FSP vs XLB: Correlation
Measured on weekly returns over the past three years, Franklin Street Properties Corp. (FSP) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSP and XLB?
On 3 years of weekly data the FSP/XLB correlation comes out at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 375.5 %².
Among the 10 assets we track against FSP, XLB ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLB ahead by 92.2 points (-74.6% versus +17.6%). Risk is not evenly split, since FSP carries 2.8 times the volatility of the other side.
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.
FSP vs XLB: side by side
| FSP (Franklin Street Properties Corp.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -74.6% | +17.6% |
| 5-year return | -89.6% | +36.9% |
| Volatility (ann.) | 47.1% | 16.7% |
| Beta vs S&P 500 | 1.01 | 0.72 |
| Max drawdown (3Y) | -83.8% | -23.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.79% | 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 | FSP | XLB |
|---|---|---|
| 2022 | -52.3% | -12.3% |
| 2023 | -4.1% | +12.5% |
| 2024 | -27.0% | +0.1% |
| 2025 | -46.8% | +9.9% |
| 2026 | -56.2% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSP and XLB good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FSP and XLB?
The FSP/XLB correlation stands at 0.48 on a 3-year window (1 year: 0.48, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is XLB a good diversifier for FSP?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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
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[](https://www.pairbook.io/pair/fsp-vs-xlb/)
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Related comparisons
Hubs: FSP correlations · XLB correlations
