SYY vs XLP: Correlation
How closely do Sysco (SYY) and Consumer Staples Select Sector SPDR Fund (XLP) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SYY and XLP?
Across a 3-year window, the weekly returns of SYY and XLP correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.66, with an annualized covariance of 123.6 %².
In SYY's tracked universe of 33 assets, XLP sits right near the top at #1. Twelve-month performance is nearly a tie, at +5.6% for SYY and +8.3% for XLP. Across three years, the rolling one-year figure varied moderately, from 0.50 to 0.78. Risk is not evenly split, since SYY carries 1.8 times the volatility of the other side.
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.
SYY vs XLP: side by side
| SYY (Sysco) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +5.6% | +8.3% |
| 5-year return | +19.2% | +34.7% |
| Volatility (ann.) | 20.3% | 11.1% |
| Beta vs S&P 500 | 0.14 | 0.23 |
| Max drawdown (3Y) | -24.0% | -9.7% |
| Market cap | $39.5B | – |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 2.61% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Consumer Staples | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | SYY | XLP |
|---|---|---|
| 2022 | -0.3% | -0.8% |
| 2023 | -1.7% | -0.8% |
| 2024 | +7.4% | +12.2% |
| 2025 | -1.0% | +1.5% |
| 2026 | +14.3% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SYY represents 2.5% of XLP's portfolio, so part of any move in XLP is SYY itself, and the correlation between them is partly mechanical.
Are SYY and XLP good diversifiers for each other?
To a limited degree. At 0.55 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 SYY and XLP?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.50 over the last year and 0.66 over 5 years.
Is XLP a good diversifier for SYY?
To a limited degree. At 0.55 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 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/syy-vs-xlp.json
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[](https://www.pairbook.io/pair/syy-vs-xlp/)
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Related comparisons
Hubs: SYY correlations · XLP correlations
