EQS vs XLI: Correlation
Measured on weekly returns over the past three years, Equus Total Return, Inc. (EQS) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of -0.14, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQS and XLI?
Over the past 3 years, EQS and XLI moved with a correlation of -0.14, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.14). Over 5 years the correlation is -0.02, and the annualized covariance of weekly returns is -107.3 %².
Within EQS's tracked universe of 17 assets, XLI comes in at #9 by 3-year correlation. The last year tells two different stories: XLI led by 67.8 percentage points, -49.5% for EQS against +18.3% for XLI. One caveat on sizing: EQS is 3.0 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.
EQS vs XLI: side by side
| EQS (Equus Total Return, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -49.5% | +18.3% |
| 5-year return | -58.6% | +84.0% |
| Volatility (ann.) | 47.4% | 15.7% |
| Beta vs S&P 500 | -0.16 | 0.89 |
| Max drawdown (3Y) | -58.6% | -18.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | EQS | XLI |
|---|---|---|
| 2022 | -39.9% | -5.6% |
| 2023 | +1.4% | +18.1% |
| 2024 | -24.1% | +17.3% |
| 2025 | +28.2% | +19.3% |
| 2026 | -27.0% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQS and XLI good diversifiers for each other?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQS and XLI?
The EQS/XLI correlation stands at -0.14 on a 3-year window (1 year: -0.37, 5 years: -0.02), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for EQS?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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/eqs-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqs-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQS correlations · XLI correlations
