CTAS vs XLI: Correlation
How closely do Cintas (CTAS) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and XLI?
On 3 years of weekly data the CTAS/XLI correlation comes out at 0.51, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.51). The 5-year figure is 0.63, and annualized covariance runs at 184.8 %².
Within CTAS's tracked universe of 38 assets, XLI comes in at #12 by 3-year correlation. The last year tells two different stories: XLI led by 21.6 percentage points, -3.3% for CTAS against +18.3% for XLI. This link changes with the market regime, having swung between 0.29 and 0.80 on a rolling one-year basis.
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.
CTAS vs XLI: side by side
| CTAS (Cintas) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -3.3% | +18.3% |
| 5-year return | +117.4% | +84.0% |
| Volatility (ann.) | 23.2% | 15.7% |
| Beta vs S&P 500 | 0.71 | 0.89 |
| Max drawdown (3Y) | -27.7% | -18.5% |
| Market cap | $81.7B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.87% | 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 | CTAS | XLI |
|---|---|---|
| 2022 | +3.0% | -5.6% |
| 2023 | +34.8% | +18.1% |
| 2024 | +22.2% | +17.3% |
| 2025 | +3.8% | +19.3% |
| 2026 | +9.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.23% of XLI is CTAS itself, so the fund partly moves with the stock by construction.
Are CTAS and XLI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CTAS and XLI?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.25 over the last year and 0.63 over 5 years.
Is XLI a good diversifier for CTAS?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/ctas-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ctas-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CTAS correlations · XLI correlations
