CWEN vs XLU: Correlation
Clearway Energy, Inc. (CWEN) and Utilities Select Sector SPDR Fund (XLU) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWEN and XLU?
On 3 years of weekly data the CWEN/XLU correlation comes out at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.59). The 5-year figure is 0.61, and annualized covariance runs at 278.3 %².
XLU is one of the assets that tracks CWEN most closely: it ranks #1 out of the 11 assets we track against CWEN. The trailing year gives CWEN the advantage: +14.7% versus +4.1%, a 10.6-point spread. Note the risk asymmetry: CWEN runs 1.9 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.
CWEN vs XLU: side by side
| CWEN (Clearway Energy, Inc.) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +14.7% | +4.1% |
| 5-year return | +32.0% | +46.3% |
| Volatility (ann.) | 30.0% | 15.8% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -26.0% | -13.1% |
| Market cap | $8.0B | – |
| P/E (trailing) | 37.7 | – |
| Dividend yield | 5.62% | 2.70% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $23.1B |
| Sector / category | US Listed | Sector ETF |
XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Year-by-year returns
| Year | CWEN | XLU |
|---|---|---|
| 2022 | -7.9% | +1.4% |
| 2023 | -8.9% | -7.2% |
| 2024 | +0.9% | +23.3% |
| 2025 | +35.5% | +16.0% |
| 2026 | -0.3% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWEN and XLU good diversifiers for each other?
Only partially. A correlation of 0.59 means CWEN and XLU 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 CWEN and XLU?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.47 over the last year and 0.61 over 5 years.
Is XLU a good diversifier for CWEN?
Only partially. A correlation of 0.59 means CWEN and XLU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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/cwen-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwen-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWEN correlations · XLU correlations
