FFIV vs XLK: Correlation
F5, Inc. (FFIV) and Technology Select Sector SPDR Fund (XLK) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIV and XLK?
Over the past 3 years, FFIV and XLK moved with a correlation of 0.37, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.37 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 235.4 %².
Within FFIV's tracked universe of 34 assets, XLK comes in at #24 by 3-year correlation. Over the last 12 months XLK came out ahead by 14.3 percentage points (+29.1% against +43.4%). This link changes with the market regime, having swung between 0.14 and 0.76 on a rolling one-year basis.
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 XLK: side by side
| FFIV (F5, Inc.) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +29.1% | +43.4% |
| 5-year return | +99.3% | +145.2% |
| Volatility (ann.) | 26.6% | 24.0% |
| Beta vs S&P 500 | 0.77 | 1.50 |
| Max drawdown (3Y) | -34.7% | -25.7% |
| Market cap | $23.2B | – |
| P/E (trailing) | 31.8 | – |
| 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 | FFIV | XLK |
|---|---|---|
| 2022 | -41.4% | -27.7% |
| 2023 | +24.7% | +56.0% |
| 2024 | +40.5% | +21.6% |
| 2025 | +1.5% | +24.6% |
| 2026 | +60.7% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.15% of XLK is FFIV itself, so the fund partly moves with the stock by construction.
Are FFIV and XLK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FFIV and XLK?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.19 over the last year and 0.51 over 5 years.
Is XLK a good diversifier for FFIV?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ffiv-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FFIV correlations · XLK correlations
