CVX vs XLE: Correlation
How closely do Chevron Corporation (CVX) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and XLE?
Over the past 3 years, CVX and XLE moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 481.8 %².
Few assets follow CVX as closely as XLE, which ranks #1 of 29 tracked partners. On 12-month performance XLE holds a 13.6-point edge, +30.4% against +44.0%. Stability stands out here, with the rolling one-year correlation confined to 0.79 through 0.96.
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.
CVX vs XLE: side by side
| CVX (Chevron Corporation) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +30.4% | +44.0% |
| 5-year return | +148.1% | +206.7% |
| Volatility (ann.) | 23.8% | 23.1% |
| Beta vs S&P 500 | 0.22 | 0.27 |
| Max drawdown (3Y) | -20.8% | -20.1% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | Energy | 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 | CVX | XLE |
|---|---|---|
| 2022 | +58.5% | +64.3% |
| 2023 | -13.6% | -0.6% |
| 2024 | +1.3% | +5.6% |
| 2025 | +10.1% | +7.9% |
| 2026 | +34.7% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CVX represents 14.84% of XLE's portfolio, so part of any move in XLE is CVX itself, and the correlation between them is partly mechanical.
Are CVX and XLE good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CVX and XLE?
As of 2026-08-27, the correlation of weekly returns between CVX and XLE is 0.88 over 3 years, 0.92 over 1 year and 0.91 over 5 years.
Is XLE a good diversifier for CVX?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
A reading of 0.88 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/cvx-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvx-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVX correlations · XLE correlations
