SNA vs XLB: Correlation
Snap-on (SNA) and Materials Select Sector SPDR Fund (XLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNA and XLB?
On 3 years of weekly data the SNA/XLB correlation comes out at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 203.0 %².
Among the 34 assets we track against SNA, XLB ranks #11 by 3-year correlation. Over the last 12 months SNA came out ahead by 5.5 percentage points (+23.1% against +17.6%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.52 and 0.66.
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.
SNA vs XLB: side by side
| SNA (Snap-on) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +23.1% | +17.6% |
| 5-year return | +99.6% | +36.9% |
| Volatility (ann.) | 21.3% | 16.7% |
| Beta vs S&P 500 | 0.70 | 0.72 |
| Max drawdown (3Y) | -20.8% | -23.2% |
| Market cap | $20.5B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 2.38% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | Industrials | 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 | SNA | XLB |
|---|---|---|
| 2022 | +8.9% | -12.3% |
| 2023 | +29.7% | +12.5% |
| 2024 | +20.7% | +0.1% |
| 2025 | +4.3% | +9.9% |
| 2026 | +17.1% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNA and XLB good diversifiers for each other?
To a limited degree. At 0.57 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 SNA and XLB?
The SNA/XLB correlation stands at 0.57 on a 3-year window (1 year: 0.54, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is XLB a good diversifier for SNA?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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/sna-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sna-vs-xlb/)
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Related comparisons
Hubs: SNA correlations · XLB correlations
