FSLR vs XLK: Correlation
Measured on weekly returns over the past three years, First Solar (FSLR) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and XLK?
Over the past 3 years, FSLR and XLK moved with a correlation of 0.33, which is moderate. The past 12 months show a tighter link (0.46) than the 3-year average (0.33). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 447.3 %².
By 3-year correlation, XLK places #20 of the 34 assets tracked against FSLR. Their recent paths diverged sharply: over the last 12 months XLK outperformed by 33.5 percentage points (+9.9% for FSLR against +43.4% for XLK). Across three years, the rolling one-year figure varied moderately, from 0.05 to 0.45. Risk is not evenly split, since FSLR carries 2.3 times the volatility of the other side.
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.
FSLR vs XLK: side by side
| FSLR (First Solar) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +9.9% | +43.4% |
| 5-year return | +119.6% | +145.2% |
| Volatility (ann.) | 56.2% | 24.0% |
| Beta vs S&P 500 | 1.14 | 1.50 |
| Max drawdown (3Y) | -60.0% | -25.7% |
| Market cap | $22.6B | – |
| P/E (trailing) | 12.7 | – |
| 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 | FSLR | XLK |
|---|---|---|
| 2022 | +71.9% | -27.7% |
| 2023 | +15.0% | +56.0% |
| 2024 | +2.3% | +21.6% |
| 2025 | +48.2% | +24.6% |
| 2026 | -19.6% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLK holds FSLR at a 0.15% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FSLR and XLK good diversifiers for each other?
Reasonably. At 0.33, FSLR and XLK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FSLR and XLK?
As of 2026-08-27, the correlation of weekly returns between FSLR and XLK is 0.33 over 3 years, 0.46 over 1 year and 0.28 over 5 years.
Is XLK a good diversifier for FSLR?
Reasonably. At 0.33, FSLR and XLK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fslr-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSLR correlations · XLK correlations
