SPYG vs XLK: Correlation & Overlap
SPDR Portfolio S&P 500 Growth ETF (SPYG) and Technology Select Sector SPDR Fund (XLK) show a very strong relationship: their 3-year correlation of weekly returns is 0.95. Looking through to holdings, 51.4% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLK?
On 3 years of weekly data the SPYG/XLK correlation comes out at 0.95, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.95 over 3. The 5-year figure is 0.95, and annualized covariance runs at 430.8 %².
By 3-year correlation, XLK places #8 of the 97 assets tracked against SPYG. The last year tells two different stories: XLK led by 21.0 percentage points, +22.4% for SPYG against +43.4% for XLK. The rolling one-year correlation stayed in a tight band between 0.90 and 0.98 over the past three years, which points to a structural rather than episodic relationship.
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.
SPYG vs XLK: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +43.4% |
| 5-year return | +85.9% | +145.2% |
| Volatility (ann.) | 18.9% | 24.0% |
| Beta vs S&P 500 | 1.25 | 1.50 |
| Max drawdown (3Y) | -22.1% | -25.7% |
| Dividend yield | 0.49% | 0.45% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $115.4B |
| Sector / category | ETF · US Style | Sector ETF |
On the fund side, SPYG sits in the Large Growth category at State Street Investment Management, with $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. 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.
Portfolio overlap between SPYG and XLK
The two portfolios overlap heavily, with 39 holdings in common adding up to 51.4% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in XLK |
|---|---|---|
| NVDA | 14.21% | 13.91% |
| MSFT | 10.32% | 10.10% |
| AAPL | 6.44% | 12.61% |
| AVGO | 4.71% | 4.61% |
| MU | 2.96% | 3.99% |
| AMD | 2.19% | 4.09% |
| PLTR | 1.14% | 2.73% |
| LRCX | 1.10% | 2.62% |
| AMAT | 1.07% | 2.55% |
| KLAC | 0.67% | 1.61% |
| CSCO | 0.66% | 2.97% |
| SNDK | 0.62% | 1.49% |
| ANET | 0.58% | 1.40% |
| APH | 0.56% | 1.33% |
| CRWD | 0.54% | 1.29% |
Largest positions held only by SPYG: GOOGL (5.61%), GOOG (4.49%), AMZN (3.78%), META (3.54%), LLY (2.63%). Only by XLK: INTC (2.92%), TXN (1.59%), ADI (1.21%), QCOM (1.15%), CRM (1.13%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPYG | XLK |
|---|---|---|
| 2022 | -29.4% | -27.7% |
| 2023 | +30.0% | +56.0% |
| 2024 | +36.0% | +21.6% |
| 2025 | +22.1% | +24.6% |
| 2026 | +14.5% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLK good diversifiers for each other?
Not really. At 0.95, the two trade almost as one position, and owning both buys little extra protection. On top of that, 51.4% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between SPYG and XLK?
As of 2026-08-27, the correlation of weekly returns between SPYG and XLK is 0.95 over 3 years, 0.92 over 1 year and 0.95 over 5 years.
Is XLK a good diversifier for SPYG?
Not really. At 0.95, the two trade almost as one position, and owning both buys little extra protection. On top of that, 51.4% of their holdings are the same, making the doubling-up even more literal.
How much do SPYG and XLK overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 51.4% by weight over 39 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyg-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYG correlations · XLK correlations
