Investing.com -- The S&P 500 Tech sector is set to close April with a 17% gain, marking its strongest monthly performance since November 2002, according to BTIG.

The nine largest monthly gains for the tech sector all occurred between 1997 and 2002. Of these, seven saw declines the following month, with an average return of -10.37%. The only two instances that posted gains were in November and December 2002, which coincided with the bottom of the dot-com bubble bear market following an 83% decline.

The SOX semiconductor index rose 37% in April, which would rank as the second-largest monthly gain on record, trailing only February 2000. The index currently trades further above its 200-day moving average than at any point in the past 26 years.

Of the sector's largest historical monthly gains, three occurred at all-time highs similar to current levels: July 1997, January 1999, and December 1999. These months were followed by returns of -3.18%, -12.3%, and -7.7%, respectively.

Chinese equities showed strength in April, with the KraneShares STAR 50 Market ETF (KSTR) climbing 26% for the month to reach its highest level since 2022. The xTrackers CSI 300 ETF (ASHR) hit a 52-week high on Friday, approaching a multi-year breakout. The China Internet Fund (KWEB) is attempting to form a double bottom against its March lows.