SND vs XLE: Correlation
Measured on weekly returns over the past three years, Smart Sand, Inc. (SND) and Energy Select Sector SPDR Fund (XLE) 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 SND and XLE?
On 3 years of weekly data the SND/XLE correlation comes out at 0.53, moderate. The past 12 months show a weaker link (0.43) than the 3-year average (0.53). The 5-year figure is 0.50, and annualized covariance runs at 699.5 %².
Within SND's tracked universe of 12 assets, XLE comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SND outperformed by 125.5 percentage points (+169.5% for SND against +44.0% for XLE). Note the risk asymmetry: SND runs 2.5 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.
SND vs XLE: side by side
| SND (Smart Sand, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +169.5% | +44.0% |
| 5-year return | +141.8% | +206.7% |
| Volatility (ann.) | 57.5% | 23.1% |
| Beta vs S&P 500 | 0.34 | 0.27 |
| Max drawdown (3Y) | -33.3% | -20.1% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 0.00% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | 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 | SND | XLE |
|---|---|---|
| 2022 | +0.6% | +64.3% |
| 2023 | +7.8% | -0.6% |
| 2024 | +22.1% | +5.6% |
| 2025 | +89.8% | +7.9% |
| 2026 | +31.3% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SND and XLE good diversifiers for each other?
Only partially. A correlation of 0.53 means SND and XLE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SND and XLE?
As of 2026-08-27, the correlation of weekly returns between SND and XLE is 0.53 over 3 years, 0.43 over 1 year and 0.50 over 5 years.
Is XLE a good diversifier for SND?
Only partially. A correlation of 0.53 means SND and XLE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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/snd-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/snd-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SND correlations · XLE correlations
