BOOT vs XLY: Correlation
How closely do Boot Barn Holdings, Inc. (BOOT) and Consumer Discretionary Select Sector SPDR Fund (XLY) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and XLY?
Over the past 3 years, BOOT and XLY moved with a correlation of 0.49, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.49 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 461.3 %².
By 3-year correlation, XLY places #5 of the 12 assets tracked against BOOT. On 12-month performance XLY holds a 12.0-point edge, -12.1% against -0.1%. Risk is not evenly split, since BOOT carries 2.4 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.
BOOT vs XLY: side by side
| BOOT (Boot Barn Holdings, Inc.) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -12.1% | -0.1% |
| 5-year return | +77.0% | +31.8% |
| Volatility (ann.) | 47.6% | 19.7% |
| Beta vs S&P 500 | 1.52 | 1.15 |
| Max drawdown (3Y) | -48.9% | -26.0% |
| Market cap | $4.7B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | US Listed | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | BOOT | XLY |
|---|---|---|
| 2022 | -49.2% | -36.3% |
| 2023 | +22.8% | +39.6% |
| 2024 | +97.8% | +26.5% |
| 2025 | +16.2% | +7.4% |
| 2026 | -11.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and XLY good diversifiers for each other?
Reasonably. At 0.49, BOOT and XLY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BOOT and XLY?
As of 2026-08-27, the correlation of weekly returns between BOOT and XLY is 0.49 over 3 years, 0.38 over 1 year and 0.57 over 5 years.
Is XLY a good diversifier for BOOT?
Reasonably. At 0.49, BOOT and XLY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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/boot-vs-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/boot-vs-xly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOOT correlations · XLY correlations
