AAPL vs XLK: Correlation
How closely do Apple Inc. (AAPL) and Technology Select Sector SPDR Fund (XLK) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAPL and XLK?
Over the past 3 years, AAPL and XLK moved with a correlation of 0.52, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.52 over 3 years. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 340.9 %².
Within AAPL's tracked universe of 32 assets, XLK comes in at #15 by 3-year correlation. Over the last 12 months XLK came out ahead by 6.4 percentage points (+37.0% against +43.4%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.28 and 0.86 over the past three years, so this pair behaves very differently depending on the market environment.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAPL vs XLK: side by side
| AAPL (Apple Inc.) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +37.0% | +43.4% |
| 5-year return | +110.6% | +145.2% |
| Volatility (ann.) | 27.2% | 24.0% |
| Beta vs S&P 500 | 1.06 | 1.50 |
| Max drawdown (3Y) | -33.4% | -25.7% |
| Market cap | $4,591.0B | – |
| P/E (trailing) | 36.1 | – |
| Dividend yield | 0.33% | 0.45% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $115.4B |
| Sector / category | Information Technology | Sector ETF |
On the fund side, XLK sits in the Technology category at State Street Investment Management, with $115.4B under management, 73 holdings, a 0.08% expense ratio, a 0.45% trailing dividend yield.
Year-by-year returns
| Year | AAPL | XLK |
|---|---|---|
| 2022 | -26.4% | -27.7% |
| 2023 | +49.0% | +56.0% |
| 2024 | +30.7% | +21.6% |
| 2025 | +9.1% | +24.6% |
| 2026 | +16.0% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AAPL represents 12.61% of XLK's portfolio, so part of any move in XLK is AAPL itself, and the correlation between them is partly mechanical.
Are AAPL and XLK good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AAPL and XLK?
As of 2026-08-27, the correlation of weekly returns between AAPL and XLK is 0.52 over 3 years, 0.27 over 1 year and 0.67 over 5 years.
Is XLK a good diversifier for AAPL?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aapl-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aapl-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AAPL correlations · XLK correlations
