.44 6.77
Nov 2001 12.67 6.92
Oct 2001 11 6.02
Sep 2001 9.89 5.43
Aug 2001 11.88 6.49
Jul 2001 13.53 7.39
Jun 2001 14.5 7.94
May 2001 14.24 7.79
Apr 2001 14.92 8.12
Mar 2001 12.89 6.99
Feb 2001 14.59 7.9
Jan 2001 19.51 10.52
Dec 2000 16.48 8.83
Nov 2000 18.28 9.8
Oct 2000 23.01 12.33
Sep 2000 24.45 13.08
Aug 2000 29.97 15.94
Jul 2000 27.2 14.47
Jun 2000 28.79 15.28
May 2000 26.32 13.9
Apr 2000 29.41 15.51
Mar 2000 32.4 17.08
Feb 2000 30.14 15.76
Jan 2000 27.44 14.26
Dec 1999 29.32 15.19
Nov 1999 25.4 13.16
Oct 1999 23.14 11.98
Sep 1999 22.5 11.63
Aug 1999 22.7 11.68
Jul 1999 21.99 11.28
Jun 1999 22.31 11.42
May 1999 20.36 10.42
Apr 1999 20.29 10.38
Mar 1999 20.31 10.32
Feb 1999 18.97 9.61
Jan 1999 21.08 10.66
Dec 1998 18.23 9.2

Returns from Investing in the Technology Select Sector SPDR Fund ETF

How much did an investment in the XLK ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the Technology Select Sector SPDR Fund ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2005.

Year Inflation-Adjusted Return Nominal Return
2024 19.02% 22.46%
2023 52.26% 57.36%
2022 -31.45% -27.02%
2021 26.84% 35.76%
2020 43.45% 45.4%
2019 48.42% 51.82%
2018 -2.14% -0.27%
2017 33.47% 36.29%
2016 14.74% 17.12%
2015 6.59% 7.37%
2014 19.1% 20%
2013 26.71% 28.62%
2012 14.29% 16.28%
2011 1.2% 4.2%
2010 11.27% 12.94%
2009 49.78% 53.86%
2008 -40.88% -40.83%
2007 11.72% 16.28%
2006 10.21% 13.01%
2005 -2.96% 0.35%
2004 4.22% 7.61%
2003 37.06% 39.64%
2002 -39.44% -38%
2001 -24.52% -23.35%
2000 -43.78% -41.88%
1999 60.83% 65.14%

Technology Select Sector Spdr Fund Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the Technology Select Sector SPDR Fund over various trailing periods ending September 30, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 22.74% 26.44%
Last 3 years 31.43% 35.44%
Last 5 years 15.95% 21.2%
Last 10 years 20.74% 24.56%
Last 20 years 14.03% 16.86%

Real Returns of Investing in the Technology Select Sector SPDR Fund

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Technology Select Sector SPDR Fund five years ago yielded an 252.37% nominal gain, but the real return (the actual increase in buying power) was 180.64%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period What $100 Grew To (Nominal) Total Nominal Return (%) Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Sep 2025 $352.37 252.37% 180.64%
Last 10 years Feb 2015 - Sep 2025 $845.91 745.91% 511.31%
Last 25 years Feb 2000 - Sep 2025 $894.4 794.4% 367.58%

About the Technology Select Sector SPDR Fund ETF

The Technology Select Sector SPDR Fund (XLK) is an exchange-traded fund managed by State Street Global Advisors that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Technology Select Sector Index. Launched in December 1998, XLK provides precise exposure to companies from the technology hardware, storage, and peripherals; software; diversified telecommunication services; and semiconductors and semiconductor equipment industries.

It is one of the largest and most popular ETFs for investors looking to invest in the technology sector of the S&P 500.

Last Close
Dec 12, 2025
143.69
Highest
Oct 29, 2025
152.07
Highest, Inflation-Adjusted
Oct 29, 2025
152.07
Annualized return
Since Dec 22, 1998
10.8%
Annualized return, Inflation-Adjusted
Since Dec 22, 1998
8.03%

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Other Inflation-Adjusted Data