MTX vs XLB: Correlation
How closely do Minerals Technologies Inc. (MTX) and Materials Select Sector SPDR Fund (XLB) 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 MTX and XLB?
Over the past 3 years, MTX and XLB moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 322.8 %².
Among the 17 assets we track against MTX, XLB ranks #5 by 3-year correlation. The trailing year gives XLB the advantage: +12.0% versus +17.6%, a 5.6-point spread. Risk is not evenly split, since MTX carries 1.8 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.
MTX vs XLB: side by side
| MTX (Minerals Technologies Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +12.0% | +17.6% |
| 5-year return | -6.2% | +36.9% |
| Volatility (ann.) | 30.4% | 16.7% |
| Beta vs S&P 500 | 0.90 | 0.72 |
| Max drawdown (3Y) | -42.5% | -23.2% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.65% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | MTX | XLB |
|---|---|---|
| 2022 | -16.7% | -12.3% |
| 2023 | +18.0% | +12.5% |
| 2024 | +7.4% | +0.1% |
| 2025 | -19.4% | +9.9% |
| 2026 | +19.2% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTX and XLB good diversifiers for each other?
To a limited degree. At 0.63 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 MTX and XLB?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.60 over the last year and 0.68 over 5 years.
Is XLB a good diversifier for MTX?
To a limited degree. At 0.63 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 0.63 mean?
On the −1 to +1 scale, 0.63 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtx-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtx-vs-xlb/)
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Related comparisons
Hubs: MTX correlations · XLB correlations
