ASTL vs XLB: Correlation
How closely do Algoma Steel Group Inc. (ASTL) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTL and XLB?
On 3 years of weekly data the ASTL/XLB correlation comes out at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 418.6 %².
Among the 10 assets we track against ASTL, XLB ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLB outperformed by 30.6 percentage points (-13.0% for ASTL against +17.6% for XLB). Risk is not evenly split, since ASTL carries 3.2 times the volatility of the other side.
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.
ASTL vs XLB: side by side
| ASTL (Algoma Steel Group Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -13.0% | +17.6% |
| 5-year return | -57.3% | +36.9% |
| Volatility (ann.) | 53.9% | 16.7% |
| Beta vs S&P 500 | 1.08 | 0.72 |
| Max drawdown (3Y) | -72.9% | -23.2% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.02% | 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 | ASTL | XLB |
|---|---|---|
| 2022 | -39.4% | -12.3% |
| 2023 | +62.5% | +12.5% |
| 2024 | -0.2% | +0.1% |
| 2025 | -57.4% | +9.9% |
| 2026 | +4.6% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTL and XLB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASTL and XLB?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.46 over the last year and 0.47 over 5 years.
Is XLB a good diversifier for ASTL?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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.
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Related comparisons
Hubs: ASTL correlations · XLB correlations
