OKTA vs XEL: Correlation
How closely do Okta, Inc. (OKTA) and Xcel Energy (XEL) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKTA and XEL?
Across a 3-year window, the weekly returns of OKTA and XEL correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.27). Stretching to 5 years gives -0.10, with an annualized covariance of -306.1 %².
Among the 12 assets we track against OKTA, XEL sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with OKTA ahead by 76.7 points (+85.9% versus +9.2%). One caveat on sizing: OKTA is 2.6 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.
OKTA vs XEL: side by side
| OKTA (Okta, Inc.) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +85.9% | +9.2% |
| 5-year return | -34.7% | +31.1% |
| Volatility (ann.) | 54.5% | 20.7% |
| Beta vs S&P 500 | 1.24 | 0.09 |
| Max drawdown (3Y) | -50.6% | -24.0% |
| Market cap | $30.2B | $48.2B |
| P/E (trailing) | 97.1 | 21.3 |
| Dividend yield | 0.00% | 2.99% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | OKTA | XEL |
|---|---|---|
| 2022 | -69.5% | +6.4% |
| 2023 | +32.5% | -8.7% |
| 2024 | -13.0% | +12.3% |
| 2025 | +9.7% | +13.9% |
| 2026 | +100.0% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OKTA and XEL good diversifiers for each other?
Yes. With a correlation of -0.27, OKTA and XEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OKTA and XEL?
As of 2026-08-27, the correlation of weekly returns between OKTA and XEL is -0.27 over 3 years, -0.14 over 1 year and -0.10 over 5 years.
Is XEL a good diversifier for OKTA?
Yes. With a correlation of -0.27, OKTA and XEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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
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Related comparisons
Hubs: OKTA correlations · XEL correlations
