It's been a rough 6 months for many S&P/ASX 200 Index (ASX: XJO) tech shares, with giants such as Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) tumbling 39% and 53% respectively.
The broader technology market has also been suffering. The S&P/ASX All Technology Index (ASX: XTX) slid 4.4% over the same period. For context, the ASX 200 has gained 1.5% since mid-July.
Fortunately, not all ASX 200 tech shares have slumped alongside the index. In fact, these two have positively taken off.
The 2 outperforming ASX 200 tech shares
WiseTech Global Ltd (ASX: WTC) and TechnologyOne Ltd (ASX: TNE) have each bested the technology market's performance over the last 6 months.
In that time, the TechnologyOne share price has gained 27%, spurred by a major acquisition and despite tumbling on the release of its full-year results.
Meanwhile, the share price of WiseTech has surged a mammoth 77%, helped along by its financial year 2021 earnings.
Right now, the WiseTech share price is $54.63. Its ASX 200 tech peer TechnologyOne is at $11.68 a share.
The two ASX 200 tech shares have managed to dodge what might have been the start of a concerning period for ASX tech investors.
What's weighing on tech stocks?
As The Motley Fool Australia reported last week, the US Federal Reserve has hinted at interest rate increases in the near future. That might see liquidity removed from equity markets.
Unfortunately, tech shares, including those on the ASX 200, are uniquely positioned to be impacted the move.
That's because they're often valued higher than their current earnings – the market generally expects tech companies' profits to boom in the future.
When interest rates rise, expected future profits are worth less at current monetary values.
While apparent confirmation that interest rates increases are on the table for 2022 is a relatively recent phenomenon, it's likely been in investors' peripherals for some time.
That could explain the sluggish performance of the All Tech Index.
