HEI vs XLI: Correlation
Heico Corporation (HEI) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HEI and XLI?
Over the past 3 years, HEI and XLI moved with a correlation of 0.51, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 221.3 %².
Among the 12 assets we track against HEI, XLI ranks #4 by 3-year correlation. Over the last 12 months XLI came out ahead by 11.8 percentage points (+6.5% against +18.3%). Risk is not evenly split, since HEI carries 1.8 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.
HEI vs XLI: side by side
| HEI (Heico Corporation) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +6.5% | +18.3% |
| 5-year return | +169.4% | +84.0% |
| Volatility (ann.) | 27.5% | 15.7% |
| Beta vs S&P 500 | 0.85 | 0.89 |
| Max drawdown (3Y) | -27.1% | -18.5% |
| Market cap | – | – |
| P/E (trailing) | 57.8 | – |
| 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 | HEI | XLI |
|---|---|---|
| 2022 | +6.7% | -5.6% |
| 2023 | +16.6% | +18.1% |
| 2024 | +33.1% | +17.3% |
| 2025 | +36.2% | +19.3% |
| 2026 | +4.2% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HEI 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 HEI and XLI?
The HEI/XLI correlation stands at 0.51 on a 3-year window (1 year: 0.48, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for HEI?
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?
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/hei-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hei-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HEI correlations · XLI correlations
