FCPT vs XLRE: Correlation
How closely do Four Corners Property Trust, Inc. (FCPT) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCPT and XLRE?
Across a 3-year window, the weekly returns of FCPT and XLRE correlate at 0.75, strong. The past 12 months show a weaker link (0.62) than the 3-year average (0.75). Stretching to 5 years gives 0.75, with an annualized covariance of 219.3 %².
In FCPT's tracked universe of 17 assets, XLRE sits right near the top at #2. Over the last 12 months XLRE came out ahead by 5.7 percentage points (+3.8% 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.
FCPT vs XLRE: side by side
| FCPT (Four Corners Property Trust, Inc.) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +3.8% | +9.5% |
| 5-year return | +16.6% | +11.4% |
| Volatility (ann.) | 17.5% | 16.7% |
| Beta vs S&P 500 | 0.32 | 0.57 |
| Max drawdown (3Y) | -20.2% | -16.6% |
| Market cap | $2.8B | – |
| P/E (trailing) | 22.9 | – |
| Dividend yield | 5.75% | 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 | FCPT | XLRE |
|---|---|---|
| 2022 | -7.2% | -26.2% |
| 2023 | +3.1% | +12.4% |
| 2024 | +13.1% | +5.1% |
| 2025 | -10.1% | +2.6% |
| 2026 | +13.1% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCPT and XLRE good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FCPT and XLRE?
As of 2026-08-27, the correlation of weekly returns between FCPT and XLRE is 0.75 over 3 years, 0.62 over 1 year and 0.75 over 5 years.
Is XLRE a good diversifier for FCPT?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fcpt-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcpt-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCPT correlations · XLRE correlations
