EXEL vs XLB: Correlation
How closely do Exelixis, Inc. (EXEL) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXEL and XLB?
On 3 years of weekly data the EXEL/XLB correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. The 5-year figure is 0.29, and annualized covariance runs at 227.4 %².
By 3-year correlation, XLB places #5 of the 11 assets tracked against EXEL. The last year tells two different stories: EXEL led by 25.9 percentage points, +43.5% for EXEL against +17.6% for XLB. One caveat on sizing: EXEL is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EXEL vs XLB: side by side
| EXEL (Exelixis, Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +43.5% | +17.6% |
| 5-year return | +186.9% | +36.9% |
| Volatility (ann.) | 34.8% | 16.7% |
| Beta vs S&P 500 | 0.78 | 0.72 |
| Max drawdown (3Y) | -25.3% | -23.2% |
| Market cap | $13.7B | – |
| P/E (trailing) | 17.7 | – |
| Dividend yield | 0.00% | 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 | EXEL | XLB |
|---|---|---|
| 2022 | -12.3% | -12.3% |
| 2023 | +49.6% | +12.5% |
| 2024 | +38.8% | +0.1% |
| 2025 | +31.6% | +9.9% |
| 2026 | +26.1% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXEL and XLB good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EXEL and XLB?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.34 over the last year and 0.29 over 5 years.
Is XLB a good diversifier for EXEL?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/exel-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exel-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EXEL correlations · XLB correlations
