RVT vs XLB: Correlation
Measured on weekly returns over the past three years, Royce Small-Cap Trust, Inc. (RVT) and Materials Select Sector SPDR Fund (XLB) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RVT and XLB?
On 3 years of weekly data the RVT/XLB correlation comes out at 0.77, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 246.8 %².
By 3-year correlation, XLB places #7 of the 116 assets tracked against RVT. The trailing year gives RVT the advantage: +27.4% versus +17.6%, a 9.8-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.
RVT vs XLB: side by side
| RVT (Royce Small-Cap Trust, Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +27.4% | +17.6% |
| 5-year return | +53.9% | +36.9% |
| Volatility (ann.) | 19.1% | 16.7% |
| Beta vs S&P 500 | 0.99 | 0.72 |
| Max drawdown (3Y) | -23.5% | -23.2% |
| Market cap | $2.3B | – |
| P/E (trailing) | 6.5 | – |
| Dividend yield | 0.00% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | RVT | XLB |
|---|---|---|
| 2022 | -26.3% | -12.3% |
| 2023 | +18.8% | +12.5% |
| 2024 | +17.9% | +0.1% |
| 2025 | +11.5% | +9.9% |
| 2026 | +21.2% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RVT and XLB good diversifiers for each other?
To a limited degree. At 0.77 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 RVT and XLB?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.73 over the last year and 0.81 over 5 years.
Is XLB a good diversifier for RVT?
To a limited degree. At 0.77 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 0.77 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/rvt-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rvt-vs-xlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RVT correlations · XLB correlations
