GRAB vs XLC: Correlation
How closely do Grab Holdings Limited - Class A (GRAB) and Communication Services Select Sector SPDR Fund (XLC) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRAB and XLC?
On 3 years of weekly data the GRAB/XLC correlation comes out at 0.55, moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.55 over 3. The 5-year figure is 0.38, and annualized covariance runs at 329.0 %².
By 3-year correlation, XLC places #5 of the 17 assets tracked against GRAB. The last year tells two different stories: XLC led by 29.0 percentage points, -27.5% for GRAB against +1.5% for XLC. Risk is not evenly split, since GRAB carries 2.4 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.
GRAB vs XLC: side by side
| GRAB (Grab Holdings Limited - Class A) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -27.5% | +1.5% |
| 5-year return | -65.8% | +37.5% |
| Volatility (ann.) | 37.6% | 16.0% |
| Beta vs S&P 500 | 1.41 | 0.90 |
| Max drawdown (3Y) | -49.3% | -18.0% |
| Market cap | $14.7B | – |
| P/E (trailing) | 32.6 | – |
| Dividend yield | 0.00% | 1.32% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $21.7B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Year-by-year returns
| Year | GRAB | XLC |
|---|---|---|
| 2022 | -54.8% | -37.6% |
| 2023 | +4.7% | +52.8% |
| 2024 | +40.1% | +34.7% |
| 2025 | +5.7% | +23.1% |
| 2026 | -28.1% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRAB and XLC good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GRAB and XLC?
As of 2026-08-27, the correlation of weekly returns between GRAB and XLC is 0.55 over 3 years, 0.56 over 1 year and 0.38 over 5 years.
Is XLC a good diversifier for GRAB?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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
$ curl https://www.pairbook.io/api/v1/pairs/grab-vs-xlc.json
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Related comparisons
Hubs: GRAB correlations · XLC correlations
