GEF vs XLB: Correlation
Measured on weekly returns over the past three years, Greif Inc. (GEF) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEF and XLB?
Across a 3-year window, the weekly returns of GEF and XLB correlate at 0.62, strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 288.4 %².
In GEF's tracked universe of 16 assets, XLB sits right near the top at #1. The last year tells two different stories: GEF led by 15.3 percentage points, +32.9% for GEF against +17.6% for XLB. Risk is not evenly split, since GEF carries 1.7 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.
GEF vs XLB: side by side
| GEF (Greif Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +32.9% | +17.6% |
| 5-year return | +58.9% | +36.9% |
| Volatility (ann.) | 27.9% | 16.7% |
| Beta vs S&P 500 | 0.71 | 0.72 |
| Max drawdown (3Y) | -30.8% | -23.2% |
| Market cap | $4.8B | – |
| P/E (trailing) | 34.9 | – |
| Dividend yield | 4.84% | 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 | GEF | XLB |
|---|---|---|
| 2022 | +14.5% | -12.3% |
| 2023 | +0.9% | +12.5% |
| 2024 | -3.6% | +0.1% |
| 2025 | +14.8% | +9.9% |
| 2026 | +27.0% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEF and XLB good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GEF and XLB?
As of 2026-08-27, the correlation of weekly returns between GEF and XLB is 0.62 over 3 years, 0.61 over 1 year and 0.58 over 5 years.
Is XLB a good diversifier for GEF?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 mean?
A reading of 0.62 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/gef-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gef-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GEF correlations · XLB correlations
