CBRE vs XLRE: Correlation
Measured on weekly returns over the past three years, CBRE Group (CBRE) and Real Estate Select Sector SPDR Fund (XLRE) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBRE and XLRE?
On 3 years of weekly data the CBRE/XLRE correlation comes out at 0.61, strong. The past 12 months show a weaker link (0.38) than the 3-year average (0.61). The 5-year figure is 0.64, and annualized covariance runs at 309.4 %².
Within CBRE's tracked universe of 41 assets, XLRE comes in at #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLRE ahead by 19.2 points (-9.7% versus +9.5%). The rolling one-year correlation moved between 0.37 and 0.78 over the past three years, a moderate range. Risk is not evenly split, since CBRE carries 1.8 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.
CBRE vs XLRE: side by side
| CBRE (CBRE Group) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -9.7% | +9.5% |
| 5-year return | +53.3% | +11.4% |
| Volatility (ann.) | 30.4% | 16.7% |
| Beta vs S&P 500 | 1.04 | 0.57 |
| Max drawdown (3Y) | -27.4% | -16.6% |
| Market cap | $42.6B | – |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 0.00% | 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 | CBRE | XLRE |
|---|---|---|
| 2022 | -29.1% | -26.2% |
| 2023 | +21.0% | +12.4% |
| 2024 | +41.0% | +5.1% |
| 2025 | +22.5% | +2.6% |
| 2026 | -8.4% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CBRE represents 4.45% of XLRE's portfolio, so part of any move in XLRE is CBRE itself, and the correlation between them is partly mechanical.
Are CBRE and XLRE good diversifiers for each other?
Only partially. A correlation of 0.61 means CBRE 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 CBRE and XLRE?
As of 2026-08-27, the correlation of weekly returns between CBRE and XLRE is 0.61 over 3 years, 0.38 over 1 year and 0.64 over 5 years.
Is XLRE a good diversifier for CBRE?
Only partially. A correlation of 0.61 means CBRE 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 0.61 mean?
A reading of 0.61 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/cbre-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cbre-vs-xlre/)
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Related comparisons
Hubs: CBRE correlations · XLRE correlations
