AIT vs XLI: Correlation
Applied Industrial Technologies, Inc. (AIT) and Industrial Select Sector SPDR Fund (XLI) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and XLI?
Over the past 3 years, AIT and XLI moved with a correlation of 0.72, which is strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 295.0 %².
XLI is one of the assets that tracks AIT most closely: it ranks #2 out of the 26 assets we track against AIT. Over the last 12 months AIT came out ahead by 8.6 percentage points (+26.9% against +18.3%). Note the risk asymmetry: AIT runs 1.7 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.
AIT vs XLI: side by side
| AIT (Applied Industrial Technologies, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +26.9% | +18.3% |
| 5-year return | +291.4% | +84.0% |
| Volatility (ann.) | 26.0% | 15.7% |
| Beta vs S&P 500 | 1.03 | 0.89 |
| Max drawdown (3Y) | -26.4% | -18.5% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.57% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | US Listed | 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 | AIT | XLI |
|---|---|---|
| 2022 | +24.2% | -5.6% |
| 2023 | +38.4% | +18.1% |
| 2024 | +39.7% | +17.3% |
| 2025 | +8.0% | +19.3% |
| 2026 | +32.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and XLI good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AIT and XLI?
As of 2026-08-27, the correlation of weekly returns between AIT and XLI is 0.72 over 3 years, 0.73 over 1 year and 0.70 over 5 years.
Is XLI a good diversifier for AIT?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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/ait-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ait-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIT correlations · XLI correlations
