CPT vs XLRE: Correlation
How closely do Camden Property Trust (CPT) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPT and XLRE?
Across a 3-year window, the weekly returns of CPT and XLRE correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.78, with an annualized covariance of 260.5 %².
Among the 33 assets we track against CPT, XLRE ranks #10 by 3-year correlation. On 12-month performance XLRE holds a 9.9-point edge, -0.4% against +9.5%. The rolling one-year correlation moved between 0.61 and 0.87 over the past three years, a moderate range.
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.
CPT vs XLRE: side by side
| CPT (Camden Property Trust) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -0.4% | +9.5% |
| 5-year return | -15.4% | +11.4% |
| Volatility (ann.) | 21.3% | 16.7% |
| Beta vs S&P 500 | 0.55 | 0.57 |
| Max drawdown (3Y) | -21.7% | -16.6% |
| Market cap | $12.2B | – |
| P/E (trailing) | 35.5 | – |
| Dividend yield | 3.92% | 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 | CPT | XLRE |
|---|---|---|
| 2022 | -35.6% | -26.2% |
| 2023 | -7.6% | +12.4% |
| 2024 | +21.3% | +5.1% |
| 2025 | -1.5% | +2.6% |
| 2026 | -2.0% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CPT represents 1.09% of XLRE's portfolio, so part of any move in XLRE is CPT itself, and the correlation between them is partly mechanical.
Are CPT and XLRE good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPT and XLRE?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.69 over the last year and 0.78 over 5 years.
Is XLRE a good diversifier for CPT?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
A reading of 0.73 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/cpt-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cpt-vs-xlre/)
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Related comparisons
Hubs: CPT correlations · XLRE correlations
