URI vs XLI: Correlation
How closely do United Rentals (URI) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are URI and XLI?
Over the past 3 years, URI and XLI moved with a correlation of 0.67, which is strong. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.67). Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 418.4 %².
Among the 37 assets we track against URI, XLI ranks #5 by 3-year correlation. The trailing year gives XLI the advantage: +10.2% versus +18.3%, a 8.1-point spread. This link changes with the market regime, having swung between 0.36 and 0.87 on a rolling one-year basis. Note the risk asymmetry: URI runs 2.5 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.
URI vs XLI: side by side
| URI (United Rentals) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +10.2% | +18.3% |
| 5-year return | +204.1% | +84.0% |
| Volatility (ann.) | 39.5% | 15.7% |
| Beta vs S&P 500 | 1.42 | 0.89 |
| Max drawdown (3Y) | -37.0% | -18.5% |
| Market cap | $64.6B | – |
| P/E (trailing) | 25.4 | – |
| Dividend yield | 0.71% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Industrials | 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 | URI | XLI |
|---|---|---|
| 2022 | +7.0% | -5.6% |
| 2023 | +63.6% | +18.1% |
| 2024 | +24.0% | +17.3% |
| 2025 | +15.9% | +19.3% |
| 2026 | +29.0% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLI holds URI at a 1.17% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are URI and XLI good diversifiers for each other?
To a limited degree. At 0.67 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 URI and XLI?
As of 2026-08-27, the correlation of weekly returns between URI and XLI is 0.67 over 3 years, 0.42 over 1 year and 0.72 over 5 years.
Is XLI a good diversifier for URI?
To a limited degree. At 0.67 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 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/uri-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/uri-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: URI correlations · XLI correlations
