TDY vs XLI: Correlation
Measured on weekly returns over the past three years, Teledyne Technologies (TDY) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TDY and XLI?
Over the past 3 years, TDY and XLI moved with a correlation of 0.65, which is strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 225.2 %².
In TDY's tracked universe of 35 assets, XLI sits right near the top at #1. Neither side won the trailing year by much: +15.7% against +18.3%. The rolling one-year correlation moved between 0.39 and 0.76 over the past three years, a moderate range.
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.
TDY vs XLI: side by side
| TDY (Teledyne Technologies) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +15.7% | +18.3% |
| 5-year return | +36.5% | +84.0% |
| Volatility (ann.) | 22.0% | 15.7% |
| Beta vs S&P 500 | 0.76 | 0.89 |
| Max drawdown (3Y) | -18.8% | -18.5% |
| Market cap | $29.0B | – |
| P/E (trailing) | 30.7 | – |
| Dividend yield | 0.00% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Information Technology | 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 | TDY | XLI |
|---|---|---|
| 2022 | -8.5% | -5.6% |
| 2023 | +11.6% | +18.1% |
| 2024 | +4.0% | +17.3% |
| 2025 | +10.0% | +19.3% |
| 2026 | +22.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TDY and XLI good diversifiers for each other?
Only partially. A correlation of 0.65 means TDY 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 TDY and XLI?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.61 over the last year and 0.69 over 5 years.
Is XLI a good diversifier for TDY?
Only partially. A correlation of 0.65 means TDY 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 0.65 mean?
On the −1 to +1 scale, 0.65 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/tdy-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tdy-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TDY correlations · XLI correlations
