Who Really Powered XLK's Return?
Key takeaways
- Trefis Team Tue, June 23, 2026 at 11:44 PM GMT+7 3 min read XLK SNDK MU Photo by Artsy Bee on Pixabay.
- Among the 50 largest holdings in the State Street Technology Select Sector SPDR ETF (XLK), 38 rose over the past year while 12 fell.
- The Outlier That Did The Lifting The single biggest contributor to the fund s return was SanDisk (SNDK).
Who Really Powered XLK's Return? Trefis Team Tue, June 23, 2026 at 11:44 PM GMT+7 3 min read XLK SNDK MU Photo by Artsy Bee on Pixabay. The tech fund s impressive return looks broad, but a closer look reveals the heavy lifting was done by just a few of its holdings.
Among the 50 largest holdings in the State Street Technology Select Sector SPDR ETF (XLK), 38 rose over the past year while 12 fell. That positive tilt helped the fund deliver a +60.7% return. But if you own this fund, you should know that this gain wasn t an even, all-boats-lifted story. The real work was done in a very concentrated way.
The Outlier That Did The Lifting The single biggest contributor to the fund s return was SanDisk (SNDK). While it makes up just 1.9% of the fund, the stock returned +4781% over the past year. Another key driver was Micron Technology (MU), which makes up 7.3% of the fund and returned +882.4%. These results did much of the heavy lifting for the entire portfolio. On the other side of the ledger, the biggest drag on the fund was Microsoft (MSFT). Being a large position, and falling over the past year, it weighed on the fund s overall performance.