KRNT vs XLI: Correlation
How closely do Kornit Digital Ltd. (KRNT) 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 KRNT and XLI?
On 3 years of weekly data the KRNT/XLI correlation comes out at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.51 versus 0.62 over 3 years. The 5-year figure is 0.58, and annualized covariance runs at 522.0 %².
XLI is one of the assets that tracks KRNT most closely: it ranks #2 out of the 12 assets we track against KRNT. Over the last 12 months XLI came out ahead by 6.2 percentage points (+12.1% against +18.3%). Risk is not evenly split, since KRNT carries 3.4 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.
KRNT vs XLI: side by side
| KRNT (Kornit Digital Ltd.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +12.1% | +18.3% |
| 5-year return | -87.2% | +84.0% |
| Volatility (ann.) | 53.2% | 15.7% |
| Beta vs S&P 500 | 2.06 | 0.89 |
| Max drawdown (3Y) | -62.6% | -18.5% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| 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 | KRNT | XLI |
|---|---|---|
| 2022 | -84.9% | -5.6% |
| 2023 | -16.6% | +18.1% |
| 2024 | +61.5% | +17.3% |
| 2025 | -53.5% | +19.3% |
| 2026 | +17.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRNT and XLI good diversifiers for each other?
Only partially. A correlation of 0.62 means KRNT 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 KRNT and XLI?
As of 2026-08-27, the correlation of weekly returns between KRNT and XLI is 0.62 over 3 years, 0.51 over 1 year and 0.58 over 5 years.
Is XLI a good diversifier for KRNT?
Only partially. A correlation of 0.62 means KRNT 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 0.62 mean?
On the −1 to +1 scale, 0.62 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/krnt-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/krnt-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KRNT correlations · XLI correlations
