GDV vs XLB: Correlation
How closely do Gabelli Dividend & Income Trust (GDV) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and XLB?
Over the past 3 years, GDV and XLB moved with a correlation of 0.78, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.65 versus 0.78 over 3 years. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 195.7 %².
By 3-year correlation, XLB places #26 of the 71 assets tracked against GDV. Neither side won the trailing year by much: +20.3% against +17.6%.
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.
GDV vs XLB: side by side
| GDV (Gabelli Dividend & Income Trust) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +20.3% | +17.6% |
| 5-year return | +53.8% | +36.9% |
| Volatility (ann.) | 15.0% | 16.7% |
| Beta vs S&P 500 | 0.90 | 0.72 |
| Max drawdown (3Y) | -16.1% | -23.2% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 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 | GDV | XLB |
|---|---|---|
| 2022 | -18.6% | -12.3% |
| 2023 | +11.9% | +12.5% |
| 2024 | +18.1% | +0.1% |
| 2025 | +22.8% | +9.9% |
| 2026 | +13.8% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and XLB good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GDV and XLB?
As of 2026-08-27, the correlation of weekly returns between GDV and XLB is 0.78 over 3 years, 0.65 over 1 year and 0.83 over 5 years.
Is XLB a good diversifier for GDV?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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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Related comparisons
Hubs: GDV correlations · XLB correlations
