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Internet ETF (XWEB) Hits New 52-Week High

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Investors seeking momentum may have SPDR S&P Internet ETF (XWEB - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of OGIG are up approximately 115.5% from their 52-week low of $53.49/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

XWEB in Focus

The underlying S&P Internet Select Industry Index represents the internet segment of the S&P Total Market Index.XWEB charges investors 35 basis points in fee per year (see all technology ETFs here).

Why the move?

The internet space has been performing well lately. Notably, social distancing triggered by the coronavirus outbreak has benefited communications and activities over internet in recent months.

More Gains Ahead?

The fund has a positive weighted alpha of 48.59. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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