BCX vs XLB: Correlation
BlackRock Resources (BCX) and Materials Select Sector SPDR Fund (XLB) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCX and XLB?
Over the past 3 years, BCX and XLB moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 223.6 %².
In BCX's tracked universe of 17 assets, XLB sits right near the top at #2. Correlation aside, the last 12 months split them widely, with BCX ahead by 23.9 points (+41.5% versus +17.6%).
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.
BCX vs XLB: side by side
| BCX (BlackRock Resources) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +41.5% | +17.6% |
| 5-year return | +98.3% | +36.9% |
| Volatility (ann.) | 20.0% | 16.7% |
| Beta vs S&P 500 | 0.56 | 0.72 |
| Max drawdown (3Y) | -18.8% | -23.2% |
| Market cap | $1.0B | – |
| P/E (trailing) | 4.7 | – |
| 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 | BCX | XLB |
|---|---|---|
| 2022 | +12.8% | -12.3% |
| 2023 | -4.8% | +12.5% |
| 2024 | +3.2% | +0.1% |
| 2025 | +40.4% | +9.9% |
| 2026 | +24.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCX and XLB good diversifiers for each other?
Only partially. A correlation of 0.67 means BCX 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 BCX and XLB?
The BCX/XLB correlation stands at 0.67 on a 3-year window (1 year: 0.61, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is XLB a good diversifier for BCX?
Only partially. A correlation of 0.67 means BCX 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 0.67 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/bcx-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcx-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BCX correlations · XLB correlations
