RSG vs XLI: Correlation
How closely do Republic Services (RSG) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSG and XLI?
Across a 3-year window, the weekly returns of RSG and XLI correlate at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at -0.11 versus 0.25 over 3 years. Stretching to 5 years gives 0.39, with an annualized covariance of 63.5 %².
By 3-year correlation, XLI places #22 of the 38 assets tracked against RSG. The last year tells two different stories: XLI led by 23.9 percentage points, -5.6% for RSG against +18.3% for XLI. The relationship is regime-dependent: the rolling one-year correlation swung between -0.06 and 0.54 over the past three years, so this pair behaves very differently depending on the market environment.
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.
RSG vs XLI: side by side
| RSG (Republic Services) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -5.6% | +18.3% |
| 5-year return | +87.9% | +84.0% |
| Volatility (ann.) | 16.2% | 15.7% |
| Beta vs S&P 500 | 0.17 | 0.89 |
| Max drawdown (3Y) | -22.5% | -18.5% |
| Market cap | $67.1B | – |
| P/E (trailing) | 31.0 | – |
| Dividend yield | 1.13% | 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 | RSG | XLI |
|---|---|---|
| 2022 | -6.2% | -5.6% |
| 2023 | +29.6% | +18.1% |
| 2024 | +23.0% | +17.3% |
| 2025 | +6.4% | +19.3% |
| 2026 | +4.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.78% of XLI is RSG itself, so the fund partly moves with the stock by construction.
Are RSG and XLI good diversifiers for each other?
Reasonably. At 0.25, RSG and XLI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RSG and XLI?
The RSG/XLI correlation stands at 0.25 on a 3-year window (1 year: -0.11, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for RSG?
Reasonably. At 0.25, RSG and XLI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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/rsg-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsg-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RSG correlations · XLI correlations
