CSTM vs XLB: Correlation
How closely do Constellium SE (CSTM) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSTM and XLB?
On 3 years of weekly data the CSTM/XLB correlation comes out at 0.55, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.55 over 3. The 5-year figure is 0.61, and annualized covariance runs at 381.4 %².
Among the 11 assets we track against CSTM, XLB ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CSTM outperformed by 70.1 percentage points (+87.7% for CSTM against +17.6% for XLB). One caveat on sizing: CSTM is 2.5 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.
CSTM vs XLB: side by side
| CSTM (Constellium SE) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +87.7% | +17.6% |
| 5-year return | +38.2% | +36.9% |
| Volatility (ann.) | 41.2% | 16.7% |
| Beta vs S&P 500 | 1.25 | 0.72 |
| Max drawdown (3Y) | -66.3% | -23.2% |
| Market cap | $3.7B | – |
| P/E (trailing) | 7.0 | – |
| Dividend yield | 0.00% | 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 | CSTM | XLB |
|---|---|---|
| 2022 | -33.9% | -12.3% |
| 2023 | +68.7% | +12.5% |
| 2024 | -48.5% | +0.1% |
| 2025 | +83.5% | +9.9% |
| 2026 | +45.4% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSTM and XLB good diversifiers for each other?
To a limited degree. At 0.55 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 CSTM and XLB?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.51 over the last year and 0.61 over 5 years.
Is XLB a good diversifier for CSTM?
To a limited degree. At 0.55 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 0.55 mean?
On the −1 to +1 scale, 0.55 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/cstm-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cstm-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSTM correlations · XLB correlations
