GPK vs XLB: Correlation
Measured on weekly returns over the past three years, Graphic Packaging Holding Company (GPK) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPK and XLB?
Over the past 3 years, GPK and XLB moved with a correlation of 0.51, which is moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 263.7 %².
By 3-year correlation, XLB places #5 of the 13 assets tracked against GPK. Their recent paths diverged sharply: over the last 12 months XLB outperformed by 65.3 percentage points (-47.7% for GPK against +17.6% for XLB). Risk is not evenly split, since GPK carries 1.8 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.
GPK vs XLB: side by side
| GPK (Graphic Packaging Holding Company) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -47.7% | +17.6% |
| 5-year return | -39.0% | +36.9% |
| Volatility (ann.) | 30.7% | 16.7% |
| Beta vs S&P 500 | 0.71 | 0.72 |
| Max drawdown (3Y) | -69.7% | -23.2% |
| Market cap | $3.4B | – |
| P/E (trailing) | 17.7 | – |
| Dividend yield | 3.84% | 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 | GPK | XLB |
|---|---|---|
| 2022 | +15.9% | -12.3% |
| 2023 | +12.7% | +12.5% |
| 2024 | +11.7% | +0.1% |
| 2025 | -43.3% | +9.9% |
| 2026 | -23.1% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPK and XLB good diversifiers for each other?
Only partially. A correlation of 0.51 means GPK and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GPK and XLB?
The GPK/XLB correlation stands at 0.51 on a 3-year window (1 year: 0.52, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is XLB a good diversifier for GPK?
Only partially. A correlation of 0.51 means GPK and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 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/gpk-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gpk-vs-xlb/)
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Related comparisons
Hubs: GPK correlations · XLB correlations
