MNST vs XLP: Correlation
Monster Beverage (MNST) and Consumer Staples Select Sector SPDR Fund (XLP) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNST and XLP?
On 3 years of weekly data the MNST/XLP correlation comes out at 0.14, weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.14 over 3 years. The 5-year figure is 0.20, and annualized covariance runs at 103.5 %².
Within MNST's tracked universe of 66 assets, XLP comes in at #24 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLP ahead by 32.6 points (-24.3% versus +8.3%). This link changes with the market regime, having swung between 0.07 and 0.65 on a rolling one-year basis. Note the risk asymmetry: MNST runs 6.2 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.
MNST vs XLP: side by side
| MNST (Monster Beverage) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -24.3% | +8.3% |
| 5-year return | -4.5% | +34.7% |
| Volatility (ann.) | 68.6% | 11.1% |
| Beta vs S&P 500 | 0.80 | 0.23 |
| Max drawdown (3Y) | -54.5% | -9.7% |
| Market cap | $91.5B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 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 | MNST | XLP |
|---|---|---|
| 2022 | +5.7% | -0.8% |
| 2023 | +13.5% | -0.8% |
| 2024 | -8.8% | +12.2% |
| 2025 | +45.9% | +1.5% |
| 2026 | -39.1% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 4.28% of XLP is MNST itself, so the fund partly moves with the stock by construction.
Are MNST and XLP good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MNST and XLP?
The MNST/XLP correlation stands at 0.14 on a 3-year window (1 year: 0.03, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is XLP a good diversifier for MNST?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
A reading of 0.14 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/mnst-vs-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mnst-vs-xlp/)
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Related comparisons
Hubs: MNST correlations · XLP correlations
