MDLZ vs XLP: Correlation
How closely do Mondelez International (MDLZ) and Consumer Staples Select Sector SPDR Fund (XLP) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDLZ and XLP?
Across a 3-year window, the weekly returns of MDLZ and XLP correlate at 0.63, strong. Recent behaviour matches the longer record: 0.63 over 1 year against 0.63 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 144.3 %².
In MDLZ's tracked universe of 40 assets, XLP sits right near the top at #1. Their 12-month results are close: +4.6% for MDLZ against +8.3% for XLP. Across three years, the rolling one-year figure varied moderately, from 0.55 to 0.81. One caveat on sizing: MDLZ is 1.8 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.
MDLZ vs XLP: side by side
| MDLZ (Mondelez International) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +4.6% | +8.3% |
| 5-year return | +14.7% | +34.7% |
| Volatility (ann.) | 20.5% | 11.1% |
| Beta vs S&P 500 | 0.03 | 0.23 |
| Max drawdown (3Y) | -29.0% | -9.7% |
| Market cap | $79.7B | – |
| P/E (trailing) | 22.9 | – |
| Dividend yield | 3.17% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Consumer Staples | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | MDLZ | XLP |
|---|---|---|
| 2022 | +2.9% | -0.8% |
| 2023 | +11.2% | -0.8% |
| 2024 | -15.3% | +12.2% |
| 2025 | -7.0% | +1.5% |
| 2026 | +18.0% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 4.37% of XLP is MDLZ itself, so the fund partly moves with the stock by construction.
Are MDLZ and XLP good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDLZ and XLP?
The MDLZ/XLP correlation stands at 0.63 on a 3-year window (1 year: 0.63, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is XLP a good diversifier for MDLZ?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MDLZ correlations · XLP correlations
