ED vs XLK: Correlation
How closely do Consolidated Edison (ED) and Technology Select Sector SPDR Fund (XLK) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and XLK?
Over the past 3 years, ED and XLK moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.33 over 3. Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -129.3 %².
Among the 105 assets we track against ED, XLK sits near the bottom by co-movement, at rank #103. Correlation aside, the last 12 months split them widely, with XLK ahead by 33.2 points (+10.2% versus +43.4%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.47 and 0.19 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ED vs XLK: side by side
| ED (Consolidated Edison) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +10.2% | +43.4% |
| 5-year return | +67.5% | +145.2% |
| Volatility (ann.) | 16.5% | 24.0% |
| Beta vs S&P 500 | -0.21 | 1.50 |
| Max drawdown (3Y) | -17.4% | -25.7% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | 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 | ED | XLK |
|---|---|---|
| 2022 | +15.7% | -27.7% |
| 2023 | -1.1% | +56.0% |
| 2024 | +1.5% | +21.6% |
| 2025 | +15.1% | +24.6% |
| 2026 | +10.1% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and XLK good diversifiers for each other?
Yes. With a correlation of -0.33, ED and XLK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and XLK?
As of 2026-08-27, the correlation of weekly returns between ED and XLK is -0.33 over 3 years, -0.43 over 1 year and -0.04 over 5 years.
Is XLK a good diversifier for ED?
Yes. With a correlation of -0.33, ED and XLK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/ed-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ED correlations · XLK correlations
