PR vs XLE: Correlation
Permian Resources Corporation (PR) and Energy Select Sector SPDR Fund (XLE) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PR and XLE?
On 3 years of weekly data the PR/XLE correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 688.2 %².
By 3-year correlation, XLE places #6 of the 33 assets tracked against PR. The last year tells two different stories: PR led by 26.3 percentage points, +70.3% for PR against +44.0% for XLE. Risk is not evenly split, since PR carries 1.5 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.
PR vs XLE: side by side
| PR (Permian Resources Corporation) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +70.3% | +44.0% |
| 5-year return | +430.6% | +206.7% |
| Volatility (ann.) | 35.4% | 23.1% |
| Beta vs S&P 500 | 0.39 | 0.27 |
| Max drawdown (3Y) | -39.9% | -20.1% |
| Market cap | $19.4B | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 2.73% | 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 | PR | XLE |
|---|---|---|
| 2022 | +57.9% | +64.3% |
| 2023 | +49.4% | -0.6% |
| 2024 | +10.7% | +5.6% |
| 2025 | +1.9% | +7.9% |
| 2026 | +68.0% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PR and XLE good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between PR and XLE?
As of 2026-08-27, the correlation of weekly returns between PR and XLE is 0.84 over 3 years, 0.83 over 1 year and 0.81 over 5 years.
Is XLE a good diversifier for PR?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 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/pr-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pr-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PR correlations · XLE correlations
