EXE vs XLE: Correlation
Measured on weekly returns over the past three years, Expand Energy (EXE) and Energy Select Sector SPDR Fund (XLE) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and XLE?
On 3 years of weekly data the EXE/XLE correlation comes out at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. The 5-year figure is 0.64, and annualized covariance runs at 345.4 %².
By 3-year correlation, XLE places #17 of the 32 assets tracked against EXE. The last year tells two different stories: XLE led by 38.8 percentage points, +5.2% for EXE against +44.0% for XLE. The rolling one-year correlation moved between 0.33 and 0.75 over the past three years, a moderate range.
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.
EXE vs XLE: side by side
| EXE (Expand Energy) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +5.2% | +44.0% |
| 5-year return | +125.8% | +206.7% |
| Volatility (ann.) | 28.2% | 23.1% |
| Beta vs S&P 500 | 0.31 | 0.27 |
| Max drawdown (3Y) | -28.4% | -20.1% |
| Market cap | $22.7B | – |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 3.30% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | Energy | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | EXE | XLE |
|---|---|---|
| 2022 | +62.3% | +64.3% |
| 2023 | -14.8% | -0.6% |
| 2024 | +33.2% | +5.6% |
| 2025 | +14.4% | +7.9% |
| 2026 | -9.6% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
EXE represents 1.37% of XLE's portfolio, so part of any move in XLE is EXE itself, and the correlation between them is partly mechanical.
Are EXE and XLE good diversifiers for each other?
To a limited degree. At 0.53 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 EXE and XLE?
The EXE/XLE correlation stands at 0.53 on a 3-year window (1 year: 0.51, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for EXE?
To a limited degree. At 0.53 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 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exe-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/exe-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXE correlations · XLE correlations
