PI vs XLY: Correlation
How closely do Impinj, Inc. (PI) and Consumer Discretionary Select Sector SPDR Fund (XLY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PI and XLY?
On 3 years of weekly data the PI/XLY correlation comes out at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 698.2 %².
XLY is one of the assets that tracks PI most closely: it ranks #1 out of the 10 assets we track against PI. Over the last 12 months XLY came out ahead by 9.7 percentage points (-9.8% against -0.1%). One caveat on sizing: PI is 3.6 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.
PI vs XLY: side by side
| PI (Impinj, Inc.) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -9.8% | -0.1% |
| 5-year return | +187.5% | +31.8% |
| Volatility (ann.) | 70.0% | 19.7% |
| Beta vs S&P 500 | 2.30 | 1.15 |
| Max drawdown (3Y) | -73.8% | -26.0% |
| Market cap | $5.1B | – |
| P/E (trailing) | – | – |
| 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 | PI | XLY |
|---|---|---|
| 2022 | +23.1% | -36.3% |
| 2023 | -17.5% | +39.6% |
| 2024 | +61.3% | +26.5% |
| 2025 | +19.8% | +7.4% |
| 2026 | -3.4% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PI and XLY good diversifiers for each other?
Only partially. A correlation of 0.51 means PI and XLY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between PI and XLY?
As of 2026-08-27, the correlation of weekly returns between PI and XLY is 0.51 over 3 years, 0.55 over 1 year and 0.49 over 5 years.
Is XLY a good diversifier for PI?
Only partially. A correlation of 0.51 means PI and XLY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/pi-vs-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pi-vs-xly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PI correlations · XLY correlations
