ROOT vs XEL: Correlation
Measured on weekly returns over the past three years, Root, Inc. (ROOT) and Xcel Energy (XEL) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROOT and XEL?
Over the past 3 years, ROOT and XEL moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -504.0 %².
XEL is close to the least connected end of ROOT's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months XEL outperformed by 47.3 percentage points (-38.1% for ROOT against +9.2% for XEL). Risk is not evenly split, since ROOT carries 6.2 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.
ROOT vs XEL: side by side
| ROOT (Root, Inc.) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | -38.1% | +9.2% |
| 5-year return | -52.1% | +31.1% |
| Volatility (ann.) | 127.9% | 20.7% |
| Beta vs S&P 500 | 1.45 | 0.09 |
| Max drawdown (3Y) | -75.7% | -24.0% |
| Market cap | $0.9B | $48.2B |
| P/E (trailing) | 16.3 | 21.3 |
| Dividend yield | 0.00% | 2.99% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | ROOT | XEL |
|---|---|---|
| 2022 | -92.0% | +6.4% |
| 2023 | +133.4% | -8.7% |
| 2024 | +592.7% | +12.3% |
| 2025 | -0.5% | +13.9% |
| 2026 | -23.8% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROOT and XEL good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between ROOT and XEL?
The ROOT/XEL correlation stands at -0.19 on a 3-year window (1 year: -0.17, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is XEL a good diversifier for ROOT?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/root-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/root-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ROOT correlations · XEL correlations
