ECL vs XLP: Correlation
Measured on weekly returns over the past three years, Ecolab (ECL) and Consumer Staples Select Sector SPDR Fund (XLP) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and XLP?
Over the past 3 years, ECL and XLP moved with a correlation of 0.60, which is strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.60 over 3. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 131.2 %².
By 3-year correlation, XLP places #16 of the 53 assets tracked against ECL. Over the last 12 months XLP came out ahead by 5.2 percentage points (+3.1% against +8.3%). The rolling one-year correlation moved between 0.39 and 0.76 over the past three years, a moderate range. Risk is not evenly split, since ECL carries 1.8 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.
ECL vs XLP: side by side
| ECL (Ecolab) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +3.1% | +8.3% |
| 5-year return | +34.0% | +34.7% |
| Volatility (ann.) | 19.5% | 11.1% |
| Beta vs S&P 500 | 0.64 | 0.23 |
| Max drawdown (3Y) | -20.1% | -9.7% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.98% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Materials | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | ECL | XLP |
|---|---|---|
| 2022 | -37.1% | -0.8% |
| 2023 | +37.9% | -0.8% |
| 2024 | +19.3% | +12.2% |
| 2025 | +13.2% | +1.5% |
| 2026 | +9.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECL and XLP good diversifiers for each other?
To a limited degree. At 0.60 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 ECL and XLP?
As of 2026-08-27, the correlation of weekly returns between ECL and XLP is 0.60 over 3 years, 0.62 over 1 year and 0.60 over 5 years.
Is XLP a good diversifier for ECL?
To a limited degree. At 0.60 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 0.60 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-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ecl-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ECL correlations · XLP correlations
