ASAN vs XLU: Correlation
Asana, Inc. (ASAN) and Utilities Select Sector SPDR Fund (XLU) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASAN and XLU?
Across a 3-year window, the weekly returns of ASAN and XLU correlate at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.20 over 3 years. Stretching to 5 years gives -0.00, with an annualized covariance of -185.2 %².
XLU is close to the least connected end of ASAN's tracked universe, ranking #16 of 19. Their recent paths diverged sharply: over the last 12 months XLU outperformed by 33.1 percentage points (-29.0% for ASAN against +4.1% for XLU). One caveat on sizing: ASAN is 3.8 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.
ASAN vs XLU: side by side
| ASAN (Asana, Inc.) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -29.0% | +4.1% |
| 5-year return | -86.9% | +46.3% |
| Volatility (ann.) | 59.9% | 15.8% |
| Beta vs S&P 500 | 1.49 | 0.26 |
| Max drawdown (3Y) | -80.2% | -13.1% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.70% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $23.1B |
| Sector / category | US Listed | Sector ETF |
XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Year-by-year returns
| Year | ASAN | XLU |
|---|---|---|
| 2022 | -81.5% | +1.4% |
| 2023 | +38.1% | -7.2% |
| 2024 | +6.6% | +23.3% |
| 2025 | -32.4% | +16.0% |
| 2026 | -25.8% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASAN and XLU good diversifiers for each other?
Yes. With a correlation of -0.20, ASAN and XLU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASAN and XLU?
The ASAN/XLU correlation stands at -0.20 on a 3-year window (1 year: -0.39, 5 years: -0.00), computed from weekly returns as of 2026-08-27.
Is XLU a good diversifier for ASAN?
Yes. With a correlation of -0.20, ASAN and XLU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/asan-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asan-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASAN correlations · XLU correlations
