NTAP vs XEL: Correlation
Measured on weekly returns over the past three years, NetApp (NTAP) and Xcel Energy (XEL) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTAP and XEL?
On 3 years of weekly data the NTAP/XEL correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.15 over 1 year against -0.23 over 3. The 5-year figure is -0.09, and annualized covariance runs at -178.5 %².
Among the 32 assets we track against NTAP, XEL sits near the bottom by co-movement, at rank #28. Correlation aside, the last 12 months split them widely, with NTAP ahead by 63.8 points (+73.0% versus +9.2%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.67 to 0.22. Note the risk asymmetry: NTAP runs 1.8 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.
NTAP vs XEL: side by side
| NTAP (NetApp) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +73.0% | +9.2% |
| 5-year return | +141.7% | +31.1% |
| Volatility (ann.) | 37.6% | 20.7% |
| Beta vs S&P 500 | 1.38 | 0.09 |
| Max drawdown (3Y) | -42.6% | -24.0% |
| Market cap | $37.4B | $48.2B |
| P/E (trailing) | 30.5 | 21.3 |
| Dividend yield | 1.07% | 2.99% |
| Sector / category | Information Technology | Utilities |
Year-by-year returns
| Year | NTAP | XEL |
|---|---|---|
| 2022 | -32.9% | +6.4% |
| 2023 | +51.1% | -8.7% |
| 2024 | +34.2% | +12.3% |
| 2025 | -5.9% | +13.9% |
| 2026 | +80.3% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTAP and XEL good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between NTAP and XEL?
The NTAP/XEL correlation stands at -0.23 on a 3-year window (1 year: -0.15, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is XEL a good diversifier for NTAP?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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
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Related comparisons
Hubs: NTAP correlations · XEL correlations
