BA vs XLI: Correlation
Measured on weekly returns over the past three years, Boeing (BA) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and XLI?
Over the past 3 years, BA and XLI moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 312.1 %².
Among the 37 assets we track against BA, XLI ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLI ahead by 29.2 points (-10.9% versus +18.3%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.19 and 0.74 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since BA carries 2.3 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.
BA vs XLI: side by side
| BA (Boeing) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -10.9% | +18.3% |
| 5-year return | -3.6% | +84.0% |
| Volatility (ann.) | 36.4% | 15.7% |
| Beta vs S&P 500 | 1.43 | 0.89 |
| Max drawdown (3Y) | -48.3% | -18.5% |
| Market cap | $165.9B | – |
| P/E (trailing) | 76.3 | – |
| Dividend yield | 0.00% | 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 | BA | XLI |
|---|---|---|
| 2022 | -5.4% | -5.6% |
| 2023 | +36.8% | +18.1% |
| 2024 | -32.1% | +17.3% |
| 2025 | +22.7% | +19.3% |
| 2026 | -3.3% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.95% of XLI is BA itself, so the fund partly moves with the stock by construction.
Are BA and XLI good diversifiers for each other?
Only partially. A correlation of 0.54 means BA and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BA and XLI?
The BA/XLI correlation stands at 0.54 on a 3-year window (1 year: 0.53, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for BA?
Only partially. A correlation of 0.54 means BA and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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/ba-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ba-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BA correlations · XLI correlations
