ELS vs XLRE: Correlation
Equity Lifestyle Properties, Inc. (ELS) and Real Estate Select Sector SPDR Fund (XLRE) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELS and XLRE?
On 3 years of weekly data the ELS/XLRE correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.59 over 3. The 5-year figure is 0.70, and annualized covariance runs at 170.9 %².
Among the 11 assets we track against ELS, XLRE ranks #5 by 3-year correlation. Neither side won the trailing year by much: +10.2% against +9.5%.
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.
ELS vs XLRE: side by side
| ELS (Equity Lifestyle Properties, Inc.) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +10.2% | +9.5% |
| 5-year return | -12.6% | +11.4% |
| Volatility (ann.) | 17.5% | 16.7% |
| Beta vs S&P 500 | 0.07 | 0.57 |
| Max drawdown (3Y) | -21.0% | -16.6% |
| Market cap | $12.8B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 3.27% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | US Listed | 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 | ELS | XLRE |
|---|---|---|
| 2022 | -24.5% | -26.2% |
| 2023 | +12.2% | +12.4% |
| 2024 | -2.8% | +5.1% |
| 2025 | -5.9% | +2.6% |
| 2026 | +7.3% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELS and XLRE good diversifiers for each other?
Only partially. A correlation of 0.59 means ELS and XLRE 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 ELS and XLRE?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.60 over the last year and 0.70 over 5 years.
Is XLRE a good diversifier for ELS?
Only partially. A correlation of 0.59 means ELS and XLRE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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.
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Related comparisons
Hubs: ELS correlations · XLRE correlations
