CPRT vs XLI: Correlation
How closely do Copart (CPRT) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPRT and XLI?
Over the past 3 years, CPRT and XLI moved with a correlation of 0.45, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.45 over 3 years. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 185.2 %².
By 3-year correlation, XLI places #18 of the 35 assets tracked against CPRT. Correlation aside, the last 12 months split them widely, with XLI ahead by 50.9 points (-32.6% versus +18.3%). The rolling one-year correlation moved between 0.26 and 0.67 over the past three years, a moderate range. Note the risk asymmetry: CPRT runs 1.7 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.
CPRT vs XLI: side by side
| CPRT (Copart) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -32.6% | +18.3% |
| 5-year return | -9.3% | +84.0% |
| Volatility (ann.) | 26.0% | 15.7% |
| Beta vs S&P 500 | 0.86 | 0.89 |
| Max drawdown (3Y) | -57.4% | -18.5% |
| Market cap | $30.3B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | 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 | CPRT | XLI |
|---|---|---|
| 2022 | -19.7% | -5.6% |
| 2023 | +60.9% | +18.1% |
| 2024 | +17.1% | +17.3% |
| 2025 | -31.8% | +19.3% |
| 2026 | -16.3% | +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 CPRT at a 0.51% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CPRT and XLI good diversifiers for each other?
Reasonably. At 0.45, CPRT and XLI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPRT and XLI?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.15 over the last year and 0.53 over 5 years.
Is XLI a good diversifier for CPRT?
Reasonably. At 0.45, CPRT and XLI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/cprt-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cprt-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPRT correlations · XLI correlations
