I initially gave you a "like" for your comment, but had to remove it after @Scataphagos posted his chart. There is nothing like backing up a claim with evidence. Your reasoning made a lot of sense of course, but the chart doesn't lie.
Now why would anybody want to do that? It's too volatile. If you invested last December you'd be down 20% (total return including yield)
That's not what I see when I compare on Yahoo Finance: https://t.ly/_Cn4 Perhaps you can restrict your Stockcharts comparison to just the past 5 years since S&P reconstituted all the XL? indexes.
If you said "XLK outperformed QQQ since Covid low", I'd agree. Still, QQQ isn't a bad proxy for tech... especially if trading in size.
Where ever I invested it I would have a method of protecting my capital. Who knows what will happen in a couple years. At this moment cash looks good.
%% RE[included land, home ], cash, ETFs like SPY..... +some dividend paying ETFs, some metals including ,but not limited to lead , copper, brass. Multi year + longer outlook. Safest + best long term. [IF safety is your #1 concern CDs maybe ok, except long term inflation+ opportunity cost, may cause 40 years of that only, a big regret??] Good question