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 June 2025 as the baseline (latest available CPI).

The current value of the Technology Select Sector SPDR Fund ETF is 257.91 (as of the close of Jul 15, 2025), which is the all-time high.

Since December 22, 1998, the inflation-adjusted total return for the ETF has been 440.97%, which is equivalent to an annual growth rate of 6.56%.

In nominal values, the total return since this date has been 964.65%, or an annualized rate of 9.31%.

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
Jul 2025	257.91	257.91
Jun 2025	253.23	253.23
May 2025	231.7	230.91
Apr 2025	211.13	209.97
Mar 2025	208.26	206.48
Feb 2025	227.59	225.14
Jan 2025	233.95	230.41
Dec 2024	237.23	232.11
Nov 2024	238.16	232.94
Oct 2024	226.33	221.49
Sep 2024	230.18	225
Aug 2024	224.6	219.19
Jul 2024	223.22	217.67
Jun 2024	231.07	225.06
May 2024	214.35	208.71
Apr 2024	200.52	194.92
Mar 2024	213.61	206.83
Feb 2024	213.3	205.21
Jan 2024	204.98	195.99
Dec 2023	200.68	190.84
Nov 2023	192.85	183.58
Oct 2023	170.48	162.61
Sep 2023	170.33	162.53
Aug 2023	182.97	174.16
Jul 2023	186.59	176.83
Jun 2023	182.24	172.38
May 2023	172.39	162.54
Apr 2023	158.67	149.23
Mar 2023	159.67	149.41
Feb 2023	144.51	134.78
Jan 2023	144.72	134.22
Dec 2022	133.51	122.85
Nov 2022	145.01	133.84
Oct 2022	136.25	125.88
Sep 2022	127.07	116.93
Aug 2022	144.66	132.82
Jul 2022	154.19	141.62
Jun 2022	135.89	124.83
May 2022	151.81	137.56
Apr 2022	154.54	138.51
Mar 2022	174.65	155.66
Feb 2022	171.25	150.63
Jan 2022	181.67	158.35
Dec 2021	196.66	169.98
Nov 2021	191.06	164.64
Oct 2021	183.82	157.62
Sep 2021	171.34	145.71
Aug 2021	182.46	154.75
Jul 2021	176.55	149.43
Jun 2021	170.76	143.84
May 2021	161.25	134.57
Apr 2021	164.07	135.83
Mar 2021	157.26	129.13
Feb 2021	155.52	126.81
Jan 2021	154.26	125.1
Dec 2020	156.23	126.16
Nov 2020	148.16	119.53
Oct 2020	132.94	107.32
Sep 2020	140	112.97
Aug 2020	148.1	119.34
Jul 2020	132.79	106.66
Jun 2020	126.28	100.93
May 2020	118.72	94.37
Apr 2020	110.78	88.05
Mar 2020	96.75	77.42
Feb 2020	105.6	84.68
Jan 2020	114.22	91.35
Dec 2019	110.27	87.85
Nov 2019	105.6	84.21
Oct 2019	100.17	79.92
Sep 2019	96.63	76.92
Aug 2019	95.21	75.73
Jul 2019	96.69	76.91
Jun 2019	93.58	74.31
May 2019	85.92	68.21
Apr 2019	94.27	74.69
Mar 2019	89.1	70.22
Feb 2019	85.52	67.02
Jan 2019	80.33	62.69
Dec 2018	75.27	58.62
Nov 2018	81.89	63.98
Oct 2018	83.25	65.26
Sep 2018	90.65	70.94
Aug 2018	90.77	70.96
Jul 2018	85.2	66.56
Jun 2018	83.46	65.2
May 2018	83.82	65.38
Apr 2018	78.82	61.22
Mar 2018	79.09	61.19
Feb 2018	82.34	63.56
Jan 2018	83.05	63.82
Dec 2017	78.02	59.62
Nov 2017	77.55	59.3
Oct 2017	76.47	58.48
Sep 2017	71.75	54.9
Aug 2017	71.54	54.45
Jul 2017	69.72	52.91
Jun 2017	66.7	50.65
May 2017	68.69	52.12
Apr 2017	66.13	50.13
Mar 2017	65.02	49.15
Feb 2017	63.66	48.08
Jan 2017	61.09	45.99
Dec 2016	59.34	44.41
Nov 2016	58.05	43.43
Oct 2016	57.86	43.36
Sep 2016	58.37	43.69
Aug 2016	57.31	42.79
Jul 2016	56.7	42.3
Jun 2016	52.86	39.49
May 2016	53.77	40.05
Apr 2016	51.47	38.18
Mar 2016	54.45	40.2
Feb 2016	50.25	36.94
Jan 2016	50.63	37.19
Dec 2015	52.67	38.62
Nov 2015	53.6	39.44
Oct 2015	53.11	39.16
Sep 2015	48.04	35.44
Aug 2015	48.63	35.93
Jul 2015	51.4	38.03
Jun 2015	49.98	36.98
May 2015	52.31	38.56
Apr 2015	51.62	37.86
Mar 2015	50.34	36.85
Feb 2015	52.44	38.16
Jan 2015	48.77	35.33
Dec 2014	50.3	36.62
Nov 2014	51.13	37.43
Oct 2014	48.52	35.72
Sep 2014	47.64	35.15
Aug 2014	47.92	35.34
Jul 2014	46.32	34.21
Jun 2014	45.53	33.64
May 2014	44.78	33.03
Apr 2014	43.31	31.83
Mar 2014	43.33	31.74
Feb 2014	43.42	31.61
Jan 2014	41.75	30.28
Dec 2013	43.01	31.08
Nov 2013	41.54	30.02
Oct 2013	40.21	29.12
Sep 2013	38.19	27.72
Aug 2013	37.29	27.04
Jul 2013	37.73	27.32
Jun 2013	36.39	26.34
May 2013	37.56	27.13
Apr 2013	36.61	26.39
Mar 2013	35.94	25.94
Feb 2013	35.13	25.28
Jan 2013	35.14	25.09
Dec 2012	34.59	24.62
Nov 2012	34.63	24.72
Oct 2012	34.16	24.5
Sep 2012	36.46	26.16
Aug 2012	36.22	25.87
Jul 2012	34.95	24.83
Jun 2012	34.26	24.38
May 2012	33.13	23.61
Apr 2012	35.33	25.2
Mar 2012	35.85	25.49
Feb 2012	34.56	24.39
Jan 2012	32.41	22.77
Dec 2011	30.65	21.44
Nov 2011	30.64	21.49
Oct 2011	31.08	21.82
Sep 2011	28.14	19.8
Aug 2011	29.08	20.42
Jul 2011	30.8	21.57
Jun 2011	30.69	21.48
May 2011	31.44	22.02
Apr 2011	31.92	22.26
Mar 2011	31.31	21.69
Feb 2011	32.12	22.03
Jan 2011	31.58	21.56
Dec 2010	30.75	20.9
Nov 2010	29.19	19.8
Oct 2010	29.69	20.13
Sep 2010	28.1	19.03
Aug 2010	25.18	17.04
Jul 2010	26.71	18.06
Jun 2010	24.87	16.8
May 2010	26.26	17.76
Apr 2010	28.41	19.2
Mar 2010	28.1	18.96
Feb 2010	26.41	17.75
Jan 2010	25.53	17.15
Dec 2009	28.02	18.76
Nov 2009	26.44	17.73
Oct 2009	25.07	16.8
Sep 2009	25.41	17.01
Aug 2009	24.3	16.26
Jul 2009	23.97	16
Jun 2009	22.12	14.79
May 2009	21.53	14.27
Apr 2009	21.1	13.95
Mar 2009	19.15	12.63
Feb 2009	17.27	11.36
Jan 2009	18.04	11.81
Dec 2008	19.02	12.4
Nov 2008	18.53	12.21
Oct 2008	19.85	13.33
Sep 2008	23.42	15.89
Aug 2008	26.72	18.15
Jul 2008	26.14	17.83
Jun 2008	26.94	18.27
May 2008	30.02	20.16
Apr 2008	28.42	18.93
Mar 2008	26.91	17.82
Feb 2008	26.84	17.61
Jan 2008	28.25	18.49
Dec 2007	32.56	21.2
Nov 2007	31.9	20.79
Oct 2007	34.71	22.48
Sep 2007	33.03	21.35
Aug 2007	31.92	20.57
Jul 2007	31.26	20.18
Jun 2007	31.31	20.22
May 2007	31.41	20.25
Apr 2007	30.09	19.28
Mar 2007	28.92	18.41
Feb 2007	28.89	18.23
Jan 2007	29.85	18.73
Dec 2006	29.35	18.36
Nov 2006	29.56	18.46
Oct 2006	28.7	17.95
Sep 2006	27.45	17.27
Aug 2006	26.26	16.6
Jul 2006	24.59	15.51
Jun 2006	25.32	15.93
May 2006	25.49	16.01
Apr 2006	27.4	17.12
Mar 2006	28	17.35
Feb 2006	27.53	16.96
Jan 2006	27.53	16.92
Dec 2005	26.84	16.37
Nov 2005	27.58	16.89
Oct 2005	25.73	15.89
Sep 2005	26.39	16.26
Aug 2005	26.65	16.22
Jul 2005	27.04	16.38
Jun 2005	25.71	15.5
May 2005	26.05	15.7
Apr 2005	24.34	14.68
Mar 2005	25.4	15.22
Feb 2005	26.11	15.52
Jan 2005	26.22	15.5
Dec 2004	27.84	16.43
Nov 2004	27.04	16.01
Oct 2004	25.74	15.24
Sep 2004	24.79	14.59
Aug 2004	24.14	14.18
Jul 2004	25.27	14.84
Jun 2004	26.87	15.8
May 2004	26.24	15.38
Apr 2004	25.39	14.8
Mar 2004	26.49	15.39
Feb 2004	27.38	15.81
Jan 2004	28.25	16.22
Dec 2003	27.23	15.56
Nov 2003	26.37	15.08
Oct 2003	25.93	14.87
Sep 2003	24.13	13.86
Aug 2003	24.42	13.98
Jul 2003	23.4	13.34
Jun 2003	22.72	12.94
May 2003	22.58	12.85
Apr 2003	20.76	11.83
Mar 2003	18.98	10.84
Feb 2003	19.39	11.01
Jan 2003	19.44	10.95
Dec 2002	20	11.22
Nov 2002	23	12.93
Oct 2002	19.85	11.16
Sep 2002	15.94	8.94
Aug 2002	19.16	10.73
Jul 2002	19.39	10.83
Jun 2002	21.44	11.96
May 2002	24.76	13.8
Apr 2002	25.83	14.4
Mar 2002	29.55	16.38
Feb 2002	28.32	15.61
Jan 2002	32.69	17.95
Dec 2001	33.12	18.14
Nov 2001	33.73	18.55
Oct 2001	29.3	16.14
Sep 2001	26.33	14.55
Aug 2001	31.62	17.4
Jul 2001	36.02	19.82
Jun 2001	38.59	21.29
May 2001	37.91	20.89
Apr 2001	39.71	21.78
Mar 2001	34.32	18.75
Feb 2001	38.85	21.17
Jan 2001	51.94	28.2
Dec 2000	43.88	23.67
Nov 2000	48.67	26.27
Oct 2000	61.27	33.05
Sep 2000	65.1	35.06
Aug 2000	79.77	42.73
Jul 2000	72.41	38.79
Jun 2000	76.64	40.96
May 2000	70.07	37.25
Apr 2000	78.29	41.58
Mar 2000	86.26	45.78
Feb 2000	80.24	42.24
Jan 2000	73.04	38.22
Dec 1999	78.06	40.73
Nov 1999	67.62	35.28
Oct 1999	61.61	32.13
Sep 1999	59.9	31.18
Aug 1999	60.44	31.31
Jul 1999	58.53	30.25
Jun 1999	59.39	30.6
May 1999	54.19	27.92
Apr 1999	54.01	27.83
Mar 1999	54.08	27.66
Feb 1999	50.49	25.75
Jan 1999	56.12	28.58
Dec 1998	48.54	24.66

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 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	18.21%	21.63%
2023	50.3%	55.34%
2022	-32.11%	-27.73%
2021	25.88%	34.74%
2020	41.68%	43.61%
2019	46.5%	49.85%
2018	-3.52%	-1.68%
2017	31.48%	34.25%
2016	12.67%	15%
2015	4.7%	5.46%
2014	16.95%	17.83%
2013	24.36%	26.23%
2012	12.85%	14.81%
2011	-0.35%	2.61%
2010	9.75%	11.39%
2009	47.3%	51.31%
2008	-41.57%	-41.52%
2007	10.92%	15.45%
2006	9.37%	12.15%
2005	-3.61%	-0.32%
2004	2.27%	5.6%
2003	36.11%	38.67%
2002	-39.6%	-38.17%
2001	-24.52%	-23.35%
2000	-43.78%	-41.88%
1999	60.82%	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 June 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	9.59%	12.52%
Last 3 years	23.06%	26.59%
Last 5 years	14.93%	20.2%
Last 10 years	17.62%	21.22%
Last 20 years	12.12%	14.99%

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 June 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 199.03% nominal gain, but the real return (the actual increase in buying power) was 139.81%.

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 - Jun 2025	$299.03	199.03%	139.81%
Last 10 years Feb 2015 - Jun 2025	$663.61	563.61%	382.9%
Last 25 years Feb 2000 - Jun 2025	$599.53	499.53%	215.6%

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 Jul 15, 2025	257.91
Highest Jul 15, 2025	257.91
Highest, Inflation-Adjusted Jul 15, 2025	257.91
Annualized return Since Dec 22, 1998	9.31%
Annualized return, Inflation-Adjusted Since Dec 22, 1998	6.56%