INVX vs XLE: Correlation
Innovex International, Inc. (INVX) and Energy Select Sector SPDR Fund (XLE) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INVX and XLE?
Across a 3-year window, the weekly returns of INVX and XLE correlate at 0.66, strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.66 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 644.5 %².
Among the 11 assets we track against INVX, XLE ranks #5 by 3-year correlation. The last year tells two different stories: INVX led by 35.3 percentage points, +79.3% for INVX against +44.0% for XLE. Note the risk asymmetry: INVX runs 1.8 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.
INVX vs XLE: side by side
| INVX (Innovex International, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +79.3% | +44.0% |
| 5-year return | +21.9% | +206.7% |
| Volatility (ann.) | 42.3% | 23.1% |
| Beta vs S&P 500 | 0.83 | 0.27 |
| Max drawdown (3Y) | -58.9% | -20.1% |
| Market cap | $2.1B | – |
| P/E (trailing) | 31.7 | – |
| 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 | INVX | XLE |
|---|---|---|
| 2022 | +38.1% | +64.3% |
| 2023 | -14.4% | -0.6% |
| 2024 | -40.0% | +5.6% |
| 2025 | +56.5% | +7.9% |
| 2026 | +36.4% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INVX and XLE good diversifiers for each other?
To a limited degree. At 0.66 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 INVX and XLE?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.50 over the last year and 0.69 over 5 years.
Is XLE a good diversifier for INVX?
To a limited degree. At 0.66 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 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/invx-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/invx-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INVX correlations · XLE correlations
