BNY vs XLI: Correlation
BNY Mellon (BNY) and Industrial Select Sector SPDR Fund (XLI) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNY and XLI?
On 3 years of weekly data the BNY/XLI correlation comes out at 0.69, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.69). The 5-year figure is 0.66, and annualized covariance runs at 219.7 %².
Within BNY's tracked universe of 31 assets, XLI comes in at #14 by 3-year correlation. The last year tells two different stories: BNY led by 38.9 percentage points, +57.2% for BNY against +18.3% for XLI. The rolling one-year correlation moved between 0.49 and 0.83 over the past three years, a moderate range.
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.
BNY vs XLI: side by side
| BNY (BNY Mellon) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +57.2% | +18.3% |
| 5-year return | +236.7% | +84.0% |
| Volatility (ann.) | 20.2% | 15.7% |
| Beta vs S&P 500 | 0.89 | 0.89 |
| Max drawdown (3Y) | -17.6% | -18.5% |
| Market cap | $110.1B | – |
| P/E (trailing) | 19.0 | – |
| Dividend yield | 1.30% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Financials | 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 | BNY | XLI |
|---|---|---|
| 2022 | -19.1% | -5.6% |
| 2023 | +18.5% | +18.1% |
| 2024 | +51.9% | +17.3% |
| 2025 | +54.4% | +19.3% |
| 2026 | +41.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNY and XLI good diversifiers for each other?
Only partially. A correlation of 0.69 means BNY 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 BNY and XLI?
The BNY/XLI correlation stands at 0.69 on a 3-year window (1 year: 0.52, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for BNY?
Only partially. A correlation of 0.69 means BNY 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 0.69 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/bny-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bny-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BNY correlations · XLI correlations
