JRS vs XLRE: Correlation
How closely do Nuveen Real Estate Income Fund (JRS) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRS and XLRE?
Over the past 3 years, JRS and XLRE moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.88, and the annualized covariance of weekly returns is 310.5 %².
Few assets follow JRS as closely as XLRE, which ranks #2 of 49 tracked partners. Twelve-month performance is nearly a tie, at +14.4% for JRS and +9.5% for XLRE.
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.
JRS vs XLRE: side by side
| JRS (Nuveen Real Estate Income Fund) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +14.4% | +9.5% |
| 5-year return | +13.5% | +11.4% |
| Volatility (ann.) | 21.1% | 16.7% |
| Beta vs S&P 500 | 0.79 | 0.57 |
| Max drawdown (3Y) | -25.3% | -16.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.00% | 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 | JRS | XLRE |
|---|---|---|
| 2022 | -35.6% | -26.2% |
| 2023 | +13.4% | +12.4% |
| 2024 | +19.7% | +5.1% |
| 2025 | -3.4% | +2.6% |
| 2026 | +15.2% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRS and XLRE good diversifiers for each other?
No. With a correlation of 0.88, JRS and XLRE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between JRS and XLRE?
The JRS/XLRE correlation stands at 0.88 on a 3-year window (1 year: 0.83, 5 years: 0.88), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for JRS?
No. With a correlation of 0.88, JRS and XLRE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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.
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Related comparisons
Hubs: JRS correlations · XLRE correlations
