TEAM vs XLU: Correlation
Measured on weekly returns over the past three years, Atlassian Corporation (TEAM) and Utilities Select Sector SPDR Fund (XLU) 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 TEAM and XLU?
Over the past 3 years, TEAM and XLU moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.23). Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -226.6 %².
Within TEAM's tracked universe of 42 assets, XLU comes in at #32 by 3-year correlation. Neither side won the trailing year by much: +8.0% against +4.1%. Note the risk asymmetry: TEAM runs 3.9 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.
TEAM vs XLU: side by side
| TEAM (Atlassian Corporation) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +8.0% | +4.1% |
| 5-year return | -49.3% | +46.3% |
| Volatility (ann.) | 61.5% | 15.8% |
| Beta vs S&P 500 | 1.66 | 0.26 |
| Max drawdown (3Y) | -82.3% | -13.1% |
| Market cap | $47.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.70% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $23.1B |
| Sector / category | US Listed | Sector ETF |
XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Year-by-year returns
| Year | TEAM | XLU |
|---|---|---|
| 2022 | -66.3% | +1.4% |
| 2023 | +84.8% | -7.2% |
| 2024 | +2.3% | +23.3% |
| 2025 | -33.4% | +16.0% |
| 2026 | +14.5% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TEAM and XLU good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TEAM and XLU?
The TEAM/XLU correlation stands at -0.23 on a 3-year window (1 year: -0.40, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is XLU a good diversifier for TEAM?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
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
$ curl https://www.pairbook.io/api/v1/pairs/team-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/team-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TEAM correlations · XLU correlations
