SU vs XLE: Correlation
Measured on weekly returns over the past three years, Suncor Energy Inc. (SU) and Energy Select Sector SPDR Fund (XLE) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SU and XLE?
Across a 3-year window, the weekly returns of SU and XLE correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.82, with an annualized covariance of 552.6 %².
Few assets follow SU as closely as XLE, which ranks #3 of 24 tracked partners. Correlation aside, the last 12 months split them widely, with SU ahead by 20.3 points (+64.3% versus +44.0%).
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.
SU vs XLE: side by side
| SU (Suncor Energy Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +64.3% | +44.0% |
| 5-year return | +325.4% | +206.7% |
| Volatility (ann.) | 29.1% | 23.1% |
| Beta vs S&P 500 | 0.13 | 0.27 |
| Max drawdown (3Y) | -22.7% | -20.1% |
| Market cap | $78.4B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 3.61% | 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 | SU | XLE |
|---|---|---|
| 2022 | +32.3% | +64.3% |
| 2023 | +6.0% | -0.6% |
| 2024 | +16.2% | +5.6% |
| 2025 | +27.1% | +7.9% |
| 2026 | +51.9% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SU and XLE good diversifiers for each other?
No: a correlation of 0.82 means SU and XLE tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between SU and XLE?
The SU/XLE correlation stands at 0.82 on a 3-year window (1 year: 0.85, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for SU?
No: a correlation of 0.82 means SU and XLE tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 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.
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Related comparisons
Hubs: SU correlations · XLE correlations
