SLB vs XLE: Correlation
Schlumberger (SLB) and Energy Select Sector SPDR Fund (XLE) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLB and XLE?
On 3 years of weekly data the SLB/XLE correlation comes out at 0.77, strong. The link has loosened recently: the 1-year correlation (0.62) runs below the 3-year figure (0.77). The 5-year figure is 0.82, and annualized covariance runs at 625.7 %².
In SLB's tracked universe of 35 assets, XLE sits right near the top at #3. Over the last 12 months SLB came out ahead by 13.1 percentage points (+57.1% against +44.0%). The rolling one-year correlation moved between 0.64 and 0.91 over the past three years, a moderate range. Note the risk asymmetry: SLB runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SLB vs XLE: side by side
| SLB (Schlumberger) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +57.1% | +44.0% |
| 5-year return | +117.1% | +206.7% |
| Volatility (ann.) | 35.1% | 23.1% |
| Beta vs S&P 500 | 0.57 | 0.27 |
| Max drawdown (3Y) | -46.6% | -20.1% |
| Market cap | $81.6B | – |
| P/E (trailing) | 26.2 | – |
| Dividend yield | 2.16% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | Energy | 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 | SLB | XLE |
|---|---|---|
| 2022 | +81.2% | +64.3% |
| 2023 | -0.8% | -0.6% |
| 2024 | -24.5% | +5.6% |
| 2025 | +3.3% | +7.9% |
| 2026 | +44.9% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLE holds SLB at a 4.46% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SLB and XLE good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SLB and XLE?
The SLB/XLE correlation stands at 0.77 on a 3-year window (1 year: 0.62, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for SLB?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
A reading of 0.77 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
$ curl https://www.pairbook.io/api/v1/pairs/slb-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/slb-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLB correlations · XLE correlations
