DELL vs XLK: Correlation
Measured on weekly returns over the past three years, Dell Technologies (DELL) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DELL and XLK?
Across a 3-year window, the weekly returns of DELL and XLK correlate at 0.61, strong. Recent behaviour matches the longer record: 0.57 over 1 year against 0.61 over 3. Stretching to 5 years gives 0.58, with an annualized covariance of 896.2 %².
Few assets follow DELL as closely as XLK, which ranks #2 of 29 tracked partners. Their recent paths diverged sharply: over the last 12 months DELL outperformed by 217.6 percentage points (+261.0% for DELL against +43.4% for XLK). Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.81. One caveat on sizing: DELL is 2.6 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.
DELL vs XLK: side by side
| DELL (Dell Technologies) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +261.0% | +43.4% |
| 5-year return | +945.0% | +145.2% |
| Volatility (ann.) | 61.3% | 24.0% |
| Beta vs S&P 500 | 2.02 | 1.50 |
| Max drawdown (3Y) | -59.6% | -25.7% |
| Market cap | $305.1B | – |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 0.48% | 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 | DELL | XLK |
|---|---|---|
| 2022 | -26.6% | -27.7% |
| 2023 | +95.9% | +56.0% |
| 2024 | +53.0% | +21.6% |
| 2025 | +11.2% | +24.6% |
| 2026 | +278.6% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.9% of XLK is DELL itself, so the fund partly moves with the stock by construction.
Are DELL and XLK good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DELL and XLK?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.57 over the last year and 0.58 over 5 years.
Is XLK a good diversifier for DELL?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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/dell-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dell-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DELL correlations · XLK correlations
