DBD vs XLB: Correlation
Diebold Nixdorf Incorporated (DBD) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBD and XLB?
Over the past 3 years, DBD and XLB moved with a correlation of 0.50, which is moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 319.9 %².
XLB is one of the assets that tracks DBD most closely: it ranks #2 out of the 12 assets we track against DBD. On 12-month performance XLB holds a 10.2-point edge, +7.4% against +17.6%. Risk is not evenly split, since DBD carries 2.3 times the volatility of the other side.
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.
DBD vs XLB: side by side
| DBD (Diebold Nixdorf Incorporated) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +7.4% | +17.6% |
| 5-year return | n/a | +36.9% |
| Volatility (ann.) | 38.5% | 16.7% |
| Beta vs S&P 500 | 1.07 | 0.72 |
| Max drawdown (3Y) | -25.8% | -23.2% |
| Market cap | $2.3B | – |
| P/E (trailing) | 22.4 | – |
| 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 | DBD | XLB |
|---|---|---|
| 2022 | – | -12.3% |
| 2023 | – | +12.5% |
| 2024 | +48.7% | +0.1% |
| 2025 | +57.7% | +9.9% |
| 2026 | -0.3% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and XLB good diversifiers for each other?
Only partially. A correlation of 0.50 means DBD 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 DBD and XLB?
As of 2026-08-27, the correlation of weekly returns between DBD and XLB is 0.50 over 3 years, 0.52 over 1 year and n/a over 5 years.
Is XLB a good diversifier for DBD?
Only partially. A correlation of 0.50 means DBD 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 0.50 mean?
A reading of 0.50 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/dbd-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dbd-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DBD correlations · XLB correlations
