CE vs XLB: Correlation
Measured on weekly returns over the past three years, Celanese Corporation (CE) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CE and XLB?
Across a 3-year window, the weekly returns of CE and XLB correlate at 0.56, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.56 over 3. Stretching to 5 years gives 0.64, with an annualized covariance of 463.1 %².
By 3-year correlation, XLB places #5 of the 14 assets tracked against CE. The last year tells two different stories: XLB led by 22.2 percentage points, -4.6% for CE against +17.6% for XLB. Note the risk asymmetry: CE runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CE vs XLB: side by side
| CE (Celanese Corporation) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -4.6% | +17.6% |
| 5-year return | -69.7% | +36.9% |
| Volatility (ann.) | 49.7% | 16.7% |
| Beta vs S&P 500 | 0.79 | 0.72 |
| Max drawdown (3Y) | -79.0% | -23.2% |
| Market cap | $4.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.27% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | CE | XLB |
|---|---|---|
| 2022 | -37.8% | -12.3% |
| 2023 | +55.7% | +12.5% |
| 2024 | -54.6% | +0.1% |
| 2025 | -38.8% | +9.9% |
| 2026 | +6.3% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CE and XLB good diversifiers for each other?
To a limited degree. At 0.56 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 CE and XLB?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.47 over the last year and 0.64 over 5 years.
Is XLB a good diversifier for CE?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 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/ce-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ce-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CE correlations · XLB correlations
