ARKK lags AI rally as chip-focused ETFs outpace Cathie Wood’s flagship fund

Cathie Wood’s ARK Innovation ETF (ARKK) has gained just 0.2% in 2026 through May 13, missing much of the AI-driven equity rally that has lifted semiconductor and hardware-linked funds. ARKK trails the Invesco QQQ Trust (QQQ), up more than 16%, and the Philadelphia Semiconductor Index, up about 70%. The iShares A.I. Innovation and Tech Active ETF (BAI) has climbed more than 40%, while the Technology Select Sector SPDR ETF (XLK) has risen nearly 22%. The S&P 500 is up 8.7% in 2026. FactSet data show ARKK is up about 56.3% since the end of 2019, versus nearly 233% for QQQ. Since ARKK’s 2014 launch, it has returned about 284%, compared with nearly 599% for QQQ. The fund has posted about $251 million in net outflows in 2026 through May 12, including nearly $2.9 billion on April 28. Its largest holding remains Tesla (TSLA), followed by AMD, Circle, Crispr Therapeutics and Tempus AI.