HLX vs XLE: Correlation
Helix Energy Solutions Group, Inc. (HLX) and Energy Select Sector SPDR Fund (XLE) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and XLE?
Over the past 3 years, HLX and XLE moved with a correlation of 0.74, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 721.7 %².
XLE is one of the assets that tracks HLX most closely: it ranks #3 out of the 21 assets we track against HLX. Over the last 12 months HLX came out ahead by 13.1 percentage points (+57.1% against +44.0%). Risk is not evenly split, since HLX 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.
HLX vs XLE: side by side
| HLX (Helix Energy Solutions Group, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +57.1% | +44.0% |
| 5-year return | +165.6% | +206.7% |
| Volatility (ann.) | 42.5% | 23.1% |
| Beta vs S&P 500 | 0.65 | 0.27 |
| Max drawdown (3Y) | -55.5% | -20.1% |
| Market cap | – | – |
| P/E (trailing) | 40.5 | – |
| Dividend yield | 0.00% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | HLX | XLE |
|---|---|---|
| 2022 | +136.5% | +64.3% |
| 2023 | +39.3% | -0.6% |
| 2024 | -9.3% | +5.6% |
| 2025 | -32.7% | +7.9% |
| 2026 | +61.4% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and XLE good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HLX and XLE?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.76 over the last year and 0.70 over 5 years.
Is XLE a good diversifier for HLX?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 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/hlx-vs-xle.json
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Related comparisons
Hubs: HLX correlations · XLE correlations
