CHRD vs XLE: Correlation
How closely do Chord Energy Corporation (CHRD) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRD and XLE?
Over the past 3 years, CHRD and XLE moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 688.4 %².
Among the 38 assets we track against CHRD, XLE ranks #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +40.6% for CHRD and +44.0% for XLE. One caveat on sizing: CHRD is 1.5 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.
CHRD vs XLE: side by side
| CHRD (Chord Energy Corporation) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +40.6% | +44.0% |
| 5-year return | +164.0% | +206.7% |
| Volatility (ann.) | 35.4% | 23.1% |
| Beta vs S&P 500 | 0.34 | 0.27 |
| Max drawdown (3Y) | -53.9% | -20.1% |
| Market cap | $8.0B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 3.71% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | CHRD | XLE |
|---|---|---|
| 2022 | +34.1% | +64.3% |
| 2023 | +31.7% | -0.6% |
| 2024 | -25.0% | +5.6% |
| 2025 | -16.4% | +7.9% |
| 2026 | +62.0% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHRD and XLE good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CHRD and XLE?
The CHRD/XLE correlation stands at 0.84 on a 3-year window (1 year: 0.82, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for CHRD?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHRD correlations · XLE correlations
