ASH vs XLB: Correlation
Ashland Inc. (ASH) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASH and XLB?
Across a 3-year window, the weekly returns of ASH and XLB correlate at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 290.9 %².
Few assets follow ASH as closely as XLB, which ranks #1 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months ASH outperformed by 17.1 percentage points (+34.7% for ASH against +17.6% for XLB). One caveat on sizing: ASH is 1.9 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.
ASH vs XLB: side by side
| ASH (Ashland Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +34.7% | +17.6% |
| 5-year return | -6.5% | +36.9% |
| Volatility (ann.) | 31.6% | 16.7% |
| Beta vs S&P 500 | 0.98 | 0.72 |
| Max drawdown (3Y) | -53.3% | -23.2% |
| Market cap | $3.4B | – |
| P/E (trailing) | 47.7 | – |
| Dividend yield | 2.24% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | 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 | ASH | XLB |
|---|---|---|
| 2022 | +1.1% | -12.3% |
| 2023 | -20.2% | +12.5% |
| 2024 | -13.7% | +0.1% |
| 2025 | -15.4% | +9.9% |
| 2026 | +27.8% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASH and XLB good diversifiers for each other?
To a limited degree. At 0.55 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 ASH and XLB?
As of 2026-08-27, the correlation of weekly returns between ASH and XLB is 0.55 over 3 years, 0.46 over 1 year and 0.60 over 5 years.
Is XLB a good diversifier for ASH?
To a limited degree. At 0.55 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 0.55 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/ash-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ash-vs-xlb/)
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Related comparisons
Hubs: ASH correlations · XLB correlations
