RVT vs XLI: Correlation
Measured on weekly returns over the past three years, Royce Small-Cap Trust, Inc. (RVT) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RVT and XLI?
Across a 3-year window, the weekly returns of RVT and XLI correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.83, with an annualized covariance of 246.8 %².
Within RVT's tracked universe of 116 assets, XLI comes in at #6 by 3-year correlation. The trailing year gives RVT the advantage: +27.4% versus +18.3%, a 9.1-point spread.
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.
RVT vs XLI: side by side
| RVT (Royce Small-Cap Trust, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +27.4% | +18.3% |
| 5-year return | +53.9% | +84.0% |
| Volatility (ann.) | 19.1% | 15.7% |
| Beta vs S&P 500 | 0.99 | 0.89 |
| Max drawdown (3Y) | -23.5% | -18.5% |
| Market cap | $2.3B | – |
| P/E (trailing) | 6.5 | – |
| Dividend yield | 0.00% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | US Listed | 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 | RVT | XLI |
|---|---|---|
| 2022 | -26.3% | -5.6% |
| 2023 | +18.8% | +18.1% |
| 2024 | +17.9% | +17.3% |
| 2025 | +11.5% | +19.3% |
| 2026 | +21.2% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RVT and XLI good diversifiers for each other?
No. With a correlation of 0.82, RVT and XLI move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RVT and XLI?
As of 2026-08-27, the correlation of weekly returns between RVT and XLI is 0.82 over 3 years, 0.76 over 1 year and 0.83 over 5 years.
Is XLI a good diversifier for RVT?
No. With a correlation of 0.82, RVT and XLI move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 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/rvt-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rvt-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RVT correlations · XLI correlations
