ODFL vs XLI: Correlation
How closely do Old Dominion (ODFL) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ODFL and XLI?
Across a 3-year window, the weekly returns of ODFL and XLI correlate at 0.55, moderate. The past 12 months show a weaker link (0.43) than the 3-year average (0.55). Stretching to 5 years gives 0.61, with an annualized covariance of 300.7 %².
Among the 36 assets we track against ODFL, XLI ranks #19 by 3-year correlation. The trailing year gives ODFL the advantage: +30.9% versus +18.3%, a 12.6-point spread. On a rolling one-year basis the correlation drifted between 0.41 and 0.69, a moderate band. One caveat on sizing: ODFL 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.
ODFL vs XLI: side by side
| ODFL (Old Dominion) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +30.9% | +18.3% |
| 5-year return | +39.6% | +84.0% |
| Volatility (ann.) | 34.7% | 15.7% |
| Beta vs S&P 500 | 0.98 | 0.89 |
| Max drawdown (3Y) | -45.2% | -18.5% |
| Market cap | $41.6B | – |
| P/E (trailing) | 38.3 | – |
| Dividend yield | 0.57% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Industrials | 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 | ODFL | XLI |
|---|---|---|
| 2022 | -20.5% | -5.6% |
| 2023 | +43.5% | +18.1% |
| 2024 | -12.5% | +17.3% |
| 2025 | -10.5% | +19.3% |
| 2026 | +27.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ODFL represents 0.64% of XLI's portfolio, so part of any move in XLI is ODFL itself, and the correlation between them is partly mechanical.
Are ODFL and XLI good diversifiers for each other?
To a limited degree. At 0.55 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 ODFL and XLI?
The ODFL/XLI correlation stands at 0.55 on a 3-year window (1 year: 0.43, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for ODFL?
To a limited degree. At 0.55 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 0.55 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/odfl-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/odfl-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ODFL correlations · XLI correlations
