OTIS vs XLI: Correlation
How closely do Otis Worldwide (OTIS) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTIS and XLI?
Across a 3-year window, the weekly returns of OTIS and XLI correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 171.1 %².
XLI is one of the assets that tracks OTIS most closely: it ranks #1 out of the 31 assets we track against OTIS. Correlation aside, the last 12 months split them widely, with XLI ahead by 35.1 points (-16.8% versus +18.3%). On a rolling one-year basis the correlation drifted between 0.44 and 0.90, a moderate band.
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.
OTIS vs XLI: side by side
| OTIS (Otis Worldwide) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -16.8% | +18.3% |
| 5-year return | -15.9% | +84.0% |
| Volatility (ann.) | 19.1% | 15.7% |
| Beta vs S&P 500 | 0.59 | 0.89 |
| Max drawdown (3Y) | -32.4% | -18.5% |
| Market cap | $27.2B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 2.35% | 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 | OTIS | XLI |
|---|---|---|
| 2022 | -8.8% | -5.6% |
| 2023 | +16.0% | +18.1% |
| 2024 | +5.2% | +17.3% |
| 2025 | -4.0% | +19.3% |
| 2026 | -16.8% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.49% of XLI is OTIS itself, so the fund partly moves with the stock by construction.
Are OTIS and XLI good diversifiers for each other?
To a limited degree. At 0.57 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 OTIS and XLI?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.63 over the last year and 0.69 over 5 years.
Is XLI a good diversifier for OTIS?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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/otis-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/otis-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OTIS correlations · XLI correlations
