BXP vs XLRE: Correlation
How closely do BXP, Inc. (BXP) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and XLRE?
Across a 3-year window, the weekly returns of BXP and XLRE correlate at 0.69, strong. The link has loosened recently: the 1-year correlation (0.52) runs below the 3-year figure (0.69). Stretching to 5 years gives 0.65, with an annualized covariance of 380.9 %².
Within BXP's tracked universe of 45 assets, XLRE comes in at #17 by 3-year correlation. Over the last 12 months XLRE came out ahead by 6.6 percentage points (+2.9% against +9.5%). The rolling one-year correlation moved between 0.54 and 0.81 over the past three years, a moderate range. One caveat on sizing: BXP is 2.0 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.
BXP vs XLRE: side by side
| BXP (BXP, Inc.) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +2.9% | +9.5% |
| 5-year return | -18.9% | +11.4% |
| Volatility (ann.) | 33.1% | 16.7% |
| Beta vs S&P 500 | 1.02 | 0.57 |
| Max drawdown (3Y) | -39.0% | -16.6% |
| Market cap | $12.7B | – |
| P/E (trailing) | 37.8 | – |
| Dividend yield | 3.98% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | Real Estate | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | BXP | XLRE |
|---|---|---|
| 2022 | -38.6% | -26.2% |
| 2023 | +11.0% | +12.4% |
| 2024 | +12.3% | +5.1% |
| 2025 | -4.7% | +2.6% |
| 2026 | +6.2% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.05% of XLRE is BXP itself, so the fund partly moves with the stock by construction.
Are BXP and XLRE good diversifiers for each other?
Only partially. A correlation of 0.69 means BXP and XLRE 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 BXP and XLRE?
As of 2026-08-27, the correlation of weekly returns between BXP and XLRE is 0.69 over 3 years, 0.52 over 1 year and 0.65 over 5 years.
Is XLRE a good diversifier for BXP?
Only partially. A correlation of 0.69 means BXP and XLRE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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/bxp-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bxp-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXP correlations · XLRE correlations
