XLI vs ZBRA: Correlation
Measured on weekly returns over the past three years, Industrial Select Sector SPDR Fund (XLI) and Zebra Technologies (ZBRA) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XLI and ZBRA?
Across a 3-year window, the weekly returns of XLI and ZBRA correlate at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.56 over 3 years. Stretching to 5 years gives 0.61, with an annualized covariance of 361.0 %².
Among the 204 assets we track against XLI, ZBRA ranks #130 by 3-year correlation. On 12-month performance XLI holds a 6.0-point edge, +18.3% against +12.3%. On a rolling one-year basis the correlation drifted between 0.40 and 0.76, a moderate band. One caveat on sizing: ZBRA is 2.6 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.
XLI vs ZBRA: side by side
| XLI (Industrial Select Sector SPDR Fund) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +18.3% | +12.3% |
| 5-year return | +84.0% | -38.2% |
| Volatility (ann.) | 15.7% | 40.8% |
| Beta vs S&P 500 | 0.89 | 1.54 |
| Max drawdown (3Y) | -18.5% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 1.15% | 0.00% |
| Expense ratio | 0.08% | – |
| Assets under management | $32.9B | – |
| Sector / category | Sector ETF | Information Technology |
On the fund side, XLI sits in the Industrials category at State Street Investment Management, with $32.9B under management, 83 holdings, a 0.08% expense ratio, a 1.15% trailing dividend yield.
Year-by-year returns
| Year | XLI | ZBRA |
|---|---|---|
| 2022 | -5.6% | -56.9% |
| 2023 | +18.1% | +6.6% |
| 2024 | +17.3% | +41.3% |
| 2025 | +19.3% | -37.1% |
| 2026 | +15.9% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XLI and ZBRA good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between XLI and ZBRA?
As of 2026-08-27, the correlation of weekly returns between XLI and ZBRA is 0.56 over 3 years, 0.40 over 1 year and 0.61 over 5 years.
Is ZBRA a good diversifier for XLI?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 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/xli-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/xli-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: XLI correlations · ZBRA correlations
