AVNT vs XLB: Correlation
Measured on weekly returns over the past three years, Avient Corporation (AVNT) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVNT and XLB?
Over the past 3 years, AVNT and XLB moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 476.9 %².
XLB is one of the assets that tracks AVNT most closely: it ranks #1 out of the 35 assets we track against AVNT. Their 12-month results are close: +21.7% for AVNT against +17.6% for XLB. Note the risk asymmetry: AVNT runs 2.2 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.
AVNT vs XLB: side by side
| AVNT (Avient Corporation) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +21.7% | +17.6% |
| 5-year return | -3.6% | +36.9% |
| Volatility (ann.) | 36.9% | 16.7% |
| Beta vs S&P 500 | 1.33 | 0.72 |
| Max drawdown (3Y) | -46.9% | -23.2% |
| Market cap | $4.1B | – |
| P/E (trailing) | 23.9 | – |
| Dividend yield | 2.45% | 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 | AVNT | XLB |
|---|---|---|
| 2022 | -38.2% | -12.3% |
| 2023 | +26.4% | +12.5% |
| 2024 | +0.6% | +0.1% |
| 2025 | -21.2% | +9.9% |
| 2026 | +43.9% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVNT and XLB good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AVNT and XLB?
As of 2026-08-27, the correlation of weekly returns between AVNT and XLB is 0.77 over 3 years, 0.78 over 1 year and 0.72 over 5 years.
Is XLB a good diversifier for AVNT?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
A reading of 0.77 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avnt-vs-xlb/)
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Related comparisons
Hubs: AVNT correlations · XLB correlations
