AXTA vs XLB: Correlation
How closely do Axalta Coating Systems Ltd. (AXTA) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXTA and XLB?
Over the past 3 years, AXTA and XLB moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 315.4 %².
By 3-year correlation, XLB places #5 of the 17 assets tracked against AXTA. Their 12-month results are close: +16.6% for AXTA against +17.6% for XLB. Note the risk asymmetry: AXTA runs 1.8 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.
AXTA vs XLB: side by side
| AXTA (Axalta Coating Systems Ltd.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +16.6% | +17.6% |
| 5-year return | +18.4% | +36.9% |
| Volatility (ann.) | 29.8% | 16.7% |
| Beta vs S&P 500 | 1.01 | 0.72 |
| Max drawdown (3Y) | -38.4% | -23.2% |
| Market cap | $7.9B | – |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 0.00% | 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 | AXTA | XLB |
|---|---|---|
| 2022 | -23.1% | -12.3% |
| 2023 | +33.4% | +12.5% |
| 2024 | +0.7% | +0.1% |
| 2025 | -5.6% | +9.9% |
| 2026 | +13.6% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXTA and XLB good diversifiers for each other?
Only partially. A correlation of 0.63 means AXTA 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 AXTA and XLB?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.56 over the last year and 0.69 over 5 years.
Is XLB a good diversifier for AXTA?
Only partially. A correlation of 0.63 means AXTA 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 0.63 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/axta-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axta-vs-xlb/)
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Related comparisons
Hubs: AXTA correlations · XLB correlations
