CASY vs XLP: Correlation
Measured on weekly returns over the past three years, Casey's (CASY) and Consumer Staples Select Sector SPDR Fund (XLP) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASY and XLP?
Across a 3-year window, the weekly returns of CASY and XLP correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.50) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.45, with an annualized covariance of 114.6 %².
Few assets follow CASY as closely as XLP, which ranks #3 of 30 tracked partners. The last year tells two different stories: CASY led by 45.4 percentage points, +53.7% for CASY against +8.3% for XLP. The relationship is regime-dependent: the rolling one-year correlation swung between 0.02 and 0.53 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: CASY is 2.6 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.
CASY vs XLP: side by side
| CASY (Casey's) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +53.7% | +8.3% |
| 5-year return | +284.3% | +34.7% |
| Volatility (ann.) | 28.9% | 11.1% |
| Beta vs S&P 500 | 0.39 | 0.23 |
| Max drawdown (3Y) | -16.6% | -9.7% |
| Market cap | $28.2B | – |
| P/E (trailing) | 42.2 | – |
| Dividend yield | 0.28% | 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 | CASY | XLP |
|---|---|---|
| 2022 | +14.5% | -0.8% |
| 2023 | +23.3% | -0.8% |
| 2024 | +45.0% | +12.2% |
| 2025 | +40.1% | +1.5% |
| 2026 | +38.4% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLP holds CASY at a 1.87% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CASY and XLP good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CASY and XLP?
As of 2026-08-27, the correlation of weekly returns between CASY and XLP is 0.36 over 3 years, 0.50 over 1 year and 0.45 over 5 years.
Is XLP a good diversifier for CASY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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
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Related comparisons
Hubs: CASY correlations · XLP correlations
