FDX vs XLI: Correlation
FedEx (FDX) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and XLI?
Over the past 3 years, FDX and XLI moved with a correlation of 0.50, which is moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 240.4 %².
Among the 36 assets we track against FDX, XLI ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FDX ahead by 62.3 points (+80.6% versus +18.3%). On a rolling one-year basis the correlation drifted between 0.25 and 0.69, a moderate band. Risk is not evenly split, since FDX carries 2.0 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.
FDX vs XLI: side by side
| FDX (FedEx) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +80.6% | +18.3% |
| 5-year return | +71.0% | +84.0% |
| Volatility (ann.) | 30.7% | 15.7% |
| Beta vs S&P 500 | 0.89 | 0.89 |
| Max drawdown (3Y) | -35.9% | -18.5% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 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 | FDX | XLI |
|---|---|---|
| 2022 | -31.6% | -5.6% |
| 2023 | +49.1% | +18.1% |
| 2024 | +13.5% | +17.3% |
| 2025 | +5.1% | +19.3% |
| 2026 | +43.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FDX represents 1.3% of XLI's portfolio, so part of any move in XLI is FDX itself, and the correlation between them is partly mechanical.
Are FDX and XLI good diversifiers for each other?
Only partially. A correlation of 0.50 means FDX 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 FDX and XLI?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.60 over the last year and 0.52 over 5 years.
Is XLI a good diversifier for FDX?
Only partially. A correlation of 0.50 means FDX 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 0.50 mean?
A reading of 0.50 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/fdx-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fdx-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FDX correlations · XLI correlations
