CNI vs XLB: Correlation
Canadian National Railway Company (CNI) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNI and XLB?
On 3 years of weekly data the CNI/XLB correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.53 over 3. The 5-year figure is 0.58, and annualized covariance runs at 164.4 %².
By 3-year correlation, XLB places #5 of the 10 assets tracked against CNI. On 12-month performance CNI holds a 14.9-point edge, +32.5% against +17.6%.
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.
CNI vs XLB: side by side
| CNI (Canadian National Railway Company) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +32.5% | +17.6% |
| 5-year return | +27.2% | +36.9% |
| Volatility (ann.) | 18.6% | 16.7% |
| Beta vs S&P 500 | 0.48 | 0.72 |
| Max drawdown (3Y) | -29.1% | -23.2% |
| Market cap | $76.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 2.83% | 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 | CNI | XLB |
|---|---|---|
| 2022 | -1.4% | -12.3% |
| 2023 | +7.8% | +12.5% |
| 2024 | -17.5% | +0.1% |
| 2025 | -0.8% | +9.9% |
| 2026 | +29.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNI and XLB good diversifiers for each other?
Only partially. A correlation of 0.53 means CNI and XLB 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 CNI and XLB?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.50 over the last year and 0.58 over 5 years.
Is XLB a good diversifier for CNI?
Only partially. A correlation of 0.53 means CNI and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 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/cni-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cni-vs-xlb/)
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Related comparisons
Hubs: CNI correlations · XLB correlations
