TAP vs XLP: Correlation
How closely do Molson Coors Beverage Company (TAP) and Consumer Staples Select Sector SPDR Fund (XLP) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TAP and XLP?
On 3 years of weekly data the TAP/XLP correlation comes out at 0.53, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.53). The 5-year figure is 0.50, and annualized covariance runs at 141.5 %².
XLP is one of the assets that tracks TAP most closely: it ranks #2 out of the 38 assets we track against TAP. The last year tells two different stories: XLP led by 23.3 percentage points, -15.0% for TAP against +8.3% for XLP. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.15 to 0.71. Risk is not evenly split, since TAP carries 2.2 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.
TAP vs XLP: side by side
| TAP (Molson Coors Beverage Company) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -15.0% | +8.3% |
| 5-year return | +3.9% | +34.7% |
| Volatility (ann.) | 23.9% | 11.1% |
| Beta vs S&P 500 | 0.15 | 0.23 |
| Max drawdown (3Y) | -38.8% | -9.7% |
| Market cap | $7.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.51% | 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 | TAP | XLP |
|---|---|---|
| 2022 | +14.4% | -0.8% |
| 2023 | +22.2% | -0.8% |
| 2024 | -3.4% | +12.2% |
| 2025 | -15.5% | +1.5% |
| 2026 | -8.8% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLP holds TAP at a 0.42% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are TAP and XLP good diversifiers for each other?
Only partially. A correlation of 0.53 means TAP and XLP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between TAP and XLP?
The TAP/XLP correlation stands at 0.53 on a 3-year window (1 year: 0.67, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is XLP a good diversifier for TAP?
Only partially. A correlation of 0.53 means TAP and XLP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tap-vs-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/tap-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TAP correlations · XLP correlations
