CSW vs XLI: Correlation
How closely do CSW Industrials, Inc. (CSW) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSW and XLI?
On 3 years of weekly data the CSW/XLI correlation comes out at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.49 versus 0.62 over 3 years. The 5-year figure is 0.58, and annualized covariance runs at 367.0 %².
In CSW's tracked universe of 12 assets, XLI sits right near the top at #2. Their 12-month results are close: +18.4% for CSW against +18.3% for XLI. Risk is not evenly split, since CSW carries 2.4 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.
CSW vs XLI: side by side
| CSW (CSW Industrials, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.4% | +18.3% |
| 5-year return | +140.7% | +84.0% |
| Volatility (ann.) | 37.7% | 15.7% |
| Beta vs S&P 500 | 1.34 | 0.89 |
| Max drawdown (3Y) | -46.2% | -18.5% |
| Market cap | $5.2B | – |
| P/E (trailing) | 44.2 | – |
| Dividend yield | 0.34% | 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 | CSW | XLI |
|---|---|---|
| 2022 | -3.5% | -5.6% |
| 2023 | +79.8% | +18.1% |
| 2024 | +70.6% | +17.3% |
| 2025 | -16.5% | +19.3% |
| 2026 | +8.8% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSW and XLI good diversifiers for each other?
Only partially. A correlation of 0.62 means CSW and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CSW and XLI?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.49 over the last year and 0.58 over 5 years.
Is XLI a good diversifier for CSW?
Only partially. A correlation of 0.62 means CSW and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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/csw-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csw-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSW correlations · XLI correlations
