EQIX vs XLRE: Correlation
How closely do Equinix (EQIX) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQIX and XLRE?
Across a 3-year window, the weekly returns of EQIX and XLRE correlate at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.56 over 3 years. Stretching to 5 years gives 0.70, with an annualized covariance of 229.6 %².
XLRE is one of the assets that tracks EQIX most closely: it ranks #3 out of the 30 assets we track against EQIX. Correlation aside, the last 12 months split them widely, with EQIX ahead by 29.6 points (+39.1% versus +9.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.33 to 0.91.
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.
EQIX vs XLRE: side by side
| EQIX (Equinix) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +39.1% | +9.5% |
| 5-year return | +41.6% | +11.4% |
| Volatility (ann.) | 24.4% | 16.7% |
| Beta vs S&P 500 | 0.63 | 0.57 |
| Max drawdown (3Y) | -24.6% | -16.6% |
| Market cap | $106.2B | – |
| P/E (trailing) | 69.4 | – |
| Dividend yield | 1.82% | 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 | EQIX | XLRE |
|---|---|---|
| 2022 | -21.1% | -26.2% |
| 2023 | +25.4% | +12.4% |
| 2024 | +19.5% | +5.1% |
| 2025 | -16.9% | +2.6% |
| 2026 | +42.6% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 7.14% of XLRE is EQIX itself, so the fund partly moves with the stock by construction.
Are EQIX and XLRE good diversifiers for each other?
To a limited degree. At 0.56 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 EQIX and XLRE?
As of 2026-08-27, the correlation of weekly returns between EQIX and XLRE is 0.56 over 3 years, 0.33 over 1 year and 0.70 over 5 years.
Is XLRE a good diversifier for EQIX?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqix-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqix-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQIX correlations · XLRE correlations
