DOC vs XLRE: Correlation
Healthpeak Properties (DOC) and Real Estate Select Sector SPDR Fund (XLRE) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOC and XLRE?
On 3 years of weekly data the DOC/XLRE correlation comes out at 0.63, strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.63). The 5-year figure is 0.71, and annualized covariance runs at 287.7 %².
Among the 35 assets we track against DOC, XLRE ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DOC outperformed by 17.2 percentage points (+26.7% for DOC against +9.5% for XLRE). Across three years, the rolling one-year figure varied moderately, from 0.42 to 0.85. Risk is not evenly split, since DOC carries 1.6 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.
DOC vs XLRE: side by side
| DOC (Healthpeak Properties) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +26.7% | +9.5% |
| 5-year return | -21.6% | +11.4% |
| Volatility (ann.) | 27.1% | 16.7% |
| Beta vs S&P 500 | 0.53 | 0.57 |
| Max drawdown (3Y) | -26.0% | -16.6% |
| Market cap | $15.0B | – |
| P/E (trailing) | 62.4 | – |
| Dividend yield | 5.65% | 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 | DOC | XLRE |
|---|---|---|
| 2022 | -27.5% | -26.2% |
| 2023 | -16.4% | +12.4% |
| 2024 | +8.8% | +5.1% |
| 2025 | -15.2% | +2.6% |
| 2026 | +37.9% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.5% of XLRE is DOC itself, so the fund partly moves with the stock by construction.
Are DOC and XLRE good diversifiers for each other?
To a limited degree. At 0.63 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 DOC and XLRE?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.48 over the last year and 0.71 over 5 years.
Is XLRE a good diversifier for DOC?
To a limited degree. At 0.63 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 0.63 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/doc-vs-xlre.json
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Related comparisons
Hubs: DOC correlations · XLRE correlations
