TMUS vs XLRE: Correlation
How closely do T-Mobile US (TMUS) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMUS and XLRE?
Across a 3-year window, the weekly returns of TMUS and XLRE correlate at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.35 over 3 years. Stretching to 5 years gives 0.40, with an annualized covariance of 144.5 %².
By 3-year correlation, XLRE places #15 of the 31 assets tracked against TMUS. Their recent paths diverged sharply: over the last 12 months XLRE outperformed by 37.5 percentage points (-28.0% for TMUS against +9.5% for XLRE). The rolling one-year correlation moved between 0.17 and 0.53 over the past three years, a moderate range.
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.
TMUS vs XLRE: side by side
| TMUS (T-Mobile US) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -28.0% | +9.5% |
| 5-year return | +34.8% | +11.4% |
| Volatility (ann.) | 24.6% | 16.7% |
| Beta vs S&P 500 | 0.36 | 0.57 |
| Max drawdown (3Y) | -37.1% | -16.6% |
| Market cap | $190.7B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 2.27% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | Communication Services | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | TMUS | XLRE |
|---|---|---|
| 2022 | +20.7% | -26.2% |
| 2023 | +15.0% | +12.4% |
| 2024 | +39.7% | +5.1% |
| 2025 | -6.6% | +2.6% |
| 2026 | -11.6% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMUS and XLRE good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between TMUS and XLRE?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.21 over the last year and 0.40 over 5 years.
Is XLRE a good diversifier for TMUS?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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/tmus-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tmus-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TMUS correlations · XLRE correlations
