PTEN vs XLE: Correlation
Measured on weekly returns over the past three years, Patterson-UTI Energy, Inc. (PTEN) and Energy Select Sector SPDR Fund (XLE) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTEN and XLE?
Over the past 3 years, PTEN and XLE moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 894.0 %².
In PTEN's tracked universe of 23 assets, XLE sits right near the top at #1. The last year tells two different stories: PTEN led by 81.4 percentage points, +125.4% for PTEN against +44.0% for XLE. Note the risk asymmetry: PTEN runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PTEN vs XLE: side by side
| PTEN (Patterson-UTI Energy, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +125.4% | +44.0% |
| 5-year return | +84.8% | +206.7% |
| Volatility (ann.) | 48.6% | 23.1% |
| Beta vs S&P 500 | 0.60 | 0.27 |
| Max drawdown (3Y) | -64.6% | -20.1% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.06% | 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 | PTEN | XLE |
|---|---|---|
| 2022 | +101.7% | +64.3% |
| 2023 | -34.2% | -0.6% |
| 2024 | -21.0% | +5.6% |
| 2025 | -22.1% | +7.9% |
| 2026 | +104.9% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTEN and XLE good diversifiers for each other?
No. With a correlation of 0.80, PTEN and XLE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between PTEN and XLE?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.72 over the last year and 0.79 over 5 years.
Is XLE a good diversifier for PTEN?
No. With a correlation of 0.80, PTEN and XLE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pten-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pten-vs-xle/)
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Related comparisons
Hubs: PTEN correlations · XLE correlations
