WHLR vs XLI: Correlation
Measured on weekly returns over the past three years, Wheeler Real Estate Investment Trust, Inc. (WHLR) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WHLR and XLI?
Across a 3-year window, the weekly returns of WHLR and XLI correlate at -0.16, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.05) runs above the 3-year figure (-0.16). Stretching to 5 years gives -0.10, with an annualized covariance of -1386.4 %².
By 3-year correlation, XLI places #28 of the 50 assets tracked against WHLR. Correlation aside, the last 12 months split them widely, with XLI ahead by 118.3 points (-100.0% versus +18.3%). One caveat on sizing: WHLR is 34.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
WHLR vs XLI: side by side
| WHLR (Wheeler Real Estate Investment Trust, Inc.) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -100.0% | +18.3% |
| 5-year return | -100.0% | +84.0% |
| Volatility (ann.) | 545.0% | 15.7% |
| Beta vs S&P 500 | -5.84 | 0.89 |
| Max drawdown (3Y) | -100.0% | -18.5% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| Dividend yield | 0.00% | 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 | WHLR | XLI |
|---|---|---|
| 2022 | -28.0% | -5.6% |
| 2023 | -98.4% | +18.1% |
| 2024 | -98.4% | +17.3% |
| 2025 | -100.0% | +19.3% |
| 2026 | -99.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WHLR and XLI good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between WHLR and XLI?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.05 over the last year and -0.10 over 5 years.
Is XLI a good diversifier for WHLR?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
A reading of -0.16 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/whlr-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/whlr-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: WHLR correlations · XLI correlations
