OLLI vs XLY: Correlation
How closely do Ollie's Bargain Outlet Holdings, Inc. (OLLI) and Consumer Discretionary Select Sector SPDR Fund (XLY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLLI and XLY?
Over the past 3 years, OLLI and XLY moved with a correlation of 0.40, which is moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.40 over 3. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 279.6 %².
XLY is one of the assets that tracks OLLI most closely: it ranks #3 out of the 12 assets we track against OLLI. The last year tells two different stories: XLY led by 45.1 percentage points, -45.2% for OLLI against -0.1% for XLY. One caveat on sizing: OLLI is 1.8 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.
OLLI vs XLY: side by side
| OLLI (Ollie's Bargain Outlet Holdings, Inc.) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -45.2% | -0.1% |
| 5-year return | -6.7% | +31.8% |
| Volatility (ann.) | 35.2% | 19.7% |
| Beta vs S&P 500 | 0.75 | 1.15 |
| Max drawdown (3Y) | -56.1% | -26.0% |
| Market cap | $4.3B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.00% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | US Listed | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | OLLI | XLY |
|---|---|---|
| 2022 | -8.5% | -36.3% |
| 2023 | +62.0% | +39.6% |
| 2024 | +44.6% | +26.5% |
| 2025 | -0.1% | +7.4% |
| 2026 | -34.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLLI and XLY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OLLI and XLY?
The OLLI/XLY correlation stands at 0.40 on a 3-year window (1 year: 0.45, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is XLY a good diversifier for OLLI?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OLLI correlations · XLY correlations
