SPYG vs XLI: Correlation & Overlap
SPDR Portfolio S&P 500 Growth ETF (SPYG) and Industrial Select Sector SPDR Fund (XLI) show a strong relationship: their 3-year correlation of weekly returns is 0.69. Looking through to holdings, 6.3% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLI?
Over the past 3 years, SPYG and XLI moved with a correlation of 0.69, which is strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.69). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 206.1 %².
By 3-year correlation, XLI places #30 of the 97 assets tracked against SPYG. Twelve-month performance is nearly a tie, at +22.4% for SPYG and +18.3% for XLI. Across three years, the rolling one-year figure varied moderately, from 0.45 to 0.88.
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.
SPYG vs XLI: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +18.3% |
| 5-year return | +85.9% | +84.0% |
| Volatility (ann.) | 18.9% | 15.7% |
| Beta vs S&P 500 | 1.25 | 0.89 |
| Max drawdown (3Y) | -22.1% | -18.5% |
| Dividend yield | 0.49% | 1.15% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $32.9B |
| Sector / category | ETF · US Style | Sector ETF |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. 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.
Portfolio overlap between SPYG and XLI
The two portfolios are largely distinct, with 24 holdings in common adding up to 6.3% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in XLI |
|---|---|---|
| CAT | 1.06% | 6.68% |
| RTX | 0.80% | 5.04% |
| GEV | 0.72% | 4.52% |
| GE | 0.54% | 6.52% |
| UBER | 0.45% | 2.82% |
| HWM | 0.30% | 1.90% |
| VRT | 0.28% | 1.79% |
| PWR | 0.26% | 1.63% |
| BA | 0.21% | 2.95% |
| PH | 0.21% | 2.31% |
| TDG | 0.19% | 1.19% |
| JCI | 0.16% | 1.55% |
| FIX | 0.16% | 1.00% |
| TT | 0.15% | 1.81% |
| CMI | 0.15% | 1.41% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLI: UNP (3.25%), ETN (2.87%), DE (2.81%), LMT (2.02%), ADP (1.98%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPYG | XLI |
|---|---|---|
| 2022 | -29.4% | -5.6% |
| 2023 | +30.0% | +18.1% |
| 2024 | +36.0% | +17.3% |
| 2025 | +22.1% | +19.3% |
| 2026 | +14.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLI good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPYG and XLI?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.47 over the last year and 0.74 over 5 years.
Is XLI a good diversifier for SPYG?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do SPYG and XLI overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 6.3% by weight over 24 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyg-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYG correlations · XLI correlations
