AMCR vs XLB: Correlation
How closely do Amcor (AMCR) and Materials Select Sector SPDR Fund (XLB) 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 AMCR and XLB?
On 3 years of weekly data the AMCR/XLB correlation comes out at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 242.8 %².
In AMCR's tracked universe of 36 assets, XLB sits right near the top at #2. On 12-month performance XLB holds a 5.0-point edge, +12.6% against +17.6%. Across three years, the rolling one-year figure varied moderately, from 0.41 to 0.77.
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.
AMCR vs XLB: side by side
| AMCR (Amcor) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +12.6% | +17.6% |
| 5-year return | -9.8% | +36.9% |
| Volatility (ann.) | 24.5% | 16.7% |
| Beta vs S&P 500 | 0.46 | 0.72 |
| Max drawdown (3Y) | -32.0% | -23.2% |
| Market cap | $21.5B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 5.51% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | Materials | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | AMCR | XLB |
|---|---|---|
| 2022 | +3.2% | -12.3% |
| 2023 | -15.0% | +12.5% |
| 2024 | +2.6% | +0.1% |
| 2025 | -9.0% | +9.9% |
| 2026 | +14.9% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AMCR represents 2.84% of XLB's portfolio, so part of any move in XLB is AMCR itself, and the correlation between them is partly mechanical.
Are AMCR and XLB good diversifiers for each other?
Only partially. A correlation of 0.59 means AMCR and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AMCR and XLB?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.69 over the last year and 0.63 over 5 years.
Is XLB a good diversifier for AMCR?
Only partially. A correlation of 0.59 means AMCR and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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/amcr-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amcr-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMCR correlations · XLB correlations
