FIX vs XLI: Correlation
How closely do Comfort Systems USA (FIX) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIX and XLI?
Over the past 3 years, FIX and XLI moved with a correlation of 0.63, which is strong. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 467.2 %².
Among the 37 assets we track against FIX, XLI ranks #10 by 3-year correlation. The last year tells two different stories: FIX led by 109.7 percentage points, +128.0% for FIX against +18.3% for XLI. The rolling one-year correlation moved between 0.37 and 0.80 over the past three years, a moderate range. Note the risk asymmetry: FIX runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FIX vs XLI: side by side
| FIX (Comfort Systems USA) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +128.0% | +18.3% |
| 5-year return | +2077.9% | +84.0% |
| Volatility (ann.) | 47.4% | 15.7% |
| Beta vs S&P 500 | 1.74 | 0.89 |
| Max drawdown (3Y) | -46.0% | -18.5% |
| Market cap | $56.8B | – |
| P/E (trailing) | 39.8 | – |
| Dividend yield | 0.16% | 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 | FIX | XLI |
|---|---|---|
| 2022 | +17.0% | -5.6% |
| 2023 | +79.6% | +18.1% |
| 2024 | +106.9% | +17.3% |
| 2025 | +120.9% | +19.3% |
| 2026 | +73.3% | +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 FIX at a 1.0% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FIX and XLI good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FIX and XLI?
As of 2026-08-27, the correlation of weekly returns between FIX and XLI is 0.63 over 3 years, 0.54 over 1 year and 0.61 over 5 years.
Is XLI a good diversifier for FIX?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 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/fix-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fix-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FIX correlations · XLI correlations
