MUR vs XLE: Correlation
Murphy Oil Corporation (MUR) and Energy Select Sector SPDR Fund (XLE) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUR and XLE?
Over the past 3 years, MUR and XLE moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.74 over 1 year against 0.80 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 729.4 %².
In MUR's tracked universe of 16 assets, XLE sits right near the top at #3. On 12-month performance MUR holds a 7.7-point edge, +51.7% against +44.0%. Note the risk asymmetry: MUR runs 1.7 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.
MUR vs XLE: side by side
| MUR (Murphy Oil Corporation) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +51.7% | +44.0% |
| 5-year return | +96.7% | +206.7% |
| Volatility (ann.) | 39.7% | 23.1% |
| Beta vs S&P 500 | 0.16 | 0.27 |
| Max drawdown (3Y) | -58.5% | -20.1% |
| Market cap | $5.2B | – |
| P/E (trailing) | 17.2 | – |
| Dividend yield | 3.89% | 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 | MUR | XLE |
|---|---|---|
| 2022 | +68.5% | +64.3% |
| 2023 | +2.0% | -0.6% |
| 2024 | -26.8% | +5.6% |
| 2025 | +8.7% | +7.9% |
| 2026 | +18.5% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUR and XLE good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MUR and XLE?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.74 over the last year and 0.84 over 5 years.
Is XLE a good diversifier for MUR?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mur-vs-xle.json
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Related comparisons
Hubs: MUR correlations · XLE correlations
