FLS vs XLI: Correlation
How closely do Flowserve Corporation (FLS) 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 FLS and XLI?
Across a 3-year window, the weekly returns of FLS and XLI correlate at 0.63, strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.63). Stretching to 5 years gives 0.66, with an annualized covariance of 371.8 %².
By 3-year correlation, XLI places #5 of the 13 assets tracked against FLS. The last year tells two different stories: FLS led by 33.1 percentage points, +51.4% for FLS against +18.3% for XLI. Risk is not evenly split, since FLS carries 2.4 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.
FLS vs XLI: side by side
| FLS (Flowserve Corporation) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +51.4% | +18.3% |
| 5-year return | +131.6% | +84.0% |
| Volatility (ann.) | 37.2% | 15.7% |
| Beta vs S&P 500 | 1.43 | 0.89 |
| Max drawdown (3Y) | -38.8% | -18.5% |
| Market cap | $10.4B | – |
| P/E (trailing) | 28.8 | – |
| Dividend yield | 1.04% | 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 | FLS | XLI |
|---|---|---|
| 2022 | +3.1% | -5.6% |
| 2023 | +37.3% | +18.1% |
| 2024 | +41.9% | +17.3% |
| 2025 | +22.5% | +19.3% |
| 2026 | +18.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLS 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 FLS and XLI?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.48 over the last year and 0.66 over 5 years.
Is XLI a good diversifier for FLS?
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/fls-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fls-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLS correlations · XLI correlations
