FPI vs XLRE: Correlation
Farmland Partners Inc. (FPI) and Real Estate Select Sector SPDR Fund (XLRE) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FPI and XLRE?
Across a 3-year window, the weekly returns of FPI and XLRE correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 175.8 %².
Within FPI's tracked universe of 11 assets, XLRE comes in at #5 by 3-year correlation. On 12-month performance XLRE holds a 12.1-point edge, -2.6% 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.
FPI vs XLRE: side by side
| FPI (Farmland Partners Inc.) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -2.6% | +9.5% |
| 5-year return | +8.2% | +11.4% |
| Volatility (ann.) | 23.7% | 16.7% |
| Beta vs S&P 500 | 0.53 | 0.57 |
| Max drawdown (3Y) | -27.0% | -16.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 2.90% | 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 | FPI | XLRE |
|---|---|---|
| 2022 | +6.1% | -26.2% |
| 2023 | +4.0% | +12.4% |
| 2024 | +5.7% | +5.1% |
| 2025 | -14.1% | +2.6% |
| 2026 | +8.3% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FPI and XLRE good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FPI and XLRE?
The FPI/XLRE correlation stands at 0.44 on a 3-year window (1 year: 0.47, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for FPI?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/fpi-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fpi-vs-xlre/)
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Related comparisons
Hubs: FPI correlations · XLRE correlations
