PAGP vs XLE: Correlation
How closely do Plains GP Holdings, L.P. - Class A Shares representing (PAGP) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGP and XLE?
Over the past 3 years, PAGP and XLE moved with a correlation of 0.72, which is strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 388.2 %².
Within PAGP's tracked universe of 14 assets, XLE comes in at #5 by 3-year correlation. The trailing year gives PAGP the advantage: +58.9% versus +44.0%, a 14.9-point spread.
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.
PAGP vs XLE: side by side
| PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +58.9% | +44.0% |
| 5-year return | +318.4% | +206.7% |
| Volatility (ann.) | 23.3% | 23.1% |
| Beta vs S&P 500 | 0.25 | 0.27 |
| Max drawdown (3Y) | -21.0% | -20.1% |
| Market cap | $6.5B | – |
| P/E (trailing) | 80.1 | – |
| Dividend yield | 5.81% | 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 | PAGP | XLE |
|---|---|---|
| 2022 | +31.8% | +64.3% |
| 2023 | +38.1% | -0.6% |
| 2024 | +23.7% | +5.6% |
| 2025 | +12.7% | +7.9% |
| 2026 | +54.5% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGP and XLE good diversifiers for each other?
Only partially. A correlation of 0.72 means PAGP and XLE 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 PAGP and XLE?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.74 over the last year and 0.76 over 5 years.
Is XLE a good diversifier for PAGP?
Only partially. A correlation of 0.72 means PAGP and XLE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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/pagp-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pagp-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAGP correlations · XLE correlations
