AKAM vs XLK: Correlation
How closely do Akamai Technologies (AKAM) and Technology Select Sector SPDR Fund (XLK) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AKAM and XLK?
Across a 3-year window, the weekly returns of AKAM and XLK correlate at 0.23, weak. Little has changed lately, as the 1-year reading of 0.16 lands near the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 255.6 %².
Among the 30 assets we track against AKAM, XLK ranks #18 by 3-year correlation. Their 12-month results are close: +42.1% for AKAM against +43.4% for XLK. The relationship is regime-dependent: the rolling one-year correlation swung between -0.10 and 0.62 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: AKAM is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AKAM vs XLK: side by side
| AKAM (Akamai Technologies) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +42.1% | +43.4% |
| 5-year return | -1.6% | +145.2% |
| Volatility (ann.) | 45.7% | 24.0% |
| Beta vs S&P 500 | 0.58 | 1.50 |
| Max drawdown (3Y) | -46.8% | -25.7% |
| Market cap | $16.0B | – |
| P/E (trailing) | 40.3 | – |
| Dividend yield | 0.00% | 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 | AKAM | XLK |
|---|---|---|
| 2022 | -28.0% | -27.7% |
| 2023 | +40.4% | +56.0% |
| 2024 | -19.2% | +21.6% |
| 2025 | -8.8% | +24.6% |
| 2026 | +27.5% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.11% of XLK is AKAM itself, so the fund partly moves with the stock by construction.
Are AKAM and XLK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AKAM and XLK?
The AKAM/XLK correlation stands at 0.23 on a 3-year window (1 year: 0.16, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is XLK a good diversifier for AKAM?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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.
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Related comparisons
Hubs: AKAM correlations · XLK correlations
