KEYS vs XLK: Correlation
Measured on weekly returns over the past three years, Keysight Technologies (KEYS) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEYS and XLK?
On 3 years of weekly data the KEYS/XLK correlation comes out at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.58 over 3 years. The 5-year figure is 0.63, and annualized covariance runs at 516.1 %².
Within KEYS's tracked universe of 43 assets, XLK comes in at #19 by 3-year correlation. The last year tells two different stories: KEYS led by 54.0 percentage points, +97.4% for KEYS against +43.4% for XLK. On a rolling one-year basis the correlation drifted between 0.30 and 0.78, a moderate band. One caveat on sizing: KEYS is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
KEYS vs XLK: side by side
| KEYS (Keysight Technologies) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +97.4% | +43.4% |
| 5-year return | +81.9% | +145.2% |
| Volatility (ann.) | 36.8% | 24.0% |
| Beta vs S&P 500 | 1.58 | 1.50 |
| Max drawdown (3Y) | -31.4% | -25.7% |
| Market cap | $55.5B | – |
| P/E (trailing) | 43.5 | – |
| 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 | KEYS | XLK |
|---|---|---|
| 2022 | -17.2% | -27.7% |
| 2023 | -7.0% | +56.0% |
| 2024 | +1.0% | +21.6% |
| 2025 | +26.5% | +24.6% |
| 2026 | +60.4% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.37% of XLK is KEYS itself, so the fund partly moves with the stock by construction.
Are KEYS and XLK good diversifiers for each other?
Only partially. A correlation of 0.58 means KEYS and XLK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between KEYS and XLK?
The KEYS/XLK correlation stands at 0.58 on a 3-year window (1 year: 0.41, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is XLK a good diversifier for KEYS?
Only partially. A correlation of 0.58 means KEYS and XLK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/keys-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/keys-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KEYS correlations · XLK correlations
