CI vs XLB: Correlation
How closely do Cigna (CI) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CI and XLB?
Across a 3-year window, the weekly returns of CI and XLB correlate at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 188.1 %².
Among the 30 assets we track against CI, XLB ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLB outperformed by 23.0 percentage points (-5.4% for CI against +17.6% for XLB). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.02 to 0.56. Note the risk asymmetry: CI runs 1.6 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.
CI vs XLB: side by side
| CI (Cigna) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -5.4% | +17.6% |
| 5-year return | +46.7% | +36.9% |
| Volatility (ann.) | 26.7% | 16.7% |
| Beta vs S&P 500 | 0.22 | 0.72 |
| Max drawdown (3Y) | -32.1% | -23.2% |
| Market cap | $73.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.19% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | Health Care | 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 | CI | XLB |
|---|---|---|
| 2022 | +46.7% | -12.3% |
| 2023 | -8.0% | +12.5% |
| 2024 | -6.3% | +0.1% |
| 2025 | +1.7% | +9.9% |
| 2026 | +2.0% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CI and XLB good diversifiers for each other?
Reasonably. At 0.42, CI and XLB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CI and XLB?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.46 over the last year and 0.36 over 5 years.
Is XLB a good diversifier for CI?
Reasonably. At 0.42, CI and XLB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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
$ curl https://www.pairbook.io/api/v1/pairs/ci-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ci-vs-xlb/)
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Related comparisons
Hubs: CI correlations · XLB correlations
