SPXC vs XLI: Correlation
How closely do SPX Technologies, Inc. (SPXC) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPXC and XLI?
Over the past 3 years, SPXC and XLI moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.57 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 350.2 %².
Few assets follow SPXC as closely as XLI, which ranks #2 of 16 tracked partners. On 12-month performance XLI holds a 11.6-point edge, +6.7% against +18.3%. Note the risk asymmetry: SPXC runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SPXC vs XLI: side by side
| SPXC (SPX Technologies, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +6.7% | +18.3% |
| 5-year return | +226.0% | +84.0% |
| Volatility (ann.) | 33.7% | 15.7% |
| Beta vs S&P 500 | 1.20 | 0.89 |
| Max drawdown (3Y) | -33.5% | -18.5% |
| Market cap | $10.3B | – |
| P/E (trailing) | 36.1 | – |
| 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 | SPXC | XLI |
|---|---|---|
| 2022 | +10.0% | -5.6% |
| 2023 | +53.9% | +18.1% |
| 2024 | +44.1% | +17.3% |
| 2025 | +37.5% | +19.3% |
| 2026 | +2.6% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPXC and XLI good diversifiers for each other?
To a limited degree. At 0.66 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 SPXC and XLI?
As of 2026-08-27, the correlation of weekly returns between SPXC and XLI is 0.66 over 3 years, 0.57 over 1 year and 0.63 over 5 years.
Is XLI a good diversifier for SPXC?
To a limited degree. At 0.66 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 0.66 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/spxc-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spxc-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPXC correlations · XLI correlations
