ECL vs XLB: Correlation
Ecolab (ECL) and Materials Select Sector SPDR Fund (XLB) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and XLB?
Over the past 3 years, ECL and XLB moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 227.0 %².
Few assets follow ECL as closely as XLB, which ranks #1 of 53 tracked partners. The trailing year gives XLB the advantage: +3.1% versus +17.6%, a 14.5-point spread. The rolling one-year correlation stayed in a tight band between 0.57 and 0.79 over the past three years, which points to a structural rather than episodic relationship.
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.
ECL vs XLB: side by side
| ECL (Ecolab) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +3.1% | +17.6% |
| 5-year return | +34.0% | +36.9% |
| Volatility (ann.) | 19.5% | 16.7% |
| Beta vs S&P 500 | 0.64 | 0.72 |
| Max drawdown (3Y) | -20.1% | -23.2% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.98% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | Materials | 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 | ECL | XLB |
|---|---|---|
| 2022 | -37.1% | -12.3% |
| 2023 | +37.9% | +12.5% |
| 2024 | +19.3% | +0.1% |
| 2025 | +13.2% | +9.9% |
| 2026 | +9.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ECL represents 4.8% of XLB's portfolio, so part of any move in XLB is ECL itself, and the correlation between them is partly mechanical.
Are ECL and XLB good diversifiers for each other?
Only partially. A correlation of 0.69 means ECL 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 ECL and XLB?
The ECL/XLB correlation stands at 0.69 on a 3-year window (1 year: 0.71, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is XLB a good diversifier for ECL?
Only partially. A correlation of 0.69 means ECL 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 0.69 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/ecl-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ecl-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECL correlations · XLB correlations
