GIS vs XLP: Correlation
Measured on weekly returns over the past three years, General Mills (GIS) and Consumer Staples Select Sector SPDR Fund (XLP) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIS and XLP?
On 3 years of weekly data the GIS/XLP correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 113.0 %².
Within GIS's tracked universe of 38 assets, XLP comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLP ahead by 21.1 points (-12.8% versus +8.3%). On a rolling one-year basis the correlation drifted between 0.34 and 0.62, a moderate band. One caveat on sizing: GIS is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GIS vs XLP: side by side
| GIS (General Mills) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -12.8% | +8.3% |
| 5-year return | -14.6% | +34.7% |
| Volatility (ann.) | 20.6% | 11.1% |
| Beta vs S&P 500 | -0.05 | 0.23 |
| Max drawdown (3Y) | -53.4% | -9.7% |
| Market cap | $21.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.09% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Consumer Staples | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | GIS | XLP |
|---|---|---|
| 2022 | +28.1% | -0.8% |
| 2023 | -20.0% | -0.8% |
| 2024 | +1.4% | +12.2% |
| 2025 | -23.7% | +1.5% |
| 2026 | -8.8% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLP holds GIS at a 1.34% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GIS and XLP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GIS and XLP?
As of 2026-08-27, the correlation of weekly returns between GIS and XLP is 0.49 over 3 years, 0.47 over 1 year and 0.54 over 5 years.
Is XLP a good diversifier for GIS?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gis-vs-xlp.json
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[](https://www.pairbook.io/pair/gis-vs-xlp/)
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Related comparisons
Hubs: GIS correlations · XLP correlations
