ORN vs XLI: Correlation
Orion Group Holdings, Inc. Common (ORN) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORN and XLI?
Over the past 3 years, ORN and XLI moved with a correlation of 0.47, which is moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.47 over 3. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 487.0 %².
Within ORN's tracked universe of 11 assets, XLI comes in at #5 by 3-year correlation. The last year tells two different stories: ORN led by 16.3 percentage points, +34.6% for ORN against +18.3% for XLI. Note the risk asymmetry: ORN runs 4.2 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.
ORN vs XLI: side by side
| ORN (Orion Group Holdings, Inc. Common) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +34.6% | +18.3% |
| 5-year return | +77.6% | +84.0% |
| Volatility (ann.) | 65.3% | 15.7% |
| Beta vs S&P 500 | 1.64 | 0.89 |
| Max drawdown (3Y) | -57.6% | -18.5% |
| Market cap | $0.4B | – |
| P/E (trailing) | 121.6 | – |
| 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 | ORN | XLI |
|---|---|---|
| 2022 | -36.9% | -5.6% |
| 2023 | +107.6% | +18.1% |
| 2024 | +48.4% | +17.3% |
| 2025 | +35.6% | +19.3% |
| 2026 | -2.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORN and XLI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ORN and XLI?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.51 over the last year and 0.31 over 5 years.
Is XLI a good diversifier for ORN?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/orn-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/orn-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ORN correlations · XLI correlations
