NFG vs XLU: Correlation
Measured on weekly returns over the past three years, National Fuel Gas Company (NFG) and Utilities Select Sector SPDR Fund (XLU) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFG and XLU?
Over the past 3 years, NFG and XLU moved with a correlation of 0.54, which is moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.54). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 169.7 %².
Among the 13 assets we track against NFG, XLU ranks #4 by 3-year correlation. Over the last 12 months XLU came out ahead by 6.7 percentage points (-2.6% against +4.1%).
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.
NFG vs XLU: side by side
| NFG (National Fuel Gas Company) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -2.6% | +4.1% |
| 5-year return | +87.6% | +46.3% |
| Volatility (ann.) | 20.0% | 15.8% |
| Beta vs S&P 500 | 0.10 | 0.26 |
| Max drawdown (3Y) | -20.9% | -13.1% |
| Market cap | $7.9B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.59% | 2.70% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $23.1B |
| Sector / category | US Listed | Sector ETF |
XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Year-by-year returns
| Year | NFG | XLU |
|---|---|---|
| 2022 | +1.9% | +1.4% |
| 2023 | -17.7% | -7.2% |
| 2024 | +25.4% | +23.3% |
| 2025 | +35.3% | +16.0% |
| 2026 | +4.8% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFG and XLU good diversifiers for each other?
Only partially. A correlation of 0.54 means NFG and XLU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NFG and XLU?
As of 2026-08-27, the correlation of weekly returns between NFG and XLU is 0.54 over 3 years, 0.42 over 1 year and 0.54 over 5 years.
Is XLU a good diversifier for NFG?
Only partially. A correlation of 0.54 means NFG and XLU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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/nfg-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nfg-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NFG correlations · XLU correlations
