IIIN vs XLI: Correlation
Measured on weekly returns over the past three years, Insteel Industries, Inc. (IIIN) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIIN and XLI?
Over the past 3 years, IIIN and XLI moved with a correlation of 0.57, which is moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.57). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 355.6 %².
Among the 17 assets we track against IIIN, XLI ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLI ahead by 36.5 points (-18.2% versus +18.3%). Risk is not evenly split, since IIIN carries 2.5 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.
IIIN vs XLI: side by side
| IIIN (Insteel Industries, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -18.2% | +18.3% |
| 5-year return | +6.5% | +84.0% |
| Volatility (ann.) | 39.5% | 15.7% |
| Beta vs S&P 500 | 0.99 | 0.89 |
| Max drawdown (3Y) | -37.0% | -18.5% |
| Market cap | $0.6B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.39% | 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 | IIIN | XLI |
|---|---|---|
| 2022 | -25.6% | -5.6% |
| 2023 | +50.0% | +18.1% |
| 2024 | -26.8% | +17.3% |
| 2025 | +21.5% | +19.3% |
| 2026 | -3.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIIN and XLI good diversifiers for each other?
To a limited degree. At 0.57 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 IIIN and XLI?
The IIIN/XLI correlation stands at 0.57 on a 3-year window (1 year: 0.39, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for IIIN?
To a limited degree. At 0.57 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 0.57 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/iiin-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iiin-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIIN correlations · XLI correlations
