FAST vs XLB: Correlation
Fastenal (FAST) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAST and XLB?
Across a 3-year window, the weekly returns of FAST and XLB correlate at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 207.0 %².
By 3-year correlation, XLB places #14 of the 33 assets tracked against FAST. Over the last 12 months XLB came out ahead by 13.5 percentage points (+4.1% against +17.6%). On a rolling one-year basis the correlation drifted between 0.36 and 0.67, a moderate band.
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.
FAST vs XLB: side by side
| FAST (Fastenal) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +4.1% | +17.6% |
| 5-year return | +105.5% | +36.9% |
| Volatility (ann.) | 24.0% | 16.7% |
| Beta vs S&P 500 | 0.63 | 0.72 |
| Max drawdown (3Y) | -21.9% | -23.2% |
| Market cap | $58.7B | – |
| P/E (trailing) | 43.7 | – |
| Dividend yield | 1.80% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | Industrials | 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 | FAST | XLB |
|---|---|---|
| 2022 | -24.3% | -12.3% |
| 2023 | +41.3% | +12.5% |
| 2024 | +13.5% | +0.1% |
| 2025 | +14.0% | +9.9% |
| 2026 | +29.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAST and XLB good diversifiers for each other?
Only partially. A correlation of 0.51 means FAST and XLB 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 FAST and XLB?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.45 over the last year and 0.56 over 5 years.
Is XLB a good diversifier for FAST?
Only partially. A correlation of 0.51 means FAST and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 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/fast-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fast-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FAST correlations · XLB correlations
