HUBB vs XLI: Correlation
Hubbell Incorporated (HUBB) and Industrial Select Sector SPDR Fund (XLI) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUBB and XLI?
On 3 years of weekly data the HUBB/XLI correlation comes out at 0.68, strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.64, and annualized covariance runs at 302.9 %².
Few assets follow HUBB as closely as XLI, which ranks #3 of 36 tracked partners. The trailing year gives XLI the advantage: +6.7% versus +18.3%, a 11.6-point spread. On a rolling one-year basis the correlation drifted between 0.41 and 0.80, a moderate band. Note the risk asymmetry: HUBB runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HUBB vs XLI: side by side
| HUBB (Hubbell Incorporated) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +6.7% | +18.3% |
| 5-year return | +142.6% | +84.0% |
| Volatility (ann.) | 28.3% | 15.7% |
| Beta vs S&P 500 | 1.10 | 0.89 |
| Max drawdown (3Y) | -32.6% | -18.5% |
| Market cap | $24.8B | – |
| P/E (trailing) | 27.9 | – |
| Dividend yield | 1.18% | 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 | HUBB | XLI |
|---|---|---|
| 2022 | +15.1% | -5.6% |
| 2023 | +42.4% | +18.1% |
| 2024 | +28.9% | +17.3% |
| 2025 | +7.4% | +19.3% |
| 2026 | +6.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HUBB represents 0.44% of XLI's portfolio, so part of any move in XLI is HUBB itself, and the correlation between them is partly mechanical.
Are HUBB 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 HUBB and XLI?
The HUBB/XLI correlation stands at 0.68 on a 3-year window (1 year: 0.59, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for HUBB?
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?
A reading of 0.68 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/hubb-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hubb-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HUBB correlations · XLI correlations
