PWR vs XLI: Correlation
Quanta Services (PWR) and Industrial Select Sector SPDR Fund (XLI) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PWR and XLI?
On 3 years of weekly data the PWR/XLI correlation comes out at 0.63, strong. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.63). The 5-year figure is 0.60, and annualized covariance runs at 335.7 %².
Within PWR's tracked universe of 33 assets, XLI comes in at #8 by 3-year correlation. The last year tells two different stories: PWR led by 44.8 percentage points, +63.1% for PWR against +18.3% for XLI. The relationship is regime-dependent: the rolling one-year correlation swung between 0.28 and 0.79 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since PWR carries 2.2 times the volatility of the other side.
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.
PWR vs XLI: side by side
| PWR (Quanta Services) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +63.1% | +18.3% |
| 5-year return | +506.1% | +84.0% |
| Volatility (ann.) | 33.9% | 15.7% |
| Beta vs S&P 500 | 1.29 | 0.89 |
| Max drawdown (3Y) | -33.9% | -18.5% |
| Market cap | $93.5B | – |
| P/E (trailing) | 70.4 | – |
| Dividend yield | 0.07% | 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 | PWR | XLI |
|---|---|---|
| 2022 | +24.6% | -5.6% |
| 2023 | +51.7% | +18.1% |
| 2024 | +46.6% | +17.3% |
| 2025 | +33.7% | +19.3% |
| 2026 | +47.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
PWR represents 1.63% of XLI's portfolio, so part of any move in XLI is PWR itself, and the correlation between them is partly mechanical.
Are PWR and XLI good diversifiers for each other?
To a limited degree. At 0.63 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 PWR and XLI?
The PWR/XLI correlation stands at 0.63 on a 3-year window (1 year: 0.34, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for PWR?
To a limited degree. At 0.63 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 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pwr-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pwr-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PWR correlations · XLI correlations
