MTZ vs XLI: Correlation
How closely do MasTec, Inc. (MTZ) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTZ and XLI?
Across a 3-year window, the weekly returns of MTZ and XLI correlate at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.55, with an annualized covariance of 423.8 %².
By 3-year correlation, XLI places #5 of the 15 assets tracked against MTZ. The last year tells two different stories: MTZ led by 21.2 percentage points, +39.5% for MTZ against +18.3% for XLI. One caveat on sizing: MTZ is 2.9 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.
MTZ vs XLI: side by side
| MTZ (MasTec, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +39.5% | +18.3% |
| 5-year return | +170.8% | +84.0% |
| Volatility (ann.) | 45.9% | 15.7% |
| Beta vs S&P 500 | 1.37 | 0.89 |
| Max drawdown (3Y) | -52.8% | -18.5% |
| Market cap | $20.2B | – |
| P/E (trailing) | 40.1 | – |
| 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 | MTZ | XLI |
|---|---|---|
| 2022 | -7.5% | -5.6% |
| 2023 | -11.3% | +18.1% |
| 2024 | +79.8% | +17.3% |
| 2025 | +59.7% | +19.3% |
| 2026 | +15.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTZ and XLI good diversifiers for each other?
To a limited degree. At 0.59 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 MTZ and XLI?
The MTZ/XLI correlation stands at 0.59 on a 3-year window (1 year: 0.55, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for MTZ?
To a limited degree. At 0.59 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 0.59 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/mtz-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtz-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTZ correlations · XLI correlations
