DAL vs XLI: Correlation
Measured on weekly returns over the past three years, Delta Air Lines (DAL) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and XLI?
Over the past 3 years, DAL and XLI moved with a correlation of 0.53, which is moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 311.5 %².
By 3-year correlation, XLI places #17 of the 33 assets tracked against DAL. Correlation aside, the last 12 months split them widely, with DAL ahead by 15.6 points (+33.9% versus +18.3%). Across three years, the rolling one-year figure varied moderately, from 0.29 to 0.74. Risk is not evenly split, since DAL 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.
DAL vs XLI: side by side
| DAL (Delta Air Lines) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +33.9% | +18.3% |
| 5-year return | +110.6% | +84.0% |
| Volatility (ann.) | 37.1% | 15.7% |
| Beta vs S&P 500 | 1.17 | 0.89 |
| Max drawdown (3Y) | -47.9% | -18.5% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 0.94% | 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 | DAL | XLI |
|---|---|---|
| 2022 | -15.9% | -5.6% |
| 2023 | +23.0% | +18.1% |
| 2024 | +52.0% | +17.3% |
| 2025 | +16.1% | +19.3% |
| 2026 | +17.8% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
DAL represents 0.96% of XLI's portfolio, so part of any move in XLI is DAL itself, and the correlation between them is partly mechanical.
Are DAL and XLI good diversifiers for each other?
Only partially. A correlation of 0.53 means DAL 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 DAL and XLI?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.46 over the last year and 0.56 over 5 years.
Is XLI a good diversifier for DAL?
Only partially. A correlation of 0.53 means DAL 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 0.53 mean?
A reading of 0.53 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/dal-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dal-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DAL correlations · XLI correlations
