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 February 2026 as the baseline (latest available CPI).

The current value of the Technology Select Sector SPDR Fund ETF is 136.8 (as of the close of Mar 13, 2026), 9.9% lower than the all-time high of 151.84 (Oct 29, 2025).

While the nominal high reached 151.84, the inflation-adjusted peak value was 151.97 on November 3, 2025.

Since December 22, 1998, the inflation-adjusted total return for the ETF has been 660.4%, which is equivalent to an annual growth rate of 7.74%.

In nominal values, the total return since this date has been 1,416%, or an annualized rate of 10.5%.

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
Mar 2026	136.8	136.8
Feb 2026	138.76	138.76
Jan 2026	144.56	143.88
Dec 2025	145.18	143.97
Nov 2025	144.07	142.89
Oct 2025	150.11	150.11
Sep 2025	141.58	140.72
Aug 2025	131.82	130.69
Jul 2025	132.35	130.84
Jun 2025	127.75	126.1
May 2025	116.5	114.61
Apr 2025	106.16	104.21
Mar 2025	104.72	102.48
Feb 2025	114.24	111.54
Jan 2025	117.43	114.16
Dec 2024	119.08	115
Nov 2024	119.35	115.22
Oct 2024	113.42	109.56
Sep 2024	115.35	111.29
Aug 2024	112.35	108.23
Jul 2024	111.66	107.48
Jun 2024	115.59	111.13
May 2024	107.04	102.87
Apr 2024	100.13	96.07
Mar 2024	106.67	101.95
Feb 2024	106.34	100.98
Jan 2024	102.19	96.45
Dec 2023	100.04	93.91
Nov 2023	95.72	89.94
Oct 2023	84.62	79.67
Sep 2023	84.54	79.63
Aug 2023	90.43	84.97
Jul 2023	92.22	86.27
Jun 2023	90.07	84.09
May 2023	85.03	79.13
Apr 2023	78.26	72.65
Mar 2023	78.75	72.74
Feb 2023	71.12	65.47
Jan 2023	71.22	65.2
Dec 2022	65.71	59.68
Nov 2022	71.16	64.83
Oct 2022	66.86	60.97
Sep 2022	62.36	56.64
Aug 2022	70.82	64.18
Jul 2022	75.48	68.43
Jun 2022	66.52	60.32
May 2022	74.12	66.3
Apr 2022	75.46	66.76
Mar 2022	85.27	75.02
Feb 2022	83.46	72.46
Jan 2022	88.54	76.18
Dec 2021	95.85	81.78
Nov 2021	92.95	79.05
Oct 2021	89.42	75.69
Sep 2021	83.35	69.96
Aug 2021	88.6	74.17
Jul 2021	85.74	71.63
Jun 2021	82.92	68.95
May 2021	78.16	64.39
Apr 2021	79.53	64.99
Mar 2021	76.23	61.79
Feb 2021	75.22	60.54
Jan 2021	74.62	59.73
Dec 2020	75.57	60.23
Nov 2020	71.5	56.94
Oct 2020	64.16	51.12
Sep 2020	67.56	53.81
Aug 2020	71.31	56.72
Jul 2020	63.94	50.7
Jun 2020	60.81	47.97
May 2020	57.01	44.73
Apr 2020	53.2	41.74
Mar 2020	46.46	36.7
Feb 2020	50.45	39.93
Jan 2020	54.57	43.08
Dec 2019	52.68	41.43
Nov 2019	50.29	39.58
Oct 2019	47.7	37.57
Sep 2019	46.02	36.16
Aug 2019	45.2	35.49
Jul 2019	45.9	36.04
Jun 2019	44.43	34.82
May 2019	40.65	31.85
Apr 2019	44.6	34.88
Mar 2019	42.15	32.79
Feb 2019	40.33	31.2
Jan 2019	37.88	29.18
Dec 2018	35.49	27.29
Nov 2018	38.45	29.65
Oct 2018	39.09	30.25
Sep 2018	42.56	32.88
Aug 2018	42.48	32.78
Jul 2018	39.87	30.75
Jun 2018	39.06	30.12
May 2018	39.09	30.09
Apr 2018	36.76	28.18
Mar 2018	36.88	28.16
Feb 2018	38.28	29.17
Jan 2018	38.61	29.28
Dec 2017	36.27	27.36
Nov 2017	35.92	27.11
Oct 2017	35.42	26.73
Sep 2017	33.23	25.1
Aug 2017	33.02	24.81
Jul 2017	32.18	24.1
Jun 2017	30.78	23.07
May 2017	31.57	23.65
Apr 2017	30.4	22.75
Mar 2017	29.89	22.3
Feb 2017	29.15	21.73
Jan 2017	27.98	20.79
Dec 2016	27.17	20.07
Nov 2016	26.46	19.55
Oct 2016	26.38	19.51
Sep 2016	26.61	19.66
Aug 2016	26.02	19.18
Jul 2016	25.75	18.96
Jun 2016	24	17.7
May 2016	24.3	17.86
Apr 2016	23.26	17.03
Mar 2016	24.61	17.93
Feb 2016	22.6	16.4
Jan 2016	22.76	16.5
Dec 2015	23.68	17.14
Nov 2015	23.98	17.42
Oct 2015	23.76	17.3
Sep 2015	21.49	15.65
Aug 2015	21.66	15.8
Jul 2015	22.9	16.72
Jun 2015	22.26	16.26
May 2015	23.2	16.88
Apr 2015	22.89	16.57
Mar 2015	22.32	16.13
Feb 2015	23.16	16.64
Jan 2015	21.54	15.4
Dec 2014	22.22	15.96
Nov 2014	22.47	16.24
Oct 2014	21.32	15.49
Sep 2014	20.93	15.25
Aug 2014	20.97	15.26
Jul 2014	20.27	14.78
Jun 2014	19.92	14.53
May 2014	19.5	14.2
Apr 2014	18.86	13.68
Mar 2014	18.87	13.65
Feb 2014	18.83	13.53
Jan 2014	18.11	12.96
Dec 2013	18.65	13.3
Nov 2013	17.93	12.79
Oct 2013	17.35	12.4
Sep 2013	16.48	11.81
Aug 2013	16.02	11.46
Jul 2013	16.2	11.58
Jun 2013	15.63	11.17
May 2013	16.05	11.44
Apr 2013	15.64	11.13
Mar 2013	15.36	10.94
Feb 2013	14.95	10.62
Jan 2013	14.96	10.54
Dec 2012	14.72	10.34
Nov 2012	14.66	10.33
Oct 2012	14.46	10.23
Sep 2012	15.43	10.93
Aug 2012	15.33	10.81
Jul 2012	14.79	10.37
Jun 2012	14.5	10.18
May 2012	13.97	9.82
Apr 2012	14.9	10.49
Mar 2012	15.11	10.61
Feb 2012	14.52	10.12
Jan 2012	13.62	9.45
Dec 2011	12.88	8.89
Nov 2011	12.82	8.88
Oct 2011	13.01	9.01
Sep 2011	11.78	8.18
Aug 2011	12.12	8.4
Jul 2011	12.84	8.88
Jun 2011	12.79	8.84
May 2011	13.05	9.03
Apr 2011	13.25	9.12
Mar 2011	13	8.89
Feb 2011	13.29	9
Jan 2011	13.07	8.81
Dec 2010	12.73	8.54
Nov 2010	12.04	8.06
Oct 2010	12.24	8.19
Sep 2010	11.59	7.75
Aug 2010	10.35	6.91
Jul 2010	10.98	7.32
Jun 2010	10.22	6.82
May 2010	10.75	7.18
Apr 2010	11.63	7.76
Mar 2010	11.51	7.66
Feb 2010	10.78	7.15
Jan 2010	10.42	6.91
Dec 2009	11.44	7.56
Nov 2009	10.75	7.12
Oct 2009	10.2	6.75
Sep 2009	10.34	6.83
Aug 2009	9.85	6.5
Jul 2009	9.71	6.4
Jun 2009	8.96	5.92
May 2009	8.68	5.68
Apr 2009	8.51	5.55
Mar 2009	7.73	5.03
Feb 2009	6.93	4.5
Jan 2009	7.24	4.68
Dec 2008	7.64	4.91
Nov 2008	7.4	4.81
Oct 2008	7.93	5.25
Sep 2008	9.35	6.26
Aug 2008	10.63	7.13
Jul 2008	10.4	7
Jun 2008	10.72	7.18
May 2008	11.91	7.9
Apr 2008	11.28	7.42
Mar 2008	10.68	6.98
Feb 2008	10.65	6.9
Jan 2008	11.21	7.24
Dec 2007	12.92	8.3
Nov 2007	12.6	8.1
Oct 2007	13.71	8.76
Sep 2007	13.04	8.32
Aug 2007	12.58	8
Jul 2007	12.32	7.85
Jun 2007	12.34	7.87
May 2007	12.37	7.87
Apr 2007	11.85	7.5
Mar 2007	11.39	7.16
Feb 2007	11.38	7.09
Jan 2007	11.76	7.28
Dec 2006	11.56	7.14
Nov 2006	11.58	7.14
Oct 2006	11.24	6.94
Sep 2006	10.75	6.68
Aug 2006	10.27	6.41
Jul 2006	9.61	5.99
Jun 2006	9.9	6.15
May 2006	9.97	6.18
Apr 2006	10.71	6.6
Mar 2006	10.95	6.69
Feb 2006	10.76	6.54
Jan 2006	10.76	6.53
Dec 2005	10.49	6.32
Nov 2005	10.71	6.47
Oct 2005	9.99	6.09
Sep 2005	10.25	6.23
Aug 2005	10.35	6.22
Jul 2005	10.5	6.28
Jun 2005	9.98	5.94
May 2005	10.12	6.02
Apr 2005	9.45	5.63
Mar 2005	9.86	5.83
Feb 2005	10.14	5.95
Jan 2005	10.18	5.94
Dec 2004	10.81	6.3
Nov 2004	10.3	6.02
Oct 2004	9.81	5.73
Sep 2004	9.44	5.49
Aug 2004	9.2	5.33
Jul 2004	9.63	5.58
Jun 2004	10.24	5.94
May 2004	10	5.78
Apr 2004	9.67	5.57
Mar 2004	10.09	5.79
Feb 2004	10.43	5.94
Jan 2004	10.76	6.1
Dec 2003	10.37	5.85
Nov 2003	9.98	5.63
Oct 2003	9.81	5.55
Sep 2003	9.13	5.17
Aug 2003	9.24	5.22
Jul 2003	8.85	4.98
Jun 2003	8.6	4.83
May 2003	8.54	4.8
Apr 2003	7.86	4.42
Mar 2003	7.18	4.05
Feb 2003	7.34	4.11
Jan 2003	7.36	4.09
Dec 2002	7.57	4.19
Nov 2002	8.68	4.81
Oct 2002	7.49	4.16
Sep 2002	6.01	3.33
Aug 2002	7.23	4
Jul 2002	7.32	4.03
Jun 2002	8.09	4.45
May 2002	9.34	5.14
Apr 2002	9.75	5.36
Mar 2002	11.15	6.1
Feb 2002	10.69	5.81
Jan 2002	12.33	6.68
Dec 2001	12.5	6.76
Nov 2001	12.73	6.91
Oct 2001	11.06	6.01
Sep 2001	9.93	5.42
Aug 2001	11.93	6.48
Jul 2001	13.59	7.38
Jun 2001	14.56	7.93
May 2001	14.31	7.78
Apr 2001	14.99	8.11
Mar 2001	12.95	6.98
Feb 2001	14.66	7.89
Jan 2001	19.6	10.5
Dec 2000	16.56	8.82
Nov 2000	18.37	9.78
Oct 2000	23.12	12.31
Sep 2000	24.57	13.06
Aug 2000	30.1	15.92
Jul 2000	27.32	14.45
Jun 2000	28.92	15.26
May 2000	26.44	13.88
Apr 2000	29.54	15.49
Mar 2000	32.55	17.05
Feb 2000	30.28	15.73
Jan 2000	27.56	14.24
Dec 1999	29.46	15.17
Nov 1999	25.52	13.14
Oct 1999	23.25	11.97
Sep 1999	22.61	11.61
Aug 1999	22.81	11.66
Jul 1999	22.09	11.27
Jun 1999	22.41	11.4
May 1999	20.45	10.4
Apr 1999	20.38	10.37
Mar 1999	20.41	10.3
Feb 1999	19.05	9.59
Jan 1999	21.18	10.65
Dec 1998	18.32	9.19

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 February 28, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	21.47%	24.4%
Last 3 years	24.96%	28.45%
Last 5 years	13.03%	18.04%
Last 10 years	19.9%	23.81%
Last 20 years	13.64%	16.5%

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 132.42% nominal gain, but the real return (the actual increase in buying power) was 88.21%.

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 2021 - Sep 2025	$232.42	132.42%	88.21%
Last 10 years Feb 2016 - Sep 2025	$858.26	758.26%	526.55%
Last 25 years Feb 2001 - Sep 2025	$1,784.17	1,684%	865.69%

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 Mar 13, 2026	136.8
Highest Oct 29, 2025	151.84
Highest, Inflation-Adjusted Nov 3, 2025	151.97
Annualized return Since Dec 22, 1998	10.5%
Annualized return, Inflation-Adjusted Since Dec 22, 1998	7.74%