NWE vs. XLI

Last updated Apr 2, 2026

Compare and contrast key facts about NorthWestern Corporation (NWE) and Industrial Select Sector SPDR Fund (XLI).

XLI is a passively managed fund by State Street that tracks the performance of the Industrial Select Sector Index. It was launched on Dec 16, 1998.

Performance

NWE vs. XLI - Performance Comparison

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

NWE vs. XLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWE NorthWestern Corporation	3.95%	26.40%	10.51%	-10.12%	8.49%	2.10%	-15.15%	24.50%	3.52%	8.74%
XLI Industrial Select Sector SPDR Fund	6.30%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%

Returns By Period

In the year-to-date period, NWE achieves a 3.95% return, which is significantly lower than XLI's 6.30% return. Over the past 10 years, NWE has underperformed XLI with an annualized return of 4.92%, while XLI has yielded a comparatively higher 13.39% annualized return.

NWE

• 1D: 0.73%
• 1M: -4.09%
• YTD: 3.95%
• 6M: 17.72%
• 1Y: 18.63%
• 3Y*: 9.78%
• 5Y*: 5.19%
• 10Y*: 4.92%

XLI

• 1D: 1.67%
• 1M: -7.83%
• YTD: 6.30%
• 6M: 7.58%
• 1Y: 26.43%
• 3Y*: 19.34%
• 5Y*: 12.43%
• 10Y*: 13.39%

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

Return for Risk

NWE vs. XLI — Risk / Return Rank

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

NWE

NWE Risk / Return Rank: 67
NWE Sharpe Ratio Rank: 72
NWE Sortino Ratio Rank: 65
NWE Omega Ratio Rank: 62
NWE Calmar Ratio Rank: 70
NWE Martin Ratio Rank: 69

XLI

XLI Risk / Return Rank: 75
XLI Sharpe Ratio Rank: 74
XLI Sortino Ratio Rank: 75
XLI Omega Ratio Rank: 72
XLI Calmar Ratio Rank: 78
XLI Martin Ratio Rank: 76

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.

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 ratio Return per unit of total volatility	0.93	1.36	-0.43
Sortino ratio Return per unit of downside risk	1.40	1.95	-0.55
Omega ratio Gain probability vs. loss probability	1.17	1.28	-0.10
Calmar ratio Return relative to maximum drawdown	1.47	2.17	-0.70
Martin ratio Return relative to average drawdown	3.36	8.46	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWE vs. XLI - Sharpe Ratio Comparison

The current NWE Sharpe Ratio is 0.93, which is lower than the XLI Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of NWE and XLI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NWE	XLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.36	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.72	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.68	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.44	-0.06

Correlation

The correlation between NWE and XLI is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NWE vs. XLI - Dividend Comparison

NWE's dividend yield for the trailing twelve months is around 3.99%, more than XLI's 1.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NWE NorthWestern Corporation	3.99%	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	1.24%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

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.

Drawdown Indicators

	NWE	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-39.34%	-62.26%	+22.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.55%	-12.50%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-21.64%	-4.50%
Max Drawdown (10Y) Largest decline over 10 years	-39.34%	-42.33%	+2.99%
Current Drawdown Current decline from peak	-6.39%	-7.83%	+1.44%
Average Drawdown Average peak-to-trough decline	-10.85%	-9.24%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.94%	3.21%	+2.73%

Volatility

NWE vs. XLI - Volatility Comparison

NorthWestern Corporation (NWE) has a higher volatility of 7.03% compared to Industrial Select Sector SPDR Fund (XLI) at 6.58%. 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.

Volatility by Period

	NWE	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	6.58%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	11.74%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	19.50%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.72%	17.25%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	19.88%	+4.71%