NPO vs XLI: Correlation
How closely do Enpro Inc. (NPO) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPO and XLI?
Over the past 3 years, NPO and XLI moved with a correlation of 0.67, which is strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 365.7 %².
By 3-year correlation, XLI places #5 of the 25 assets tracked against NPO. The last year tells two different stories: NPO led by 18.8 percentage points, +37.1% for NPO against +18.3% for XLI. Note the risk asymmetry: NPO runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NPO vs XLI: side by side
| NPO (Enpro Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +37.1% | +18.3% |
| 5-year return | +270.5% | +84.0% |
| Volatility (ann.) | 34.4% | 15.7% |
| Beta vs S&P 500 | 1.27 | 0.89 |
| Max drawdown (3Y) | -33.7% | -18.5% |
| Market cap | $6.5B | – |
| P/E (trailing) | 149.1 | – |
| Dividend yield | 0.41% | 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 | NPO | XLI |
|---|---|---|
| 2022 | -0.2% | -5.6% |
| 2023 | +45.6% | +18.1% |
| 2024 | +10.9% | +17.3% |
| 2025 | +25.0% | +19.3% |
| 2026 | +44.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPO and XLI good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NPO and XLI?
As of 2026-08-27, the correlation of weekly returns between NPO and XLI is 0.67 over 3 years, 0.64 over 1 year and 0.67 over 5 years.
Is XLI a good diversifier for NPO?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 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/npo-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/npo-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NPO correlations · XLI correlations
