CRS vs XLI: Correlation
Carpenter Technology Corporation (CRS) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and XLI?
Across a 3-year window, the weekly returns of CRS and XLI correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 418.4 %².
Within CRS's tracked universe of 12 assets, XLI comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CRS outperformed by 87.9 percentage points (+106.2% for CRS against +18.3% for XLI). Risk is not evenly split, since CRS carries 2.9 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.
CRS vs XLI: side by side
| CRS (Carpenter Technology Corporation) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +106.2% | +18.3% |
| 5-year return | +1445.7% | +84.0% |
| Volatility (ann.) | 46.1% | 15.7% |
| Beta vs S&P 500 | 1.32 | 0.89 |
| Max drawdown (3Y) | -28.7% | -18.5% |
| Market cap | $24.3B | – |
| P/E (trailing) | 46.1 | – |
| Dividend yield | 0.17% | 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 | CRS | XLI |
|---|---|---|
| 2022 | +29.5% | -5.6% |
| 2023 | +94.5% | +18.1% |
| 2024 | +141.7% | +17.3% |
| 2025 | +86.2% | +19.3% |
| 2026 | +56.0% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and XLI good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRS and XLI?
The CRS/XLI correlation stands at 0.58 on a 3-year window (1 year: 0.57, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for CRS?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crs-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crs-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRS correlations · XLI correlations
