MSTR vs XEL: Correlation
Measured on weekly returns over the past three years, Strategy Inc (MSTR) and Xcel Energy (XEL) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSTR and XEL?
Across a 3-year window, the weekly returns of MSTR and XEL correlate at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Stretching to 5 years gives -0.06, with an annualized covariance of -398.6 %².
Out of 11 assets tracked against MSTR, XEL lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months XEL outperformed by 69.0 percentage points (-59.8% for MSTR against +9.2% for XEL). Risk is not evenly split, since MSTR carries 4.2 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.
MSTR vs XEL: side by side
| MSTR (Strategy Inc) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | -59.8% | +9.2% |
| 5-year return | +95.5% | +31.1% |
| Volatility (ann.) | 87.2% | 20.7% |
| Beta vs S&P 500 | 1.49 | 0.09 |
| Max drawdown (3Y) | -82.6% | -24.0% |
| Market cap | $54.6B | $48.2B |
| P/E (trailing) | – | 21.3 |
| Dividend yield | 0.00% | 2.99% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | MSTR | XEL |
|---|---|---|
| 2022 | -74.0% | +6.4% |
| 2023 | +346.2% | -8.7% |
| 2024 | +358.5% | +12.3% |
| 2025 | -47.5% | +13.9% |
| 2026 | -9.6% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSTR and XEL good diversifiers for each other?
Yes. With a correlation of -0.22, MSTR and XEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MSTR and XEL?
As of 2026-08-27, the correlation of weekly returns between MSTR and XEL is -0.22 over 3 years, -0.23 over 1 year and -0.06 over 5 years.
Is XEL a good diversifier for MSTR?
Yes. With a correlation of -0.22, MSTR and XEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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/mstr-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mstr-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSTR correlations · XEL correlations
