JPM vs XLI: Correlation
Measured on weekly returns over the past three years, JPMorgan Chase (JPM) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JPM and XLI?
Across a 3-year window, the weekly returns of JPM and XLI correlate at 0.71, strong. Lately the two have drifted apart, with the 1-year correlation at 0.54 versus 0.71 over 3 years. Stretching to 5 years gives 0.71, with an annualized covariance of 260.1 %².
Among the 36 assets we track against JPM, XLI ranks #12 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +18.3%. On a rolling one-year basis the correlation drifted between 0.52 and 0.83, a moderate band.
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.
JPM vs XLI: side by side
| JPM (JPMorgan Chase) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +20.6% | +18.3% |
| 5-year return | +150.2% | +84.0% |
| Volatility (ann.) | 23.2% | 15.7% |
| Beta vs S&P 500 | 1.01 | 0.89 |
| Max drawdown (3Y) | -24.4% | -18.5% |
| Market cap | $941.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 1.68% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Financials | 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 | JPM | XLI |
|---|---|---|
| 2022 | -12.6% | -5.6% |
| 2023 | +30.6% | +18.1% |
| 2024 | +44.3% | +17.3% |
| 2025 | +37.3% | +19.3% |
| 2026 | +11.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JPM and XLI good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JPM and XLI?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.54 over the last year and 0.71 over 5 years.
Is XLI a good diversifier for JPM?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
A reading of 0.71 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/jpm-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jpm-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JPM correlations · XLI correlations
