EHC vs XLB: Correlation
Measured on weekly returns over the past three years, Encompass Health Corporation (EHC) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EHC and XLB?
Across a 3-year window, the weekly returns of EHC and XLB correlate at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 196.9 %².
By 3-year correlation, XLB places #5 of the 15 assets tracked against EHC. The last year tells two different stories: XLB led by 20.2 percentage points, -2.6% for EHC against +17.6% for XLB.
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.
EHC vs XLB: side by side
| EHC (Encompass Health Corporation) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -2.6% | +17.6% |
| 5-year return | +101.2% | +36.9% |
| Volatility (ann.) | 24.5% | 16.7% |
| Beta vs S&P 500 | 0.61 | 0.72 |
| Max drawdown (3Y) | -26.1% | -23.2% |
| Market cap | $11.8B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.63% | 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 | EHC | XLB |
|---|---|---|
| 2022 | +17.0% | -12.3% |
| 2023 | +12.6% | +12.5% |
| 2024 | +39.2% | +0.1% |
| 2025 | +15.7% | +9.9% |
| 2026 | +13.3% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EHC and XLB good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EHC and XLB?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.43 over the last year and 0.45 over 5 years.
Is XLB a good diversifier for EHC?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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/ehc-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ehc-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EHC correlations · XLB correlations
