PCAR vs XLI: Correlation
How closely do Paccar (PCAR) 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 PCAR and XLI?
On 3 years of weekly data the PCAR/XLI correlation comes out at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 215.6 %².
Among the 27 assets we track against PCAR, XLI ranks #8 by 3-year correlation. The trailing year gives PCAR the advantage: +27.8% versus +18.3%, a 9.5-point spread. Across three years, the rolling one-year figure varied moderately, from 0.48 to 0.75. Note the risk asymmetry: PCAR runs 1.5 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.
PCAR vs XLI: side by side
| PCAR (Paccar) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +27.8% | +18.3% |
| 5-year return | +177.9% | +84.0% |
| Volatility (ann.) | 24.1% | 15.7% |
| Beta vs S&P 500 | 0.74 | 0.89 |
| Max drawdown (3Y) | -27.7% | -18.5% |
| Market cap | $66.6B | – |
| P/E (trailing) | 26.6 | – |
| Dividend yield | 1.04% | 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 | PCAR | XLI |
|---|---|---|
| 2022 | +17.0% | -5.6% |
| 2023 | +55.0% | +18.1% |
| 2024 | +10.8% | +17.3% |
| 2025 | +8.0% | +19.3% |
| 2026 | +16.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.2% of XLI is PCAR itself, so the fund partly moves with the stock by construction.
Are PCAR 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 PCAR and XLI?
As of 2026-08-27, the correlation of weekly returns between PCAR and XLI is 0.57 over 3 years, 0.48 over 1 year and 0.65 over 5 years.
Is XLI a good diversifier for PCAR?
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?
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/pcar-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pcar-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PCAR correlations · XLI correlations
