CDRE vs XLI: Correlation
Cadre Holdings, Inc. (CDRE) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDRE and XLI?
Over the past 3 years, CDRE and XLI moved with a correlation of 0.40, which is moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 233.2 %².
In CDRE's tracked universe of 10 assets, XLI sits right near the top at #3. The last year tells two different stories: XLI led by 16.8 percentage points, +1.5% for CDRE against +18.3% for XLI. One caveat on sizing: CDRE is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CDRE vs XLI: side by side
| CDRE (Cadre Holdings, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +1.5% | +18.3% |
| 5-year return | +116.1% | +84.0% |
| Volatility (ann.) | 36.9% | 15.7% |
| Beta vs S&P 500 | 0.81 | 0.89 |
| Max drawdown (3Y) | -40.6% | -18.5% |
| Market cap | $1.3B | – |
| P/E (trailing) | 38.4 | – |
| Dividend yield | 1.24% | 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 | CDRE | XLI |
|---|---|---|
| 2022 | -19.7% | -5.6% |
| 2023 | +65.5% | +18.1% |
| 2024 | -0.8% | +17.3% |
| 2025 | +27.8% | +19.3% |
| 2026 | -23.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDRE and XLI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CDRE and XLI?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.44 over the last year and 0.43 over 5 years.
Is XLI a good diversifier for CDRE?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdre-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdre-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDRE correlations · XLI correlations
