CRWD vs XLK: Correlation
How closely do CrowdStrike (CRWD) and Technology Select Sector SPDR Fund (XLK) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and XLK?
On 3 years of weekly data the CRWD/XLK correlation comes out at 0.61, strong. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 737.8 %².
Within CRWD's tracked universe of 31 assets, XLK comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CRWD outperformed by 72.4 percentage points (+115.8% for CRWD against +43.4% for XLK). On a rolling one-year basis the correlation drifted between 0.49 and 0.77, a moderate band. Risk is not evenly split, since CRWD carries 2.1 times the volatility of the other side.
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.
CRWD vs XLK: side by side
| CRWD (CrowdStrike) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +115.8% | +43.4% |
| 5-year return | +218.4% | +145.2% |
| Volatility (ann.) | 50.2% | 24.0% |
| Beta vs S&P 500 | 1.87 | 1.50 |
| Max drawdown (3Y) | -44.4% | -25.7% |
| Market cap | $233.4B | – |
| P/E (trailing) | 3256.6 | – |
| 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 | CRWD | XLK |
|---|---|---|
| 2022 | -48.6% | -27.7% |
| 2023 | +142.5% | +56.0% |
| 2024 | +34.0% | +21.6% |
| 2025 | +37.0% | +24.6% |
| 2026 | +94.5% | +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 CRWD at a 1.29% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CRWD and XLK good diversifiers for each other?
Only partially. A correlation of 0.61 means CRWD 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 CRWD and XLK?
As of 2026-08-27, the correlation of weekly returns between CRWD and XLK is 0.61 over 3 years, 0.51 over 1 year and 0.61 over 5 years.
Is XLK a good diversifier for CRWD?
Only partially. A correlation of 0.61 means CRWD 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 0.61 mean?
A reading of 0.61 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crwd-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/crwd-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRWD correlations · XLK correlations
