SJM vs XLP: Correlation
Measured on weekly returns over the past three years, J.M. Smucker Company (The) (SJM) and Consumer Staples Select Sector SPDR Fund (XLP) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SJM and XLP?
On 3 years of weekly data the SJM/XLP correlation comes out at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 153.1 %².
In SJM's tracked universe of 33 assets, XLP sits right near the top at #3. Correlation aside, the last 12 months split them widely, with SJM ahead by 21.6 points (+29.9% versus +8.3%). Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.73. Risk is not evenly split, since SJM carries 2.3 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.
SJM vs XLP: side by side
| SJM (J.M. Smucker Company (The)) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +29.9% | +8.3% |
| 5-year return | +28.2% | +34.7% |
| Volatility (ann.) | 26.0% | 11.1% |
| Beta vs S&P 500 | 0.21 | 0.23 |
| Max drawdown (3Y) | -32.5% | -9.7% |
| Market cap | $14.1B | – |
| P/E (trailing) | 61.3 | – |
| Dividend yield | 3.38% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Consumer Staples | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | SJM | XLP |
|---|---|---|
| 2022 | +20.1% | -0.8% |
| 2023 | -17.8% | -0.8% |
| 2024 | -9.6% | +12.2% |
| 2025 | -7.6% | +1.5% |
| 2026 | +38.9% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLP holds SJM at a 0.88% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SJM and XLP good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SJM and XLP?
As of 2026-08-27, the correlation of weekly returns between SJM and XLP is 0.53 over 3 years, 0.50 over 1 year and 0.53 over 5 years.
Is XLP a good diversifier for SJM?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: SJM correlations · XLP correlations
