While tech companies and other momentum plays fell over the past month, IYW has gained 0.3%. The ETF is up 1.8% year-to-date.
To put this in perspective, an equal-weight tech ETF, the Guggenheim S&P 500 Equal Weight Technology ETF (NYSEArca: RYT), which only has a 1.8% weight in AAPL, has declined 1.7% over the past month and is up 1.3% year-to-date.
IYW’s allocations toward larger tech names also helped the ETF weather the volatility, especially when compared to the major sell-off in tech 2.0 social media names and the Global X Social Media Index ETF (NasdaqGM: SOCL), which has plunged 20.7% year-to-date. [Momentum Savagery: Internet, Social Media ETFs Bludgeoned Again]
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Max Chen contributed to this article. Tom Lydon’s clients own shares of Apple and Microsoft.