FLEX vs RXT: Correlation
Flex Ltd. (FLEX) and Rackspace Technology, Inc. (RXT) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and RXT?
On 3 years of weekly data the FLEX/RXT correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 5100.5 %².
Among the 45 assets we track against FLEX, RXT ranks #32 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RXT ahead by 64.7 points (+114.6% versus +179.3%). Note the risk asymmetry: RXT runs 4.5 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.
FLEX vs RXT: side by side
| FLEX (Flex Ltd.) | RXT (Rackspace Technology, Inc.) | |
|---|---|---|
| 1-year return | +114.6% | +179.3% |
| 5-year return | +716.5% | -75.7% |
| Volatility (ann.) | 50.9% | 230.1% |
| Beta vs S&P 500 | 1.70 | 3.34 |
| Max drawdown (3Y) | -40.0% | -86.5% |
| Market cap | $42.6B | $0.9B |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | RXT |
|---|---|---|
| 2022 | +17.1% | -78.1% |
| 2023 | +41.9% | -32.2% |
| 2024 | +67.2% | +10.5% |
| 2025 | +57.4% | -56.1% |
| 2026 | +90.8% | +248.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and RXT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLEX and RXT?
As of 2026-08-27, the correlation of weekly returns between FLEX and RXT is 0.44 over 3 years, 0.52 over 1 year and 0.42 over 5 years.
Is RXT a good diversifier for FLEX?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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/flex-vs-rxt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flex-vs-rxt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FLEX correlations · RXT correlations
