MATV vs XLB: Correlation
Mativ Holdings, Inc. (MATV) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATV and XLB?
Over the past 3 years, MATV and XLB moved with a correlation of 0.53, which is moderate. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 621.7 %².
Within MATV's tracked universe of 12 assets, XLB comes in at #5 by 3-year correlation. The trailing year gives XLB the advantage: +2.7% versus +17.6%, a 14.9-point spread. Note the risk asymmetry: MATV runs 4.2 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.
MATV vs XLB: side by side
| MATV (Mativ Holdings, Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +2.7% | +17.6% |
| 5-year return | -59.1% | +36.9% |
| Volatility (ann.) | 70.0% | 16.7% |
| Beta vs S&P 500 | 1.74 | 0.72 |
| Max drawdown (3Y) | -75.3% | -23.2% |
| Market cap | $0.7B | – |
| P/E (trailing) | 7.5 | – |
| Dividend yield | 3.24% | 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 | MATV | XLB |
|---|---|---|
| 2022 | -25.3% | -12.3% |
| 2023 | -22.7% | +12.5% |
| 2024 | -27.1% | +0.1% |
| 2025 | +17.3% | +9.9% |
| 2026 | +2.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATV and XLB good diversifiers for each other?
Only partially. A correlation of 0.53 means MATV and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MATV and XLB?
As of 2026-08-27, the correlation of weekly returns between MATV and XLB is 0.53 over 3 years, 0.58 over 1 year and 0.46 over 5 years.
Is XLB a good diversifier for MATV?
Only partially. A correlation of 0.53 means MATV and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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
$ curl https://www.pairbook.io/api/v1/pairs/matv-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/matv-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MATV correlations · XLB correlations
