RNGR vs XLE: Correlation
Measured on weekly returns over the past three years, Ranger Energy Services, Inc. (RNGR) and Energy Select Sector SPDR Fund (XLE) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNGR and XLE?
Over the past 3 years, RNGR and XLE moved with a correlation of 0.63, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 536.9 %².
Among the 13 assets we track against RNGR, XLE ranks #4 by 3-year correlation. The last year tells two different stories: XLE led by 25.0 percentage points, +19.0% for RNGR against +44.0% for XLE. Risk is not evenly split, since RNGR carries 1.6 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.
RNGR vs XLE: side by side
| RNGR (Ranger Energy Services, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.0% | +44.0% |
| 5-year return | +129.0% | +206.7% |
| Volatility (ann.) | 37.1% | 23.1% |
| Beta vs S&P 500 | 0.49 | 0.27 |
| Max drawdown (3Y) | -40.5% | -20.1% |
| Market cap | $0.4B | – |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 1.52% | 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 | RNGR | XLE |
|---|---|---|
| 2022 | +7.2% | +64.3% |
| 2023 | -6.3% | -0.6% |
| 2024 | +53.9% | +5.6% |
| 2025 | -7.9% | +7.9% |
| 2026 | +18.4% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNGR and XLE good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RNGR and XLE?
The RNGR/XLE correlation stands at 0.63 on a 3-year window (1 year: 0.60, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for RNGR?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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/rngr-vs-xle.json
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Related comparisons
Hubs: RNGR correlations · XLE correlations
