IRM vs XLI: Correlation
How closely do Iron Mountain (IRM) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRM and XLI?
Across a 3-year window, the weekly returns of IRM and XLI correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.44 versus 0.54 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 262.0 %².
Among the 31 assets we track against IRM, XLI ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IRM ahead by 19.8 points (+38.1% versus +18.3%). On a rolling one-year basis the correlation drifted between 0.35 and 0.77, a moderate band. Note the risk asymmetry: IRM runs 2.0 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.
IRM vs XLI: side by side
| IRM (Iron Mountain) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +38.1% | +18.3% |
| 5-year return | +219.3% | +84.0% |
| Volatility (ann.) | 30.8% | 15.7% |
| Beta vs S&P 500 | 0.96 | 0.89 |
| Max drawdown (3Y) | -39.0% | -18.5% |
| Market cap | $36.5B | – |
| P/E (trailing) | 86.4 | – |
| Dividend yield | 2.78% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Real Estate | 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 | IRM | XLI |
|---|---|---|
| 2022 | -0.1% | -5.6% |
| 2023 | +46.5% | +18.1% |
| 2024 | +54.5% | +17.3% |
| 2025 | -18.2% | +19.3% |
| 2026 | +50.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRM and XLI good diversifiers for each other?
Only partially. A correlation of 0.54 means IRM and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IRM and XLI?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.44 over the last year and 0.58 over 5 years.
Is XLI a good diversifier for IRM?
Only partially. A correlation of 0.54 means IRM and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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/irm-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/irm-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IRM correlations · XLI correlations
