SPYG vs XLE: Correlation & Overlap
SPDR Portfolio S&P 500 Growth ETF (SPYG) and Energy Select Sector SPDR Fund (XLE) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLE?
Across a 3-year window, the weekly returns of SPYG and XLE correlate at 0.03, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.51) than the 3-year average (0.03). Stretching to 5 years gives 0.15, with an annualized covariance of 14.3 %².
Among the 97 assets we track against SPYG, XLE ranks #87 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLE ahead by 21.6 points (+22.4% versus +44.0%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.52 and 0.46 over the past three years, so this pair behaves very differently depending on the market environment.
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.
SPYG vs XLE: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +44.0% |
| 5-year return | +85.9% | +206.7% |
| Volatility (ann.) | 18.9% | 23.1% |
| Beta vs S&P 500 | 1.25 | 0.27 |
| Max drawdown (3Y) | -22.1% | -20.1% |
| Dividend yield | 0.49% | 2.55% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $39.2B |
| Sector / category | ETF · US Style | Sector ETF |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. 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.
Portfolio overlap between SPYG and XLE
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLE: XOM (20.03%), CVX (14.84%), COP (6.30%), MPC (5.40%), PSX (5.37%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | SPYG | XLE |
|---|---|---|
| 2022 | -29.4% | +64.3% |
| 2023 | +30.0% | -0.6% |
| 2024 | +36.0% | +5.6% |
| 2025 | +22.1% | +7.9% |
| 2026 | +14.5% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLE good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPYG and XLE?
As of 2026-08-27, the correlation of weekly returns between SPYG and XLE is 0.03 over 3 years, -0.51 over 1 year and 0.15 over 5 years.
Is XLE a good diversifier for SPYG?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
How much do SPYG and XLE overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: SPYG correlations · XLE correlations
