AMD vs XLK: Correlation
Measured on weekly returns over the past three years, Advanced Micro Devices (AMD) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMD and XLK?
Across a 3-year window, the weekly returns of AMD and XLK correlate at 0.66, strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Stretching to 5 years gives 0.68, with an annualized covariance of 886.8 %².
XLK is one of the assets that tracks AMD most closely: it ranks #3 out of the 33 assets we track against AMD. Their recent paths diverged sharply: over the last 12 months AMD outperformed by 141.8 percentage points (+185.2% for AMD against +43.4% for XLK). The rolling one-year correlation moved between 0.47 and 0.86 over the past three years, a moderate range. One caveat on sizing: AMD is 2.3 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.
AMD vs XLK: side by side
| AMD (Advanced Micro Devices) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +185.2% | +43.4% |
| 5-year return | +328.2% | +145.2% |
| Volatility (ann.) | 55.7% | 24.0% |
| Beta vs S&P 500 | 2.04 | 1.50 |
| Max drawdown (3Y) | -63.0% | -25.7% |
| Market cap | $778.2B | – |
| P/E (trailing) | 121.9 | – |
| 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 | AMD | XLK |
|---|---|---|
| 2022 | -55.0% | -27.7% |
| 2023 | +127.6% | +56.0% |
| 2024 | -18.1% | +21.6% |
| 2025 | +77.3% | +24.6% |
| 2026 | +122.6% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLK holds AMD at a 4.09% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AMD and XLK good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AMD and XLK?
The AMD/XLK correlation stands at 0.66 on a 3-year window (1 year: 0.58, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is XLK a good diversifier for AMD?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amd-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amd-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMD correlations · XLK correlations
