RFI vs XLRE: Correlation
How closely do Cohen & Steers Total Return Realty Fund, Inc. (RFI) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFI and XLRE?
Over the past 3 years, RFI and XLRE moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.88) sits close to the 3-year figure. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 258.5 %².
Few assets follow RFI as closely as XLRE, which ranks #3 of 39 tracked partners. The trailing year gives XLRE the advantage: +3.7% versus +9.5%, a 5.8-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.
RFI vs XLRE: side by side
| RFI (Cohen & Steers Total Return Realty Fund, Inc.) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +3.7% | +9.5% |
| 5-year return | +5.1% | +11.4% |
| Volatility (ann.) | 18.1% | 16.7% |
| Beta vs S&P 500 | 0.57 | 0.57 |
| Max drawdown (3Y) | -16.2% | -16.6% |
| Market cap | – | – |
| P/E (trailing) | 27.1 | – |
| Dividend yield | 8.41% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | RFI | XLRE |
|---|---|---|
| 2022 | -22.1% | -26.2% |
| 2023 | +4.4% | +12.4% |
| 2024 | +6.6% | +5.1% |
| 2025 | +3.6% | +2.6% |
| 2026 | +8.9% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFI and XLRE good diversifiers for each other?
No. With a correlation of 0.85, RFI and XLRE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RFI and XLRE?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.88 over the last year and 0.80 over 5 years.
Is XLRE a good diversifier for RFI?
No. With a correlation of 0.85, RFI and XLRE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/rfi-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rfi-vs-xlre/)
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Related comparisons
Hubs: RFI correlations · XLRE correlations
