CEVA vs XLK: Correlation
Measured on weekly returns over the past three years, CEVA, Inc. (CEVA) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEVA and XLK?
On 3 years of weekly data the CEVA/XLK correlation comes out at 0.64, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 875.2 %².
In CEVA's tracked universe of 12 assets, XLK sits right near the top at #3. The last year tells two different stories: XLK led by 17.6 percentage points, +25.8% for CEVA against +43.4% for XLK. Note the risk asymmetry: CEVA runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CEVA vs XLK: side by side
| CEVA (CEVA, Inc.) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.8% | +43.4% |
| 5-year return | -40.9% | +145.2% |
| Volatility (ann.) | 57.4% | 24.0% |
| Beta vs S&P 500 | 2.37 | 1.50 |
| Max drawdown (3Y) | -55.2% | -25.7% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.45% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $115.4B |
| Sector / category | US Listed | 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 | CEVA | XLK |
|---|---|---|
| 2022 | -40.8% | -27.7% |
| 2023 | -11.2% | +56.0% |
| 2024 | +38.9% | +21.6% |
| 2025 | -31.8% | +24.6% |
| 2026 | +32.1% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEVA and XLK good diversifiers for each other?
Only partially. A correlation of 0.64 means CEVA and XLK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CEVA and XLK?
As of 2026-08-27, the correlation of weekly returns between CEVA and XLK is 0.64 over 3 years, 0.66 over 1 year and 0.62 over 5 years.
Is XLK a good diversifier for CEVA?
Only partially. A correlation of 0.64 means CEVA and XLK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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/ceva-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ceva-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEVA correlations · XLK correlations
