CLH vs XLI: Correlation
How closely do Clean Harbors, Inc. (CLH) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLH and XLI?
Across a 3-year window, the weekly returns of CLH and XLI correlate at 0.50, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.50). Stretching to 5 years gives 0.51, with an annualized covariance of 185.2 %².
Few assets follow CLH as closely as XLI, which ranks #2 of 17 tracked partners. The trailing year gives CLH the advantage: +27.0% versus +18.3%, a 8.7-point spread. Risk is not evenly split, since CLH carries 1.5 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.
CLH vs XLI: side by side
| CLH (Clean Harbors, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +27.0% | +18.3% |
| 5-year return | +204.2% | +84.0% |
| Volatility (ann.) | 23.8% | 15.7% |
| Beta vs S&P 500 | 0.66 | 0.89 |
| Max drawdown (3Y) | -30.9% | -18.5% |
| Market cap | $16.5B | – |
| P/E (trailing) | 37.8 | – |
| Dividend yield | 0.00% | 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 | CLH | XLI |
|---|---|---|
| 2022 | +14.4% | -5.6% |
| 2023 | +52.9% | +18.1% |
| 2024 | +31.9% | +17.3% |
| 2025 | +1.9% | +19.3% |
| 2026 | +33.0% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLH and XLI good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CLH and XLI?
The CLH/XLI correlation stands at 0.50 on a 3-year window (1 year: 0.20, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for CLH?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/clh-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clh-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CLH correlations · XLI correlations
