GROW vs XLC: Correlation
Measured on weekly returns over the past three years, U.S. Global Investors, Inc. (GROW) and Communication Services Select Sector SPDR Fund (XLC) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GROW and XLC?
On 3 years of weekly data the GROW/XLC correlation comes out at 0.40, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.40 over 3. The 5-year figure is 0.38, and annualized covariance runs at 179.0 %².
By 3-year correlation, XLC places #5 of the 11 assets tracked against GROW. Correlation aside, the last 12 months split them widely, with GROW ahead by 41.4 points (+42.9% versus +1.5%). One caveat on sizing: GROW is 1.8 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.
GROW vs XLC: side by side
| GROW (U.S. Global Investors, Inc.) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +42.9% | +1.5% |
| 5-year return | -37.2% | +37.5% |
| Volatility (ann.) | 28.4% | 16.0% |
| Beta vs S&P 500 | 0.57 | 0.90 |
| Max drawdown (3Y) | -32.2% | -18.0% |
| Market cap | – | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 2.69% | 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 | GROW | XLC |
|---|---|---|
| 2022 | -32.6% | -37.6% |
| 2023 | +0.9% | +52.8% |
| 2024 | -10.2% | +34.7% |
| 2025 | +2.9% | +23.1% |
| 2026 | +42.2% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GROW and XLC good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GROW and XLC?
As of 2026-08-27, the correlation of weekly returns between GROW and XLC is 0.40 over 3 years, 0.46 over 1 year and 0.38 over 5 years.
Is XLC a good diversifier for GROW?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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/grow-vs-xlc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/grow-vs-xlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GROW correlations · XLC correlations
