COO vs XLI: Correlation
Cooper Companies (The) (COO) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COO and XLI?
Over the past 3 years, COO and XLI moved with a correlation of 0.51, which is moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.51). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 222.3 %².
By 3-year correlation, XLI places #16 of the 38 assets tracked against COO. Correlation aside, the last 12 months split them widely, with XLI ahead by 22.6 points (-4.3% versus +18.3%). On a rolling one-year basis the correlation drifted between 0.35 and 0.67, a moderate band. Note the risk asymmetry: COO runs 1.8 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.
COO vs XLI: side by side
| COO (Cooper Companies (The)) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -4.3% | +18.3% |
| 5-year return | -36.8% | +84.0% |
| Volatility (ann.) | 27.7% | 15.7% |
| Beta vs S&P 500 | 0.69 | 0.89 |
| Max drawdown (3Y) | -47.0% | -18.5% |
| Market cap | – | – |
| P/E (trailing) | 61.7 | – |
| Dividend yield | 0.00% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Health Care | 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 | COO | XLI |
|---|---|---|
| 2022 | -21.1% | -5.6% |
| 2023 | +14.5% | +18.1% |
| 2024 | -2.8% | +17.3% |
| 2025 | -10.8% | +19.3% |
| 2026 | -13.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COO and XLI good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between COO and XLI?
The COO/XLI correlation stands at 0.51 on a 3-year window (1 year: 0.35, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for COO?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/coo-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/coo-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COO correlations · XLI correlations
