NWE vs. XLI
NWE (NorthWestern Corporation) is a stock, while XLI (Industrial Select Sector SPDR Fund) is Industrials Equities fund tracking the Industrial Select Sector Index. Over the past 10 years, NWE returned 5.81%/yr vs 13.99%/yr for XLI. At a 0.43 correlation, their price movements are largely independent.
Performance
NWE vs. XLI - Performance Comparison
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Returns By Period
In the year-to-date period, NWE achieves a 8.24% return, which is significantly lower than XLI's 12.52% return. Over the past 10 years, NWE has underperformed XLI with an annualized return of 5.81%, while XLI has yielded a comparatively higher 13.99% annualized return.
NWE
- 1D
- -0.92%
- 1M
- -3.85%
- YTD
- 8.24%
- 6M
- 5.73%
- 1Y
- 34.06%
- 3Y*
- 11.42%
- 5Y*
- 6.43%
- 10Y*
- 5.81%
XLI
- 1D
- -0.08%
- 1M
- 1.80%
- YTD
- 12.52%
- 6M
- 13.57%
- 1Y
- 22.72%
- 3Y*
- 21.72%
- 5Y*
- 12.26%
- 10Y*
- 13.99%
NWE vs. XLI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NWE NorthWestern Corporation | 8.24% | 26.40% | 10.51% | -10.12% | 8.49% | 2.10% | -15.15% | 24.50% | 3.52% | 8.74% |
XLI Industrial Select Sector SPDR Fund | 12.52% | 19.35% | 17.31% | 18.13% | -5.57% | 21.08% | 10.91% | 29.08% | -13.25% | 23.98% |
Correlation
The correlation between NWE and XLI is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2007 | 0.43 |
The correlation between NWE and XLI shifts across timeframes, from 0.25 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NWE vs. XLI — Risk / Return Rank
NWE
XLI
NWE vs. XLI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NorthWestern Corporation (NWE) 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.
| NWE | XLI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 1.87 | +1.52 |
| Martin ratioReturn relative to average drawdown | 11.34 | 7.41 | +3.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NWE | XLI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.60 | 1.49 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.71 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.70 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.45 | -0.06 |
Drawdowns
NWE vs. XLI - Drawdown Comparison
The maximum NWE drawdown since its inception was -39.34%, smaller than the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for NWE and XLI.
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Drawdown Indicators
| NWE | XLI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.34% | -62.26% | +22.92% |
Max Drawdown (1Y)Largest decline over 1 year | -10.09% | -12.21% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -19.73% | -18.49% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -21.97% | -21.64% | -0.33% |
Max Drawdown (10Y)Largest decline over 10 years | -39.34% | -42.33% | +2.99% |
Current DrawdownCurrent decline from peak | -5.73% | -2.44% | -3.29% |
Average DrawdownAverage peak-to-trough decline | -10.77% | -9.21% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.07% | +0.07% |
Volatility
NWE vs. XLI - Volatility Comparison
NorthWestern Corporation (NWE) has a higher volatility of 6.68% compared to Industrial Select Sector SPDR Fund (XLI) at 4.80%. This indicates that NWE's price experiences larger fluctuations and is considered to be riskier than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NWE | XLI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 4.80% | +1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 12.79% | +3.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.39% | 15.38% | +6.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.05% | 17.42% | +3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 19.98% | +4.74% |
Dividends
NWE vs. XLI - Dividend Comparison
NWE's dividend yield for the trailing twelve months is around 3.83%, more than XLI's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NWE NorthWestern Corporation | 3.83% | 4.09% | 4.86% | 5.03% | 4.25% | 4.34% | 4.12% | 3.21% | 3.70% | 3.52% | 3.52% | 3.54% |
XLI Industrial Select Sector SPDR Fund | 1.18% | 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
NWE and XLI have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NWE has higher volatility (6.68%) compared to XLI (4.80%). In terms of maximum drawdown, NWE dropped -39.34% vs XLI's -62.26%.
NWE currently has the higher Sharpe Ratio (1.60 vs 1.49), 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.
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