HY vs XLB: Correlation
Hyster-Yale, Inc. (HY) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HY and XLB?
On 3 years of weekly data the HY/XLB correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.52 over 3. The 5-year figure is 0.48, and annualized covariance runs at 395.7 %².
By 3-year correlation, XLB places #4 of the 14 assets tracked against HY. The last year tells two different stories: XLB led by 23.9 percentage points, -6.3% for HY against +17.6% for XLB. Note the risk asymmetry: HY runs 2.7 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.
HY vs XLB: side by side
| HY (Hyster-Yale, Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -6.3% | +17.6% |
| 5-year return | -30.4% | +36.9% |
| Volatility (ann.) | 45.8% | 16.7% |
| Beta vs S&P 500 | 1.17 | 0.72 |
| Max drawdown (3Y) | -66.4% | -23.2% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.17% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | HY | XLB |
|---|---|---|
| 2022 | -35.9% | -12.3% |
| 2023 | +153.4% | +12.5% |
| 2024 | -16.3% | +0.1% |
| 2025 | -39.5% | +9.9% |
| 2026 | +19.0% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HY and XLB good diversifiers for each other?
To a limited degree. At 0.52 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 HY and XLB?
As of 2026-08-27, the correlation of weekly returns between HY and XLB is 0.52 over 3 years, 0.49 over 1 year and 0.48 over 5 years.
Is XLB a good diversifier for HY?
To a limited degree. At 0.52 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 0.52 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/hy-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hy-vs-xlb/)
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Related comparisons
Hubs: HY correlations · XLB correlations
