CAG vs XLP: Correlation
ConAgra Brands, Inc. (CAG) and Consumer Staples Select Sector SPDR Fund (XLP) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and XLP?
Over the past 3 years, CAG and XLP moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 144.2 %².
Among the 34 assets we track against CAG, XLP ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLP ahead by 18.1 points (-9.8% versus +8.3%). Risk is not evenly split, since CAG carries 2.2 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.
CAG vs XLP: side by side
| CAG (ConAgra Brands, Inc.) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -9.8% | +8.3% |
| 5-year return | -36.6% | +34.7% |
| Volatility (ann.) | 24.2% | 11.1% |
| Beta vs S&P 500 | -0.05 | 0.23 |
| Max drawdown (3Y) | -56.7% | -9.7% |
| Market cap | $7.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.65% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | US Listed | 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 | CAG | XLP |
|---|---|---|
| 2022 | +17.5% | -0.8% |
| 2023 | -22.8% | -0.8% |
| 2024 | +1.5% | +12.2% |
| 2025 | -33.3% | +1.5% |
| 2026 | -2.1% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and XLP good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CAG and XLP?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.54 over the last year and 0.61 over 5 years.
Is XLP a good diversifier for CAG?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 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
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Hubs: CAG correlations · XLP correlations
