EXI vs. XLI

Last updated Jun 23, 2026

EXI (iShares Global Industrials ETF) and XLI (Industrial Select Sector SPDR Fund) are both Industrials Equities funds - EXI tracks the S&P Global 1200 / Industrials -SEC while XLI tracks the Industrial Select Sector Index. Both are passively managed. Over the past 10 years, EXI returned 13.30%/yr vs 14.79%/yr for XLI. Their correlation of 0.91 suggests significant overlap in exposure. EXI charges 0.43%/yr vs 0.08%/yr for XLI.

Performance

EXI vs. XLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Industrials ETF (EXI) and Industrial Select Sector SPDR Fund (XLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXI achieves a 14.80% return, which is significantly lower than XLI's 17.82% return. Over the past 10 years, EXI has underperformed XLI with an annualized return of 13.30%, while XLI has yielded a comparatively higher 14.79% annualized return.

EXI

• 1D: 0.59%
• 1M: 4.27%
• YTD: 14.80%
• 6M: 14.21%
• 1Y: 27.99%
• 3Y*: 21.35%
• 5Y*: 12.62%
• 10Y*: 13.30%

XLI

• 1D: 0.74%
• 1M: 6.10%
• YTD: 17.82%
• 6M: 16.37%
• 1Y: 29.73%
• 3Y*: 22.49%
• 5Y*: 14.10%
• 10Y*: 14.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EXI vs. XLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXI iShares Global Industrials ETF	14.80%	25.88%	12.47%	22.04%	-12.36%	17.37%	11.33%	27.13%	-14.41%	25.16%
XLI Industrial Select Sector SPDR Fund	17.82%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%

Correlation

The correlation between EXI and XLI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 27, 2006	0.91

The correlation between EXI and XLI has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

EXI vs. XLI - Sectors Allocation Comparison

Sectors	EXI	XLI
Industrials	94.4%	91.2%
Technology	4.0%	3.7%
Utilities	2.6%	4.5%
Communication Services	1.1%	-
Consumer Cyclical	0.2%	0.5%
Basic Materials	0.2%	-
Financial Services	0.1%	-
Consumer Defensive	0.1%	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

EXI vs. XLI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EXI

EXI Risk / Return Rank: 51
EXI Sharpe Ratio Rank: 51
EXI Sortino Ratio Rank: 52
EXI Omega Ratio Rank: 50
EXI Calmar Ratio Rank: 47
EXI Martin Ratio Rank: 54

XLI

XLI Risk / Return Rank: 54
XLI Sharpe Ratio Rank: 57
XLI Sortino Ratio Rank: 56
XLI Omega Ratio Rank: 52
XLI Calmar Ratio Rank: 51
XLI Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EXI vs. XLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Industrials ETF (EXI) and Industrial Select Sector SPDR Fund (XLI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EXI	XLI	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.84	-0.15
Sortino ratio: Return per unit of downside risk	2.47	2.61	-0.14
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.28	2.45	-0.17
Martin ratio: Return relative to average drawdown	9.05	9.64	-0.59

EXI vs. XLI - Sharpe Ratio Comparison

The current EXI Sharpe Ratio is 1.70, which is comparable to the XLI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of EXI and XLI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EXI vs. XLI - Drawdown Comparison

The maximum EXI drawdown since its inception was -62.60%, roughly equal to the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for EXI and XLI.

Drawdown Indicators

	EXI	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-62.60%	-62.26%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-12.21%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.38%	-18.49%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	-27.23%	-21.64%	-5.59%
Max Drawdown (10Y) Largest decline over 10 years	-39.56%	-42.33%	+2.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.95%	-9.19%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.09%	+0.01%

Volatility

EXI vs. XLI - Volatility Comparison

The current volatility for iShares Global Industrials ETF (EXI) is 5.48%, while Industrial Select Sector SPDR Fund (XLI) has a volatility of 5.80%. This indicates that EXI experiences smaller price fluctuations and is considered to be less risky than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXI	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	5.80%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	13.50%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	16.22%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	17.53%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	20.05%	-1.60%

EXI vs. XLI - Expense Ratio Comparison

EXI has a 0.43% expense ratio, which is higher than XLI's 0.08% expense ratio.

Dividends

EXI vs. XLI - Dividend Comparison

EXI's dividend yield for the trailing twelve months is around 1.06%, less than XLI's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXI iShares Global Industrials ETF	1.06%	1.32%	1.47%	1.84%	1.63%	1.42%	1.26%	1.72%	2.21%	1.48%	1.75%	1.95%
XLI Industrial Select Sector SPDR Fund	1.37%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both EXI and XLI in my portfolio?

With a correlation of 0.91, EXI and XLI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EXI or XLI?

XLI has higher volatility (5.80%) compared to EXI (5.48%). In terms of maximum drawdown, EXI dropped -62.60% vs XLI's -62.26%.

Which ETF is better, EXI or XLI?

On 10-year performance, XLI leads with 14.79% vs 13.30% for EXI. On fees, XLI is cheaper at 0.08% per year. On volatility, EXI has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EXI or XLI?

Over the 10-year period, XLI has performed better with a 14.79% return vs 13.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EXI or XLI?

XLI is cheaper with a 0.08% expense ratio, compared with 0.43% for EXI.

Which ETF pays a higher dividend yield, EXI or XLI?

XLI has the higher dividend yield at 1.37%, compared with 1.06% for EXI.

What is the main difference between EXI and XLI?

EXI tracks S&P Global 1200 / Industrials -SEC, while XLI tracks Industrial Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.43% for EXI and 0.08% for XLI.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.84 vs 1.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.