XLE vs XPRO: Correlation
Measured on weekly returns over the past three years, Energy Select Sector SPDR Fund (XLE) and Expro Ltd (XPRO) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XLE and XPRO?
On 3 years of weekly data the XLE/XPRO correlation comes out at 0.65, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 720.9 %².
Among the 121 assets we track against XLE, XPRO ranks #44 by 3-year correlation. Neither side won the trailing year by much: +44.0% against +45.6%. Note the risk asymmetry: XPRO runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
XLE vs XPRO: side by side
| XLE (Energy Select Sector SPDR Fund) | XPRO (Expro Ltd) | |
|---|---|---|
| 1-year return | +44.0% | +45.6% |
| 5-year return | +206.7% | +6.0% |
| Volatility (ann.) | 23.1% | 48.4% |
| Beta vs S&P 500 | 0.27 | 0.83 |
| Max drawdown (3Y) | -20.1% | -72.2% |
| Market cap | – | $2.0B |
| P/E (trailing) | – | 100.4 |
| Dividend yield | 2.55% | 0.00% |
| Expense ratio | 0.08% | – |
| Assets under management | $39.2B | – |
| Sector / category | Sector ETF | US Listed |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | XLE | XPRO |
|---|---|---|
| 2022 | +64.3% | +26.3% |
| 2023 | -0.6% | -12.2% |
| 2024 | +5.6% | -21.7% |
| 2025 | +7.9% | +7.1% |
| 2026 | +41.2% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XLE and XPRO good diversifiers for each other?
To a limited degree. At 0.65 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 XLE and XPRO?
As of 2026-08-27, the correlation of weekly returns between XLE and XPRO is 0.65 over 3 years, 0.63 over 1 year and 0.66 over 5 years.
Is XPRO a good diversifier for XLE?
To a limited degree. At 0.65 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 0.65 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/xle-vs-xpro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/xle-vs-xpro/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: XLE correlations · XPRO correlations
