IGR vs XLRE: Correlation
CBRE Global Real Estate Income Fund (IGR) and Real Estate Select Sector SPDR Fund (XLRE) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGR and XLRE?
Over the past 3 years, IGR and XLRE moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 355.2 %².
Among the 24 assets we track against IGR, XLRE ranks #5 by 3-year correlation. Their 12-month results are close: +7.8% for IGR against +9.5% for XLRE. One caveat on sizing: IGR is 1.6 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.
IGR vs XLRE: side by side
| IGR (CBRE Global Real Estate Income Fund) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +7.8% | +9.5% |
| 5-year return | -4.7% | +11.4% |
| Volatility (ann.) | 26.5% | 16.7% |
| Beta vs S&P 500 | 0.81 | 0.57 |
| Max drawdown (3Y) | -29.5% | -16.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 7.73% | 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 | IGR | XLRE |
|---|---|---|
| 2022 | -35.5% | -26.2% |
| 2023 | +8.6% | +12.4% |
| 2024 | +1.2% | +5.1% |
| 2025 | +5.2% | +2.6% |
| 2026 | +16.8% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGR and XLRE good diversifiers for each other?
No: a correlation of 0.80 means IGR and XLRE tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between IGR and XLRE?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.74 over the last year and 0.82 over 5 years.
Is XLRE a good diversifier for IGR?
No: a correlation of 0.80 means IGR and XLRE tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: IGR correlations · XLRE correlations
