FFIV vs XLC: Correlation
F5, Inc. (FFIV) and Communication Services Select Sector SPDR Fund (XLC) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIV and XLC?
Over the past 3 years, FFIV and XLC moved with a correlation of 0.46, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.46). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 193.6 %².
In FFIV's tracked universe of 34 assets, XLC sits right near the top at #3. Correlation aside, the last 12 months split them widely, with FFIV ahead by 27.6 points (+29.1% versus +1.5%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.22 and 0.79 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: FFIV is 1.7 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.
FFIV vs XLC: side by side
| FFIV (F5, Inc.) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +29.1% | +1.5% |
| 5-year return | +99.3% | +37.5% |
| Volatility (ann.) | 26.6% | 16.0% |
| Beta vs S&P 500 | 0.77 | 0.90 |
| Max drawdown (3Y) | -34.7% | -18.0% |
| Market cap | $23.2B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.00% | 1.32% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $21.7B |
| Sector / category | Information Technology | Sector ETF |
On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Year-by-year returns
| Year | FFIV | XLC |
|---|---|---|
| 2022 | -41.4% | -37.6% |
| 2023 | +24.7% | +52.8% |
| 2024 | +40.5% | +34.7% |
| 2025 | +1.5% | +23.1% |
| 2026 | +60.7% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIV and XLC good diversifiers for each other?
Reasonably. At 0.46, FFIV and XLC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FFIV and XLC?
The FFIV/XLC correlation stands at 0.46 on a 3-year window (1 year: 0.29, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is XLC a good diversifier for FFIV?
Reasonably. At 0.46, FFIV and XLC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ffiv-vs-xlc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ffiv-vs-xlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FFIV correlations · XLC correlations
