EME vs XLI: Correlation
Emcor (EME) and Industrial Select Sector SPDR Fund (XLI) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EME and XLI?
On 3 years of weekly data the EME/XLI correlation comes out at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.44 versus 0.61 over 3 years. The 5-year figure is 0.62, and annualized covariance runs at 335.9 %².
Among the 34 assets we track against EME, XLI ranks #12 by 3-year correlation. The trailing year gives EME the advantage: +24.5% versus +18.3%, a 6.2-point spread. On a rolling one-year basis the correlation drifted between 0.32 and 0.77, a moderate band. One caveat on sizing: EME is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EME vs XLI: side by side
| EME (Emcor) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +24.5% | +18.3% |
| 5-year return | +540.3% | +84.0% |
| Volatility (ann.) | 34.9% | 15.7% |
| Beta vs S&P 500 | 1.31 | 0.89 |
| Max drawdown (3Y) | -36.2% | -18.5% |
| Market cap | $34.2B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 0.09% | 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 | EME | XLI |
|---|---|---|
| 2022 | +16.8% | -5.6% |
| 2023 | +46.0% | +18.1% |
| 2024 | +111.3% | +17.3% |
| 2025 | +35.1% | +19.3% |
| 2026 | +26.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.6% of XLI is EME itself, so the fund partly moves with the stock by construction.
Are EME and XLI good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EME and XLI?
The EME/XLI correlation stands at 0.61 on a 3-year window (1 year: 0.44, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for EME?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/eme-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eme-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EME correlations · XLI correlations
