FAST vs XLI: Correlation
Fastenal (FAST) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAST and XLI?
Across a 3-year window, the weekly returns of FAST and XLI correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 220.8 %².
Few assets follow FAST as closely as XLI, which ranks #1 of 33 tracked partners. On 12-month performance XLI holds a 14.2-point edge, +4.1% against +18.3%. On a rolling one-year basis the correlation drifted between 0.51 and 0.76, a moderate band. Risk is not evenly split, since FAST carries 1.5 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.
FAST vs XLI: side by side
| FAST (Fastenal) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +4.1% | +18.3% |
| 5-year return | +105.5% | +84.0% |
| Volatility (ann.) | 24.0% | 15.7% |
| Beta vs S&P 500 | 0.63 | 0.89 |
| Max drawdown (3Y) | -21.9% | -18.5% |
| Market cap | $58.7B | – |
| P/E (trailing) | 43.7 | – |
| Dividend yield | 1.80% | 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 | FAST | XLI |
|---|---|---|
| 2022 | -24.3% | -5.6% |
| 2023 | +41.3% | +18.1% |
| 2024 | +13.5% | +17.3% |
| 2025 | +14.0% | +19.3% |
| 2026 | +29.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLI holds FAST at a 1.04% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FAST and XLI good diversifiers for each other?
Only partially. A correlation of 0.58 means FAST 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 FAST and XLI?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.48 over the last year and 0.65 over 5 years.
Is XLI a good diversifier for FAST?
Only partially. A correlation of 0.58 means FAST 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 0.58 mean?
On the −1 to +1 scale, 0.58 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/fast-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fast-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FAST correlations · XLI correlations
