GHM vs XLI: Correlation
How closely do Graham Corporation (GHM) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHM and XLI?
Across a 3-year window, the weekly returns of GHM and XLI correlate at 0.57, moderate. Recent behaviour matches the longer record: 0.63 over 1 year against 0.57 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 443.6 %².
By 3-year correlation, XLI places #5 of the 10 assets tracked against GHM. Correlation aside, the last 12 months split them widely, with GHM ahead by 67.9 points (+86.2% versus +18.3%). Risk is not evenly split, since GHM carries 3.1 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.
GHM vs XLI: side by side
| GHM (Graham Corporation) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +86.2% | +18.3% |
| 5-year return | +676.7% | +84.0% |
| Volatility (ann.) | 49.3% | 15.7% |
| Beta vs S&P 500 | 1.56 | 0.89 |
| Max drawdown (3Y) | -46.5% | -18.5% |
| Market cap | $1.1B | – |
| P/E (trailing) | 88.9 | – |
| Dividend yield | 0.00% | 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 | GHM | XLI |
|---|---|---|
| 2022 | -22.7% | -5.6% |
| 2023 | +97.2% | +18.1% |
| 2024 | +134.4% | +17.3% |
| 2025 | +44.4% | +19.3% |
| 2026 | +45.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHM and XLI good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GHM and XLI?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.63 over the last year and 0.44 over 5 years.
Is XLI a good diversifier for GHM?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 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/ghm-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghm-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GHM correlations · XLI correlations
