MMYT vs XLY: Correlation
Measured on weekly returns over the past three years, MakeMyTrip Limited (MMYT) and Consumer Discretionary Select Sector SPDR Fund (XLY) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMYT and XLY?
On 3 years of weekly data the MMYT/XLY correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 509.7 %².
By 3-year correlation, XLY places #5 of the 12 assets tracked against MMYT. The last year tells two different stories: XLY led by 43.5 percentage points, -43.6% for MMYT against -0.1% for XLY. Risk is not evenly split, since MMYT carries 2.5 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.
MMYT vs XLY: side by side
| MMYT (MakeMyTrip Limited) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -43.6% | -0.1% |
| 5-year return | +128.7% | +31.8% |
| Volatility (ann.) | 49.5% | 19.7% |
| Beta vs S&P 500 | 1.76 | 1.15 |
| Max drawdown (3Y) | -69.9% | -26.0% |
| Market cap | $5.5B | – |
| P/E (trailing) | 253.0 | – |
| Dividend yield | 0.00% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | US Listed | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | MMYT | XLY |
|---|---|---|
| 2022 | -0.5% | -36.3% |
| 2023 | +70.4% | +39.6% |
| 2024 | +139.0% | +26.5% |
| 2025 | -26.9% | +7.4% |
| 2026 | -29.2% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMYT and XLY good diversifiers for each other?
To a limited degree. At 0.52 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 MMYT and XLY?
As of 2026-08-27, the correlation of weekly returns between MMYT and XLY is 0.52 over 3 years, 0.56 over 1 year and 0.48 over 5 years.
Is XLY a good diversifier for MMYT?
To a limited degree. At 0.52 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 0.52 mean?
A reading of 0.52 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/mmyt-vs-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mmyt-vs-xly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MMYT correlations · XLY correlations
