BALL vs XLB: Correlation
Measured on weekly returns over the past three years, Ball Corporation (BALL) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BALL and XLB?
Over the past 3 years, BALL and XLB moved with a correlation of 0.55, which is moderate. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 247.9 %².
By 3-year correlation, XLB places #8 of the 41 assets tracked against BALL. The trailing year gives BALL the advantage: +22.9% versus +17.6%, a 5.3-point spread. Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.70. Risk is not evenly split, since BALL carries 1.6 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.
BALL vs XLB: side by side
| BALL (Ball Corporation) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.9% | +17.6% |
| 5-year return | -29.3% | +36.9% |
| Volatility (ann.) | 26.9% | 16.7% |
| Beta vs S&P 500 | 0.43 | 0.72 |
| Max drawdown (3Y) | -35.6% | -23.2% |
| Market cap | $16.8B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 1.25% | 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 | BALL | XLB |
|---|---|---|
| 2022 | -46.2% | -12.3% |
| 2023 | +14.1% | +12.5% |
| 2024 | -3.0% | +0.1% |
| 2025 | -2.4% | +9.9% |
| 2026 | +20.4% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLB holds BALL at a 2.22% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BALL and XLB good diversifiers for each other?
Only partially. A correlation of 0.55 means BALL 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 BALL and XLB?
As of 2026-08-27, the correlation of weekly returns between BALL and XLB is 0.55 over 3 years, 0.61 over 1 year and 0.59 over 5 years.
Is XLB a good diversifier for BALL?
Only partially. A correlation of 0.55 means BALL 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 0.55 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/ball-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ball-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BALL correlations · XLB correlations
