OII vs XLE: Correlation
How closely do Oceaneering International, Inc. (OII) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OII and XLE?
Over the past 3 years, OII and XLE moved with a correlation of 0.69, which is strong. The past 12 months show a weaker link (0.54) than the 3-year average (0.69). Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 690.2 %².
By 3-year correlation, XLE places #5 of the 16 assets tracked against OII. The last year tells two different stories: OII led by 65.9 percentage points, +109.9% for OII against +44.0% for XLE. One caveat on sizing: OII is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OII vs XLE: side by side
| OII (Oceaneering International, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +109.9% | +44.0% |
| 5-year return | +316.7% | +206.7% |
| Volatility (ann.) | 43.5% | 23.1% |
| Beta vs S&P 500 | 0.81 | 0.27 |
| Max drawdown (3Y) | -47.8% | -20.1% |
| Market cap | $5.1B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.00% | 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 | OII | XLE |
|---|---|---|
| 2022 | +54.6% | +64.3% |
| 2023 | +21.7% | -0.6% |
| 2024 | +22.6% | +5.6% |
| 2025 | -7.9% | +7.9% |
| 2026 | +113.1% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OII and XLE good diversifiers for each other?
To a limited degree. At 0.69 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 OII and XLE?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.54 over the last year and 0.72 over 5 years.
Is XLE a good diversifier for OII?
To a limited degree. At 0.69 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 0.69 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/oii-vs-xle.json
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Related comparisons
Hubs: OII correlations · XLE correlations
