SNA vs XLI: Correlation
Measured on weekly returns over the past three years, Snap-on (SNA) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNA and XLI?
Across a 3-year window, the weekly returns of SNA and XLI correlate at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.59). Stretching to 5 years gives 0.66, with an annualized covariance of 196.0 %².
By 3-year correlation, XLI places #7 of the 34 assets tracked against SNA. Twelve-month performance is nearly a tie, at +23.1% for SNA and +18.3% for XLI. On a rolling one-year basis the correlation drifted between 0.47 and 0.73, a moderate band.
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.
SNA vs XLI: side by side
| SNA (Snap-on) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +23.1% | +18.3% |
| 5-year return | +99.6% | +84.0% |
| Volatility (ann.) | 21.3% | 15.7% |
| Beta vs S&P 500 | 0.70 | 0.89 |
| Max drawdown (3Y) | -20.8% | -18.5% |
| Market cap | $20.5B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 2.38% | 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 | SNA | XLI |
|---|---|---|
| 2022 | +8.9% | -5.6% |
| 2023 | +29.7% | +18.1% |
| 2024 | +20.7% | +17.3% |
| 2025 | +4.3% | +19.3% |
| 2026 | +17.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.36% of XLI is SNA itself, so the fund partly moves with the stock by construction.
Are SNA and XLI good diversifiers for each other?
Only partially. A correlation of 0.59 means SNA and XLI 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 SNA and XLI?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.46 over the last year and 0.66 over 5 years.
Is XLI a good diversifier for SNA?
Only partially. A correlation of 0.59 means SNA and XLI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/sna-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sna-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SNA correlations · XLI correlations
