NBXG vs XLK: Correlation
Measured on weekly returns over the past three years, Neuberger Next Generation Connectivity Fund Inc. (NBXG) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBXG and XLK?
Over the past 3 years, NBXG and XLK moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 459.4 %².
In NBXG's tracked universe of 31 assets, XLK sits right near the top at #3. Correlation aside, the last 12 months split them widely, with XLK ahead by 29.6 points (+13.8% versus +43.4%).
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.
NBXG vs XLK: side by side
| NBXG (Neuberger Next Generation Connectivity Fund Inc.) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +13.8% | +43.4% |
| 5-year return | +25.6% | +145.2% |
| Volatility (ann.) | 22.4% | 24.0% |
| Beta vs S&P 500 | 1.28 | 1.50 |
| Max drawdown (3Y) | -22.1% | -25.7% |
| Market cap | $1.2B | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 0.00% | 0.45% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $115.4B |
| Sector / category | US Listed | 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 | NBXG | XLK |
|---|---|---|
| 2022 | -41.4% | -27.7% |
| 2023 | +34.9% | +56.0% |
| 2024 | +28.5% | +21.6% |
| 2025 | +24.2% | +24.6% |
| 2026 | +13.0% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBXG and XLK good diversifiers for each other?
No. With a correlation of 0.86, NBXG and XLK move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NBXG and XLK?
As of 2026-08-27, the correlation of weekly returns between NBXG and XLK is 0.86 over 3 years, 0.82 over 1 year and 0.83 over 5 years.
Is XLK a good diversifier for NBXG?
No. With a correlation of 0.86, NBXG and XLK move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/nbxg-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nbxg-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBXG correlations · XLK correlations
