MAA vs XLRE: Correlation
How closely do Mid-America Apartment Communities (MAA) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAA and XLRE?
Across a 3-year window, the weekly returns of MAA and XLRE correlate at 0.71, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Stretching to 5 years gives 0.79, with an annualized covariance of 241.2 %².
Within MAA's tracked universe of 31 assets, XLRE comes in at #9 by 3-year correlation. The last year tells two different stories: XLRE led by 16.1 percentage points, -6.6% for MAA against +9.5% for XLRE. The link looks structural: the rolling one-year correlation barely moved, holding between 0.62 and 0.85.
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.
MAA vs XLRE: side by side
| MAA (Mid-America Apartment Communities) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -6.6% | +9.5% |
| 5-year return | -19.3% | +11.4% |
| Volatility (ann.) | 20.3% | 16.7% |
| Beta vs S&P 500 | 0.49 | 0.57 |
| Max drawdown (3Y) | -26.4% | -16.6% |
| Market cap | $15.3B | – |
| P/E (trailing) | 37.7 | – |
| Dividend yield | 4.63% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | Real Estate | 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 | MAA | XLRE |
|---|---|---|
| 2022 | -29.7% | -26.2% |
| 2023 | -11.1% | +12.4% |
| 2024 | +19.9% | +5.1% |
| 2025 | -6.4% | +2.6% |
| 2026 | -4.0% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MAA represents 1.55% of XLRE's portfolio, so part of any move in XLRE is MAA itself, and the correlation between them is partly mechanical.
Are MAA and XLRE good diversifiers for each other?
To a limited degree. At 0.71 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 MAA and XLRE?
The MAA/XLRE correlation stands at 0.71 on a 3-year window (1 year: 0.70, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for MAA?
To a limited degree. At 0.71 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 0.71 mean?
A reading of 0.71 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/maa-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/maa-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MAA correlations · XLRE correlations
