RYN vs XLRE: Correlation
Rayonier Inc. REIT (RYN) and Real Estate Select Sector SPDR Fund (XLRE) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RYN and XLRE?
Across a 3-year window, the weekly returns of RYN and XLRE correlate at 0.67, strong. The link has loosened recently: the 1-year correlation (0.52) runs below the 3-year figure (0.67). Stretching to 5 years gives 0.68, with an annualized covariance of 285.9 %².
In RYN's tracked universe of 12 assets, XLRE sits right near the top at #3. Correlation aside, the last 12 months split them widely, with XLRE ahead by 22.6 points (-13.1% versus +9.5%). One caveat on sizing: RYN is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RYN vs XLRE: side by side
| RYN (Rayonier Inc. REIT) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -13.1% | +9.5% |
| 5-year return | -23.3% | +11.4% |
| Volatility (ann.) | 25.6% | 16.7% |
| Beta vs S&P 500 | 0.57 | 0.57 |
| Max drawdown (3Y) | -31.5% | -16.6% |
| Market cap | $6.2B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 5.12% | 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 | RYN | XLRE |
|---|---|---|
| 2022 | -15.8% | -26.2% |
| 2023 | +5.8% | +12.4% |
| 2024 | -14.0% | +5.1% |
| 2025 | -8.0% | +2.6% |
| 2026 | -2.3% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RYN and XLRE good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RYN and XLRE?
The RYN/XLRE correlation stands at 0.67 on a 3-year window (1 year: 0.52, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for RYN?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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/ryn-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ryn-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RYN correlations · XLRE correlations
