SPG vs XLRE: Correlation
Measured on weekly returns over the past three years, Simon Property Group (SPG) and Real Estate Select Sector SPDR Fund (XLRE) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and XLRE?
Over the past 3 years, SPG and XLRE moved with a correlation of 0.72, which is strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 271.8 %².
By 3-year correlation, XLRE places #7 of the 37 assets tracked against SPG. Correlation aside, the last 12 months split them widely, with SPG ahead by 16.8 points (+26.3% versus +9.5%). The rolling one-year correlation moved between 0.59 and 0.85 over the past three years, a moderate range.
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.
SPG vs XLRE: side by side
| SPG (Simon Property Group) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +26.3% | +9.5% |
| 5-year return | +110.2% | +11.4% |
| Volatility (ann.) | 22.7% | 16.7% |
| Beta vs S&P 500 | 0.79 | 0.57 |
| Max drawdown (3Y) | -24.3% | -16.6% |
| Market cap | $81.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 4.05% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | Real Estate | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | SPG | XLRE |
|---|---|---|
| 2022 | -21.9% | -26.2% |
| 2023 | +29.2% | +12.4% |
| 2024 | +26.9% | +5.1% |
| 2025 | +12.9% | +2.6% |
| 2026 | +18.7% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 4.72% of XLRE is SPG itself, so the fund partly moves with the stock by construction.
Are SPG and XLRE good diversifiers for each other?
To a limited degree. At 0.72 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 SPG and XLRE?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.67 over the last year and 0.70 over 5 years.
Is XLRE a good diversifier for SPG?
To a limited degree. At 0.72 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 0.72 mean?
A reading of 0.72 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/spg-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spg-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPG correlations · XLRE correlations
