SPYV vs XLI: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.86, a very strong link. The two funds also share 11.3% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLI?
Across a 3-year window, the weekly returns of SPYV and XLI correlate at 0.86, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.73 versus 0.86 over 3 years. Stretching to 5 years gives 0.90, with an annualized covariance of 165.2 %².
Within SPYV's tracked universe of 148 assets, XLI comes in at #15 by 3-year correlation. Their 12-month results are close: +18.5% for SPYV against +18.3% for XLI. The link looks structural: the rolling one-year correlation barely moved, holding between 0.73 and 0.94.
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.
SPYV vs XLI: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +18.3% |
| 5-year return | +73.5% | +84.0% |
| Volatility (ann.) | 12.1% | 15.7% |
| Beta vs S&P 500 | 0.70 | 0.89 |
| Max drawdown (3Y) | -17.5% | -18.5% |
| Dividend yield | 1.69% | 1.15% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $32.9B |
| Sector / category | ETF · US Style | Sector ETF |
SPYV is a Large Value fund from State Street Investment Management: $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% 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 SPYV and XLI
The two portfolios are largely distinct. Weighing the shared positions, 11.3% of the two funds is identical, spread across 72 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLI |
|---|---|---|
| UNP | 0.61% | 3.25% |
| GE | 0.58% | 6.52% |
| ETN | 0.54% | 2.87% |
| DE | 0.53% | 2.81% |
| LMT | 0.38% | 2.02% |
| ADP | 0.37% | 1.98% |
| CSX | 0.32% | 1.70% |
| MMM | 0.31% | 1.66% |
| BA | 0.31% | 2.95% |
| EMR | 0.29% | 1.56% |
| WM | 0.27% | 1.44% |
| NSC | 0.26% | 1.40% |
| UPS | 0.26% | 1.39% |
| ITW | 0.25% | 1.32% |
| FDX | 0.24% | 1.30% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by XLI: CAT (6.68%), RTX (5.04%), GEV (4.52%), UBER (2.82%), HWM (1.90%).
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 | SPYV | XLI |
|---|---|---|
| 2022 | -5.3% | -5.6% |
| 2023 | +22.2% | +18.1% |
| 2024 | +12.2% | +17.3% |
| 2025 | +13.2% | +19.3% |
| 2026 | +12.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLI good diversifiers for each other?
No. With a correlation of 0.86, SPYV and XLI move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between SPYV and XLI?
The SPYV/XLI correlation stands at 0.86 on a 3-year window (1 year: 0.73, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is XLI a good diversifier for SPYV?
No. With a correlation of 0.86, SPYV and XLI move nearly in lockstep, so holding both adds very little diversification.
How much do SPYV and XLI overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 11.3% by weight over 72 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · XLI correlations
