GNRC vs XLI: Correlation
Measured on weekly returns over the past three years, Generac (GNRC) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNRC and XLI?
Over the past 3 years, GNRC and XLI moved with a correlation of 0.51, which is moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 367.2 %².
Among the 35 assets we track against GNRC, XLI ranks #16 by 3-year correlation. Over the last 12 months XLI came out ahead by 12.8 percentage points (+5.5% against +18.3%). This link changes with the market regime, having swung between 0.19 and 0.73 on a rolling one-year basis. One caveat on sizing: GNRC is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GNRC vs XLI: side by side
| GNRC (Generac) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +5.5% | +18.3% |
| 5-year return | -55.4% | +84.0% |
| Volatility (ann.) | 46.1% | 15.7% |
| Beta vs S&P 500 | 1.35 | 0.89 |
| Max drawdown (3Y) | -47.8% | -18.5% |
| Market cap | $11.6B | – |
| P/E (trailing) | 47.4 | – |
| Dividend yield | 0.00% | 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 | GNRC | XLI |
|---|---|---|
| 2022 | -71.4% | -5.6% |
| 2023 | +28.4% | +18.1% |
| 2024 | +20.0% | +17.3% |
| 2025 | -12.0% | +19.3% |
| 2026 | +44.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.21% of XLI is GNRC itself, so the fund partly moves with the stock by construction.
Are GNRC and XLI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GNRC and XLI?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.42 over the last year and 0.51 over 5 years.
Is XLI a good diversifier for GNRC?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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/gnrc-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnrc-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GNRC correlations · XLI correlations
