GRMN vs XLY: Correlation
Measured on weekly returns over the past three years, Garmin (GRMN) and Consumer Discretionary Select Sector SPDR Fund (XLY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and XLY?
Over the past 3 years, GRMN and XLY moved with a correlation of 0.48, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 327.1 %².
Among the 36 assets we track against GRMN, XLY ranks #17 by 3-year correlation. The last year tells two different stories: GRMN led by 25.2 percentage points, +25.1% for GRMN against -0.1% for XLY. This link changes with the market regime, having swung between 0.16 and 0.69 on a rolling one-year basis. Risk is not evenly split, since GRMN 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.
GRMN vs XLY: side by side
| GRMN (Garmin) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.1% | -0.1% |
| 5-year return | +80.9% | +31.8% |
| Volatility (ann.) | 34.7% | 19.7% |
| Beta vs S&P 500 | 1.06 | 1.15 |
| Max drawdown (3Y) | -28.0% | -26.0% |
| Market cap | $55.9B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 1.45% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | Consumer Discretionary | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | GRMN | XLY |
|---|---|---|
| 2022 | -30.2% | -36.3% |
| 2023 | +43.1% | +39.6% |
| 2024 | +63.3% | +26.5% |
| 2025 | -0.1% | +7.4% |
| 2026 | +44.1% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLY holds GRMN at a 1.18% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GRMN and XLY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GRMN and XLY?
The GRMN/XLY correlation stands at 0.48 on a 3-year window (1 year: 0.48, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is XLY a good diversifier for GRMN?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/grmn-vs-xly.json
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Related comparisons
Hubs: GRMN correlations · XLY correlations
