GEV vs XLI: Correlation
GE Vernova (GEV) 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 GEV and XLI?
Over the past 3 years, GEV and XLI moved with a correlation of 0.50, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.50 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 370.3 %².
By 3-year correlation, XLI places #16 of the 33 assets tracked against GEV. Correlation aside, the last 12 months split them widely, with GEV ahead by 35.3 points (+53.6% versus +18.3%). Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.63. Risk is not evenly split, since GEV carries 2.9 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.
GEV vs XLI: side by side
| GEV (GE Vernova) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +53.6% | +18.3% |
| 5-year return | n/a | +84.0% |
| Volatility (ann.) | 45.8% | 15.7% |
| Beta vs S&P 500 | 1.42 | 0.89 |
| Max drawdown (3Y) | -38.3% | -18.5% |
| Market cap | $254.0B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 0.18% | 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 | GEV | XLI |
|---|---|---|
| 2022 | – | -5.6% |
| 2023 | – | +18.1% |
| 2024 | – | +17.3% |
| 2025 | +99.0% | +19.3% |
| 2026 | +46.2% | +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 GEV at a 4.52% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GEV and XLI good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GEV and XLI?
As of 2026-08-27, the correlation of weekly returns between GEV and XLI is 0.50 over 3 years, 0.44 over 1 year and n/a over 5 years.
Is XLI a good diversifier for GEV?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/gev-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gev-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GEV correlations · XLI correlations
