SWX vs XLU: Correlation
Southwest Gas Holdings, Inc. (SWX) and Utilities Select Sector SPDR Fund (XLU) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SWX and XLU?
Across a 3-year window, the weekly returns of SWX and XLU correlate at 0.59, moderate. The past 12 months show a tighter link (0.71) than the 3-year average (0.59). Stretching to 5 years gives 0.52, with an annualized covariance of 197.3 %².
By 3-year correlation, XLU places #4 of the 10 assets tracked against SWX. The trailing year gives SWX the advantage: +17.7% versus +4.1%, a 13.6-point spread.
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.
SWX vs XLU: side by side
| SWX (Southwest Gas Holdings, Inc.) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +17.7% | +4.1% |
| 5-year return | +51.6% | +46.3% |
| Volatility (ann.) | 21.1% | 15.8% |
| Beta vs S&P 500 | 0.35 | 0.26 |
| Max drawdown (3Y) | -14.8% | -13.1% |
| Market cap | $6.5B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 2.76% | 2.70% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $23.1B |
| Sector / category | US Listed | Sector ETF |
XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Year-by-year returns
| Year | SWX | XLU |
|---|---|---|
| 2022 | -8.7% | +1.4% |
| 2023 | +6.6% | -7.2% |
| 2024 | +15.7% | +23.3% |
| 2025 | +16.9% | +16.0% |
| 2026 | +14.2% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SWX and XLU good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SWX and XLU?
As of 2026-08-27, the correlation of weekly returns between SWX and XLU is 0.59 over 3 years, 0.71 over 1 year and 0.52 over 5 years.
Is XLU a good diversifier for SWX?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 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/swx-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/swx-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SWX correlations · XLU correlations
