KEYS vs XLI: Correlation
How closely do Keysight Technologies (KEYS) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEYS and XLI?
Across a 3-year window, the weekly returns of KEYS and XLI correlate at 0.62, strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.62). Stretching to 5 years gives 0.61, with an annualized covariance of 358.0 %².
By 3-year correlation, XLI places #15 of the 43 assets tracked against KEYS. The last year tells two different stories: KEYS led by 79.1 percentage points, +97.4% for KEYS against +18.3% for XLI. The rolling one-year correlation moved between 0.47 and 0.76 over the past three years, a moderate range. One caveat on sizing: KEYS is 2.3 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.
KEYS vs XLI: side by side
| KEYS (Keysight Technologies) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +97.4% | +18.3% |
| 5-year return | +81.9% | +84.0% |
| Volatility (ann.) | 36.8% | 15.7% |
| Beta vs S&P 500 | 1.58 | 0.89 |
| Max drawdown (3Y) | -31.4% | -18.5% |
| Market cap | $55.5B | – |
| P/E (trailing) | 43.5 | – |
| Dividend yield | 0.00% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Information Technology | 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 | KEYS | XLI |
|---|---|---|
| 2022 | -17.2% | -5.6% |
| 2023 | -7.0% | +18.1% |
| 2024 | +1.0% | +17.3% |
| 2025 | +26.5% | +19.3% |
| 2026 | +60.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEYS and XLI good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KEYS and XLI?
The KEYS/XLI correlation stands at 0.62 on a 3-year window (1 year: 0.51, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for KEYS?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
A reading of 0.62 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/keys-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/keys-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KEYS correlations · XLI correlations
