ADP vs XLI: Correlation
Automatic Data Processing (ADP) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADP and XLI?
On 3 years of weekly data the ADP/XLI correlation comes out at 0.30, moderate. The past 12 months show a weaker link (-0.14) than the 3-year average (0.30). The 5-year figure is 0.49, and annualized covariance runs at 101.4 %².
Within ADP's tracked universe of 43 assets, XLI comes in at #32 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLI ahead by 21.8 points (-3.5% versus +18.3%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.09 and 0.75 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ADP vs XLI: side by side
| ADP (Automatic Data Processing) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -3.5% | +18.3% |
| 5-year return | +52.0% | +84.0% |
| Volatility (ann.) | 21.7% | 15.7% |
| Beta vs S&P 500 | 0.53 | 0.89 |
| Max drawdown (3Y) | -40.8% | -18.5% |
| Market cap | $113.1B | – |
| P/E (trailing) | 26.0 | – |
| Dividend yield | 2.36% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Industrials | Sector ETF |
XLI is an Industrials fund from State Street Investment Management: $32.9B under management, 83 holdings, a 0.08% expense ratio, a 1.15% trailing dividend yield.
Year-by-year returns
| Year | ADP | XLI |
|---|---|---|
| 2022 | -1.3% | -5.6% |
| 2023 | -0.2% | +18.1% |
| 2024 | +28.4% | +17.3% |
| 2025 | -10.2% | +19.3% |
| 2026 | +12.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.98% of XLI is ADP itself, so the fund partly moves with the stock by construction.
Are ADP and XLI good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ADP and XLI?
The ADP/XLI correlation stands at 0.30 on a 3-year window (1 year: -0.14, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for ADP?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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/adp-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adp-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ADP correlations · XLI correlations
