CCI vs XLRE: Correlation
How closely do Crown Castle (CCI) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCI and XLRE?
Across a 3-year window, the weekly returns of CCI and XLRE correlate at 0.68, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 324.6 %².
Few assets follow CCI as closely as XLRE, which ranks #3 of 30 tracked partners. The last year tells two different stories: XLRE led by 31.0 percentage points, -21.5% for CCI against +9.5% for XLRE. On a rolling one-year basis the correlation drifted between 0.50 and 0.85, a moderate band. Risk is not evenly split, since CCI carries 1.7 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.
CCI vs XLRE: side by side
| CCI (Crown Castle) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -21.5% | +9.5% |
| 5-year return | -50.4% | +11.4% |
| Volatility (ann.) | 28.4% | 16.7% |
| Beta vs S&P 500 | 0.22 | 0.57 |
| Max drawdown (3Y) | -33.0% | -16.6% |
| Market cap | $32.8B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 5.63% | 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 | CCI | XLRE |
|---|---|---|
| 2022 | -32.6% | -26.2% |
| 2023 | -10.2% | +12.4% |
| 2024 | -16.4% | +5.1% |
| 2025 | +3.0% | +2.6% |
| 2026 | -13.5% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLRE holds CCI at a 3.33% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CCI and XLRE good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CCI and XLRE?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.62 over the last year and 0.74 over 5 years.
Is XLRE a good diversifier for CCI?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cci-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cci-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCI correlations · XLRE correlations
