PBT vs XLE: Correlation
Measured on weekly returns over the past three years, Permian Basin Royalty Trust (PBT) and Energy Select Sector SPDR Fund (XLE) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBT and XLE?
Over the past 3 years, PBT and XLE moved with a correlation of 0.47, which is moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.47 over 3. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 426.5 %².
XLE is one of the assets that tracks PBT most closely: it ranks #3 out of the 11 assets we track against PBT. Correlation aside, the last 12 months split them widely, with PBT ahead by 64.4 points (+108.4% versus +44.0%). One caveat on sizing: PBT is 1.7 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.
PBT vs XLE: side by side
| PBT (Permian Basin Royalty Trust) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +108.4% | +44.0% |
| 5-year return | +669.6% | +206.7% |
| Volatility (ann.) | 39.6% | 23.1% |
| Beta vs S&P 500 | 0.48 | 0.27 |
| Max drawdown (3Y) | -57.6% | -20.1% |
| Market cap | $1.6B | – |
| P/E (trailing) | 96.2 | – |
| Dividend yield | 0.81% | 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 | PBT | XLE |
|---|---|---|
| 2022 | +166.2% | +64.3% |
| 2023 | -42.8% | -0.6% |
| 2024 | -16.9% | +5.6% |
| 2025 | +56.6% | +7.9% |
| 2026 | +100.0% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBT and XLE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PBT and XLE?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.56 over the last year and 0.48 over 5 years.
Is XLE a good diversifier for PBT?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 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/pbt-vs-xle.json
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Related comparisons
Hubs: PBT correlations · XLE correlations
