FTV vs XLI: Correlation
Measured on weekly returns over the past three years, Fortive (FTV) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTV and XLI?
Across a 3-year window, the weekly returns of FTV and XLI correlate at 0.68, strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.68 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 254.5 %².
Few assets follow FTV as closely as XLI, which ranks #1 of 36 tracked partners. On 12-month performance FTV holds a 5.6-point edge, +23.9% against +18.3%. Stability stands out here, with the rolling one-year correlation confined to 0.61 through 0.83. Risk is not evenly split, since FTV 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.
FTV vs XLI: side by side
| FTV (Fortive) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +23.9% | +18.3% |
| 5-year return | +9.6% | +84.0% |
| Volatility (ann.) | 23.8% | 15.7% |
| Beta vs S&P 500 | 0.92 | 0.89 |
| Max drawdown (3Y) | -28.0% | -18.5% |
| Market cap | $18.1B | – |
| P/E (trailing) | 31.9 | – |
| Dividend yield | 0.20% | 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 | FTV | XLI |
|---|---|---|
| 2022 | -15.4% | -5.6% |
| 2023 | +15.1% | +18.1% |
| 2024 | +2.3% | +17.3% |
| 2025 | -1.9% | +19.3% |
| 2026 | +8.8% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FTV represents 0.32% of XLI's portfolio, so part of any move in XLI is FTV itself, and the correlation between them is partly mechanical.
Are FTV and XLI good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FTV and XLI?
As of 2026-08-27, the correlation of weekly returns between FTV and XLI is 0.68 over 3 years, 0.62 over 1 year and 0.72 over 5 years.
Is XLI a good diversifier for FTV?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ftv-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ftv-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FTV correlations · XLI correlations
