FRNM vs XLU: Correlation
How closely do Freenome, Inc. (FRNM) and Utilities Select Sector SPDR Fund (XLU) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRNM and XLU?
On 3 years of weekly data the FRNM/XLU correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.21 over 3. The 5-year figure is n/a, and annualized covariance runs at -68.0 %².
Within FRNM's tracked universe of 34 assets, XLU comes in at #15 by 3-year correlation. The last year tells two different stories: FRNM led by 28.2 percentage points, +32.3% for FRNM against +4.1% for XLU.
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.
FRNM vs XLU: side by side
| FRNM (Freenome, Inc.) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +32.3% | +4.1% |
| 5-year return | n/a | +46.3% |
| Volatility (ann.) | 21.1% | 15.8% |
| Beta vs S&P 500 | 0.03 | 0.26 |
| Max drawdown (3Y) | -29.6% | -13.1% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.70% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $23.1B |
| Sector / category | US Listed | Sector ETF |
XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Year-by-year returns
| Year | FRNM | XLU |
|---|---|---|
| 2022 | – | +1.4% |
| 2023 | – | -7.2% |
| 2024 | – | +23.3% |
| 2025 | +28.0% | +16.0% |
| 2026 | +7.0% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRNM and XLU good diversifiers for each other?
Yes. With a correlation of -0.21, FRNM and XLU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FRNM and XLU?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.28 over the last year and n/a over 5 years.
Is XLU a good diversifier for FRNM?
Yes. With a correlation of -0.21, FRNM and XLU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/frnm-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frnm-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FRNM correlations · XLU correlations
