OLN vs XLB: Correlation
Measured on weekly returns over the past three years, Olin Corporation (OLN) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLN and XLB?
Over the past 3 years, OLN and XLB moved with a correlation of 0.68, which is strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.68). Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 514.4 %².
By 3-year correlation, XLB places #5 of the 20 assets tracked against OLN. Their recent paths diverged sharply: over the last 12 months XLB outperformed by 40.9 percentage points (-23.3% for OLN against +17.6% for XLB). Risk is not evenly split, since OLN carries 2.7 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.
OLN vs XLB: side by side
| OLN (Olin Corporation) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -23.3% | +17.6% |
| 5-year return | -62.2% | +36.9% |
| Volatility (ann.) | 45.4% | 16.7% |
| Beta vs S&P 500 | 1.04 | 0.72 |
| Max drawdown (3Y) | -69.3% | -23.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | 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 | OLN | XLB |
|---|---|---|
| 2022 | -6.6% | -12.3% |
| 2023 | +3.5% | +12.5% |
| 2024 | -36.3% | +0.1% |
| 2025 | -36.2% | +9.9% |
| 2026 | -15.8% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLN and XLB good diversifiers for each other?
Only partially. A correlation of 0.68 means OLN and XLB 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 OLN and XLB?
As of 2026-08-27, the correlation of weekly returns between OLN and XLB is 0.68 over 3 years, 0.58 over 1 year and 0.66 over 5 years.
Is XLB a good diversifier for OLN?
Only partially. A correlation of 0.68 means OLN and XLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 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/oln-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/oln-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OLN correlations · XLB correlations
