MEOH vs XLE: Correlation
Methanex Corporation (MEOH) and Energy Select Sector SPDR Fund (XLE) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEOH and XLE?
Over the past 3 years, MEOH and XLE moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 517.6 %².
Few assets follow MEOH as closely as XLE, which ranks #1 of 10 tracked partners. The last year tells two different stories: MEOH led by 23.1 percentage points, +67.1% for MEOH against +44.0% for XLE. Risk is not evenly split, since MEOH carries 1.7 times the volatility of the other side.
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.
MEOH vs XLE: side by side
| MEOH (Methanex Corporation) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +67.1% | +44.0% |
| 5-year return | +74.8% | +206.7% |
| Volatility (ann.) | 40.4% | 23.1% |
| Beta vs S&P 500 | 0.54 | 0.27 |
| Max drawdown (3Y) | -52.2% | -20.1% |
| Market cap | $4.5B | – |
| P/E (trailing) | 66.3 | – |
| Dividend yield | 1.30% | 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 | MEOH | XLE |
|---|---|---|
| 2022 | -2.8% | +64.3% |
| 2023 | +27.3% | -0.6% |
| 2024 | +7.3% | +5.6% |
| 2025 | -18.9% | +7.9% |
| 2026 | +47.9% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEOH and XLE good diversifiers for each other?
To a limited degree. At 0.56 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 MEOH and XLE?
The MEOH/XLE correlation stands at 0.56 on a 3-year window (1 year: 0.60, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for MEOH?
To a limited degree. At 0.56 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 0.56 mean?
A reading of 0.56 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/meoh-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/meoh-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MEOH correlations · XLE correlations
