OI vs XLB: Correlation
How closely do O-I Glass, Inc. (OI) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OI and XLB?
Over the past 3 years, OI and XLB moved with a correlation of 0.53, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 358.9 %².
Within OI's tracked universe of 12 assets, XLB comes in at #5 by 3-year correlation. The last year tells two different stories: XLB led by 62.4 percentage points, -44.8% for OI against +17.6% for XLB. Risk is not evenly split, since OI carries 2.4 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.
OI vs XLB: side by side
| OI (O-I Glass, Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -44.8% | +17.6% |
| 5-year return | -53.2% | +36.9% |
| Volatility (ann.) | 40.3% | 16.7% |
| Beta vs S&P 500 | 0.91 | 0.72 |
| Max drawdown (3Y) | -68.6% | -23.2% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | OI | XLB |
|---|---|---|
| 2022 | +37.7% | -12.3% |
| 2023 | -1.1% | +12.5% |
| 2024 | -33.8% | +0.1% |
| 2025 | +36.2% | +9.9% |
| 2026 | -51.2% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OI and XLB good diversifiers for each other?
To a limited degree. At 0.53 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 OI and XLB?
As of 2026-08-27, the correlation of weekly returns between OI and XLB is 0.53 over 3 years, 0.52 over 1 year and 0.55 over 5 years.
Is XLB a good diversifier for OI?
To a limited degree. At 0.53 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 0.53 mean?
On the −1 to +1 scale, 0.53 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/oi-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/oi-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OI correlations · XLB correlations
