MTDR vs XLE: Correlation
Matador Resources Company (MTDR) and Energy Select Sector SPDR Fund (XLE) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTDR and XLE?
Across a 3-year window, the weekly returns of MTDR and XLE correlate at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.75 over 1 year against 0.83 over 3. Stretching to 5 years gives 0.85, with an annualized covariance of 768.1 %².
Among the 27 assets we track against MTDR, XLE ranks #8 by 3-year correlation. The last year tells two different stories: XLE led by 26.6 percentage points, +17.4% for MTDR against +44.0% for XLE. Risk is not evenly split, since MTDR 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.
MTDR vs XLE: side by side
| MTDR (Matador Resources Company) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +17.4% | +44.0% |
| 5-year return | +115.7% | +206.7% |
| Volatility (ann.) | 40.3% | 23.1% |
| Beta vs S&P 500 | 0.49 | 0.27 |
| Max drawdown (3Y) | -46.8% | -20.1% |
| Market cap | $7.0B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 2.60% | 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 | MTDR | XLE |
|---|---|---|
| 2022 | +55.8% | +64.3% |
| 2023 | +0.6% | -0.6% |
| 2024 | +0.4% | +5.6% |
| 2025 | -22.3% | +7.9% |
| 2026 | +36.7% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTDR and XLE good diversifiers for each other?
No. With a correlation of 0.83, MTDR and XLE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MTDR and XLE?
As of 2026-08-27, the correlation of weekly returns between MTDR and XLE is 0.83 over 3 years, 0.75 over 1 year and 0.85 over 5 years.
Is XLE a good diversifier for MTDR?
No. With a correlation of 0.83, MTDR and XLE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
A reading of 0.83 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MTDR correlations · XLE correlations
