WM vs XLI: Correlation
How closely do Waste Management (WM) and Industrial Select Sector SPDR Fund (XLI) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WM and XLI?
On 3 years of weekly data the WM/XLI correlation comes out at 0.18, weak. The link has loosened recently: the 1-year correlation (0.01) runs below the 3-year figure (0.18). The 5-year figure is 0.34, and annualized covariance runs at 51.6 %².
Within WM's tracked universe of 35 assets, XLI comes in at #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLI ahead by 20.3 points (-2.0% versus +18.3%). Across three years, the rolling one-year figure varied moderately, from -0.03 to 0.42.
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.
WM vs XLI: side by side
| WM (Waste Management) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -2.0% | +18.3% |
| 5-year return | +51.8% | +84.0% |
| Volatility (ann.) | 18.3% | 15.7% |
| Beta vs S&P 500 | 0.07 | 0.89 |
| Max drawdown (3Y) | -18.1% | -18.5% |
| Market cap | $87.0B | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 1.60% | 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 | WM | XLI |
|---|---|---|
| 2022 | -4.5% | -5.6% |
| 2023 | +16.2% | +18.1% |
| 2024 | +14.3% | +17.3% |
| 2025 | +10.5% | +19.3% |
| 2026 | -0.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
WM represents 1.44% of XLI's portfolio, so part of any move in XLI is WM itself, and the correlation between them is partly mechanical.
Are WM and XLI good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between WM and XLI?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.01 over the last year and 0.34 over 5 years.
Is XLI a good diversifier for WM?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
A reading of 0.18 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/wm-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/wm-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: WM correlations · XLI correlations
