SLGN vs XLB: Correlation
Silgan Holdings Inc. (SLGN) and Materials Select Sector SPDR Fund (XLB) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLGN and XLB?
Across a 3-year window, the weekly returns of SLGN and XLB correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 311.5 %².
Few assets follow SLGN as closely as XLB, which ranks #3 of 26 tracked partners. Their recent paths diverged sharply: over the last 12 months XLB outperformed by 25.5 percentage points (-7.9% for SLGN against +17.6% for XLB). Risk is not evenly split, since SLGN carries 1.8 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.
SLGN vs XLB: side by side
| SLGN (Silgan Holdings Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -7.9% | +17.6% |
| 5-year return | +5.9% | +36.9% |
| Volatility (ann.) | 29.4% | 16.7% |
| Beta vs S&P 500 | 0.58 | 0.72 |
| Max drawdown (3Y) | -35.0% | -23.2% |
| Market cap | $4.4B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 1.91% | 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 | SLGN | XLB |
|---|---|---|
| 2022 | +22.7% | -12.3% |
| 2023 | -11.3% | +12.5% |
| 2024 | +16.8% | +0.1% |
| 2025 | -21.1% | +9.9% |
| 2026 | +4.8% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLGN and XLB good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SLGN and XLB?
The SLGN/XLB correlation stands at 0.63 on a 3-year window (1 year: 0.61, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is XLB a good diversifier for SLGN?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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
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Related comparisons
Hubs: SLGN correlations · XLB correlations
