DUK vs XLK: Correlation
Measured on weekly returns over the past three years, Duke Energy (DUK) and Technology Select Sector SPDR Fund (XLK) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUK and XLK?
On 3 years of weekly data the DUK/XLK correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. The 5-year figure is 0.02, and annualized covariance runs at -91.1 %².
By 3-year correlation, XLK places #41 of the 53 assets tracked against DUK. Their recent paths diverged sharply: over the last 12 months XLK outperformed by 42.3 percentage points (+1.1% for DUK against +43.4% for XLK). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.39 to 0.24. Note the risk asymmetry: XLK runs 1.5 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.
DUK vs XLK: side by side
| DUK (Duke Energy) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +1.1% | +43.4% |
| 5-year return | +39.8% | +145.2% |
| Volatility (ann.) | 15.9% | 24.0% |
| Beta vs S&P 500 | -0.09 | 1.50 |
| Max drawdown (3Y) | -11.6% | -25.7% |
| Market cap | $94.2B | – |
| P/E (trailing) | 18.3 | – |
| Dividend yield | 3.49% | 0.45% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $115.4B |
| Sector / category | Utilities | 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 | DUK | XLK |
|---|---|---|
| 2022 | +2.0% | -27.7% |
| 2023 | -1.6% | +56.0% |
| 2024 | +15.6% | +21.6% |
| 2025 | +12.7% | +24.6% |
| 2026 | +5.8% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUK and XLK good diversifiers for each other?
Yes. With a correlation of -0.24, DUK and XLK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DUK and XLK?
The DUK/XLK correlation stands at -0.24 on a 3-year window (1 year: -0.29, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is XLK a good diversifier for DUK?
Yes. With a correlation of -0.24, DUK and XLK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/duk-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/duk-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DUK correlations · XLK correlations
