WHLR vs XLB: Correlation
Measured on weekly returns over the past three years, Wheeler Real Estate Investment Trust, Inc. (WHLR) and Materials Select Sector SPDR Fund (XLB) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WHLR and XLB?
Over the past 3 years, WHLR and XLB moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.16 over 3 years. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -1473.3 %².
Within WHLR's tracked universe of 50 assets, XLB comes in at #27 by 3-year correlation. The last year tells two different stories: XLB led by 117.6 percentage points, -100.0% for WHLR against +17.6% for XLB. Risk is not evenly split, since WHLR carries 32.6 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.
WHLR vs XLB: side by side
| WHLR (Wheeler Real Estate Investment Trust, Inc.) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -100.0% | +17.6% |
| 5-year return | -100.0% | +36.9% |
| Volatility (ann.) | 545.0% | 16.7% |
| Beta vs S&P 500 | -5.84 | 0.72 |
| Max drawdown (3Y) | -100.0% | -23.2% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| Dividend yield | 0.00% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | WHLR | XLB |
|---|---|---|
| 2022 | -28.0% | -12.3% |
| 2023 | -98.4% | +12.5% |
| 2024 | -98.4% | +0.1% |
| 2025 | -100.0% | +9.9% |
| 2026 | -99.9% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WHLR and XLB good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between WHLR and XLB?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with 0.01 over the last year and -0.09 over 5 years.
Is XLB a good diversifier for WHLR?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 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/whlr-vs-xlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/whlr-vs-xlb/)
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Related comparisons
Hubs: WHLR correlations · XLB correlations
