KEX vs XLI: Correlation
Kirby Corporation (KEX) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEX and XLI?
Across a 3-year window, the weekly returns of KEX and XLI correlate at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.52). Stretching to 5 years gives 0.54, with an annualized covariance of 276.3 %².
Among the 10 assets we track against KEX, XLI ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KEX outperformed by 24.0 percentage points (+42.3% for KEX against +18.3% for XLI). One caveat on sizing: KEX is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
KEX vs XLI: side by side
| KEX (Kirby Corporation) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +42.3% | +18.3% |
| 5-year return | +160.1% | +84.0% |
| Volatility (ann.) | 33.9% | 15.7% |
| Beta vs S&P 500 | 1.08 | 0.89 |
| Max drawdown (3Y) | -38.8% | -18.5% |
| Market cap | $7.4B | – |
| P/E (trailing) | 21.5 | – |
| 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 | KEX | XLI |
|---|---|---|
| 2022 | +8.3% | -5.6% |
| 2023 | +22.0% | +18.1% |
| 2024 | +34.8% | +17.3% |
| 2025 | +4.1% | +19.3% |
| 2026 | +26.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEX and XLI good diversifiers for each other?
To a limited degree. At 0.52 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 KEX and XLI?
As of 2026-08-27, the correlation of weekly returns between KEX and XLI is 0.52 over 3 years, 0.17 over 1 year and 0.54 over 5 years.
Is XLI a good diversifier for KEX?
To a limited degree. At 0.52 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 0.52 mean?
On the −1 to +1 scale, 0.52 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kex-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kex-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KEX correlations · XLI correlations
