NTAP vs XLK: Correlation
How closely do NetApp (NTAP) and Technology Select Sector SPDR Fund (XLK) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTAP and XLK?
Across a 3-year window, the weekly returns of NTAP and XLK correlate at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 533.7 %².
By 3-year correlation, XLK places #4 of the 32 assets tracked against NTAP. Correlation aside, the last 12 months split them widely, with NTAP ahead by 29.6 points (+73.0% versus +43.4%). Across three years, the rolling one-year figure varied moderately, from 0.42 to 0.76. One caveat on sizing: NTAP is 1.6 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.
NTAP vs XLK: side by side
| NTAP (NetApp) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +73.0% | +43.4% |
| 5-year return | +141.7% | +145.2% |
| Volatility (ann.) | 37.6% | 24.0% |
| Beta vs S&P 500 | 1.38 | 1.50 |
| Max drawdown (3Y) | -42.6% | -25.7% |
| Market cap | $37.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.07% | 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 | NTAP | XLK |
|---|---|---|
| 2022 | -32.9% | -27.7% |
| 2023 | +51.1% | +56.0% |
| 2024 | +34.2% | +21.6% |
| 2025 | -5.9% | +24.6% |
| 2026 | +80.3% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLK holds NTAP at a 0.26% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NTAP and XLK good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NTAP and XLK?
The NTAP/XLK correlation stands at 0.59 on a 3-year window (1 year: 0.49, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is XLK a good diversifier for NTAP?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
A reading of 0.59 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/ntap-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ntap-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTAP correlations · XLK correlations
