TGLS vs XLI: Correlation
Tecnoglass Holdings Inc. (TGLS) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TGLS and XLI?
Across a 3-year window, the weekly returns of TGLS and XLI correlate at 0.52, moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.52). Stretching to 5 years gives 0.42, with an annualized covariance of 343.6 %².
By 3-year correlation, XLI places #4 of the 10 assets tracked against TGLS. The last year tells two different stories: XLI led by 62.7 percentage points, -44.4% for TGLS against +18.3% for XLI. Note the risk asymmetry: TGLS runs 2.6 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.
TGLS vs XLI: side by side
| TGLS (Tecnoglass Holdings Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -44.4% | +18.3% |
| 5-year return | +85.6% | +84.0% |
| Volatility (ann.) | 41.6% | 15.7% |
| Beta vs S&P 500 | 1.28 | 0.89 |
| Max drawdown (3Y) | -56.8% | -18.5% |
| Market cap | $1.8B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 1.47% | 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 | TGLS | XLI |
|---|---|---|
| 2022 | +18.9% | -5.6% |
| 2023 | +49.9% | +18.1% |
| 2024 | +74.9% | +17.3% |
| 2025 | -36.3% | +19.3% |
| 2026 | -19.4% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TGLS and XLI good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between TGLS and XLI?
As of 2026-08-27, the correlation of weekly returns between TGLS and XLI is 0.52 over 3 years, 0.34 over 1 year and 0.42 over 5 years.
Is XLI a good diversifier for TGLS?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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/tgls-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tgls-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TGLS correlations · XLI correlations
