GWRS vs XLRE: Correlation
Global Water Resources, Inc. (GWRS) and Real Estate Select Sector SPDR Fund (XLRE) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWRS and XLRE?
On 3 years of weekly data the GWRS/XLRE correlation comes out at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.55 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 263.5 %².
Within GWRS's tracked universe of 11 assets, XLRE comes in at #4 by 3-year correlation. On 12-month performance XLRE holds a 11.1-point edge, -1.6% against +9.5%. Note the risk asymmetry: GWRS runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GWRS vs XLRE: side by side
| GWRS (Global Water Resources, Inc.) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -1.6% | +9.5% |
| 5-year return | -47.4% | +11.4% |
| Volatility (ann.) | 28.4% | 16.7% |
| Beta vs S&P 500 | 0.67 | 0.57 |
| Max drawdown (3Y) | -48.4% | -16.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 83.4 | – |
| Dividend yield | 3.28% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | GWRS | XLRE |
|---|---|---|
| 2022 | -20.7% | -26.2% |
| 2023 | +1.0% | +12.4% |
| 2024 | -10.0% | +5.1% |
| 2025 | -24.4% | +2.6% |
| 2026 | +11.3% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWRS and XLRE good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GWRS and XLRE?
The GWRS/XLRE correlation stands at 0.55 on a 3-year window (1 year: 0.39, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for GWRS?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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/gwrs-vs-xlre.json
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Related comparisons
Hubs: GWRS correlations · XLRE correlations
