JBL vs XLK: Correlation
How closely do Jabil (JBL) and Technology Select Sector SPDR Fund (XLK) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBL and XLK?
Across a 3-year window, the weekly returns of JBL and XLK correlate at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 535.6 %².
Among the 34 assets we track against JBL, XLK ranks #19 by 3-year correlation. On 12-month performance JBL holds a 7.0-point edge, +50.4% against +43.4%. On a rolling one-year basis the correlation drifted between 0.38 and 0.78, a moderate band. Note the risk asymmetry: JBL runs 1.7 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.
JBL vs XLK: side by side
| JBL (Jabil) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +50.4% | +43.4% |
| 5-year return | +405.5% | +145.2% |
| Volatility (ann.) | 40.6% | 24.0% |
| Beta vs S&P 500 | 1.47 | 1.50 |
| Max drawdown (3Y) | -36.8% | -25.7% |
| Market cap | $32.7B | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.10% | 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 | JBL | XLK |
|---|---|---|
| 2022 | -2.5% | -27.7% |
| 2023 | +87.4% | +56.0% |
| 2024 | +13.3% | +21.6% |
| 2025 | +58.7% | +24.6% |
| 2026 | +37.0% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
JBL represents 0.22% of XLK's portfolio, so part of any move in XLK is JBL itself, and the correlation between them is partly mechanical.
Are JBL and XLK good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JBL and XLK?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.50 over the last year and 0.59 over 5 years.
Is XLK a good diversifier for JBL?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/jbl-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/jbl-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JBL correlations · XLK correlations
