BG vs XLP: Correlation
How closely do Bunge Global (BG) and Consumer Staples Select Sector SPDR Fund (XLP) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BG and XLP?
Over the past 3 years, BG and XLP moved with a correlation of 0.30, which is moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 101.3 %².
By 3-year correlation, XLP places #16 of the 37 assets tracked against BG. The last year tells two different stories: BG led by 26.9 percentage points, +35.2% for BG against +8.3% for XLP. The rolling one-year correlation moved between 0.05 and 0.48 over the past three years, a moderate range. One caveat on sizing: BG is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XLP: side by side
| BG (Bunge Global) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +35.2% | +8.3% |
| 5-year return | +68.5% | +34.7% |
| Volatility (ann.) | 30.7% | 11.1% |
| Beta vs S&P 500 | 0.09 | 0.23 |
| Max drawdown (3Y) | -38.8% | -9.7% |
| Market cap | $21.4B | – |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 2.51% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Consumer Staples | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | BG | XLP |
|---|---|---|
| 2022 | +9.3% | -0.8% |
| 2023 | +3.8% | -0.8% |
| 2024 | -20.7% | +12.2% |
| 2025 | +18.6% | +1.5% |
| 2026 | +27.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BG represents 0.96% of XLP's portfolio, so part of any move in XLP is BG itself, and the correlation between them is partly mechanical.
Are BG and XLP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BG and XLP?
As of 2026-08-27, the correlation of weekly returns between BG and XLP is 0.30 over 3 years, 0.37 over 1 year and 0.22 over 5 years.
Is XLP a good diversifier for BG?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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
$ curl https://www.pairbook.io/api/v1/pairs/bg-vs-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bg-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BG correlations · XLP correlations
