CHRW vs XLI: Correlation
C.H. Robinson (CHRW) and Industrial Select Sector SPDR Fund (XLI) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRW and XLI?
Over the past 3 years, CHRW and XLI moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 143.5 %².
Among the 31 assets we track against CHRW, XLI ranks #20 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.9% for CHRW and +18.3% for XLI. This link changes with the market regime, having swung between -0.05 and 0.56 on a rolling one-year basis. Note the risk asymmetry: CHRW runs 2.3 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.
CHRW vs XLI: side by side
| CHRW (C.H. Robinson) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.9% | +18.3% |
| 5-year return | +86.8% | +84.0% |
| Volatility (ann.) | 35.7% | 15.7% |
| Beta vs S&P 500 | 0.69 | 0.89 |
| Max drawdown (3Y) | -32.4% | -18.5% |
| Market cap | $17.7B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.65% | 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 | CHRW | XLI |
|---|---|---|
| 2022 | -13.1% | -5.6% |
| 2023 | -3.1% | +18.1% |
| 2024 | +22.9% | +17.3% |
| 2025 | +59.0% | +19.3% |
| 2026 | -5.3% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLI holds CHRW at a 0.32% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CHRW and XLI good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHRW and XLI?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.25 over the last year and 0.37 over 5 years.
Is XLI a good diversifier for CHRW?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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/chrw-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chrw-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CHRW correlations · XLI correlations
