BG vs XLE: Correlation
How closely do Bunge Global (BG) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BG and XLE?
Over the past 3 years, BG and XLE moved with a correlation of 0.39, which is moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 277.9 %².
Within BG's tracked universe of 37 assets, XLE comes in at #9 by 3-year correlation. Over the last 12 months XLE came out ahead by 8.8 percentage points (+35.2% against +44.0%). On a rolling one-year basis the correlation drifted between 0.20 and 0.51, a moderate band.
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.
BG vs XLE: side by side
| BG (Bunge Global) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +35.2% | +44.0% |
| 5-year return | +68.5% | +206.7% |
| Volatility (ann.) | 30.7% | 23.1% |
| Beta vs S&P 500 | 0.09 | 0.27 |
| Max drawdown (3Y) | -38.8% | -20.1% |
| Market cap | $21.4B | – |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 2.51% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | Consumer Staples | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | BG | XLE |
|---|---|---|
| 2022 | +9.3% | +64.3% |
| 2023 | +3.8% | -0.6% |
| 2024 | -20.7% | +5.6% |
| 2025 | +18.6% | +7.9% |
| 2026 | +27.5% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BG and XLE good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BG and XLE?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.39 over the last year and 0.45 over 5 years.
Is XLE a good diversifier for BG?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bg-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bg-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BG correlations · XLE correlations
