FTNT vs XLK: Correlation
Measured on weekly returns over the past three years, Fortinet (FTNT) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and XLK?
Across a 3-year window, the weekly returns of FTNT and XLK correlate at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 400.2 %².
Within FTNT's tracked universe of 32 assets, XLK comes in at #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FTNT ahead by 77.7 points (+121.1% versus +43.4%). Across three years, the rolling one-year figure varied moderately, from 0.21 to 0.67. Risk is not evenly split, since FTNT carries 1.8 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.
FTNT vs XLK: side by side
| FTNT (Fortinet) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +121.1% | +43.4% |
| 5-year return | +170.5% | +145.2% |
| Volatility (ann.) | 42.1% | 24.0% |
| Beta vs S&P 500 | 1.02 | 1.50 |
| Max drawdown (3Y) | -35.1% | -25.7% |
| Market cap | $126.8B | – |
| P/E (trailing) | 60.8 | – |
| 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 | FTNT | XLK |
|---|---|---|
| 2022 | -32.0% | -27.7% |
| 2023 | +19.7% | +56.0% |
| 2024 | +61.4% | +21.6% |
| 2025 | -16.0% | +24.6% |
| 2026 | +117.6% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FTNT represents 0.66% of XLK's portfolio, so part of any move in XLK is FTNT itself, and the correlation between them is partly mechanical.
Are FTNT and XLK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FTNT and XLK?
As of 2026-08-27, the correlation of weekly returns between FTNT and XLK is 0.40 over 3 years, 0.40 over 1 year and 0.51 over 5 years.
Is XLK a good diversifier for FTNT?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/ftnt-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftnt-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTNT correlations · XLK correlations
