PAYX vs. XLI
PAYX (Paychex, Inc.) 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, PAYX returned 9.63%/yr vs 13.79%/yr for XLI. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
PAYX vs. XLI - Performance Comparison
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Returns By Period
In the year-to-date period, PAYX achieves a 2.14% return, which is significantly lower than XLI's 15.78% return. Over the past 10 years, PAYX has underperformed XLI with an annualized return of 9.63%, while XLI has yielded a comparatively higher 13.79% annualized return.
PAYX
- 1D
- -2.81%
- 1M
- 13.97%
- 6M
- 6.66%
- YTD
- 2.14%
- 1Y
- -18.91%
- 3Y*
- 0.05%
- 5Y*
- 3.25%
- 10Y*
- 9.63%
- ALL TIME*
- 18.09%
XLI
- 1D
- 0.30%
- 1M
- -1.00%
- 6M
- 9.83%
- YTD
- 15.78%
- 1Y
- 20.11%
- 3Y*
- 19.42%
- 5Y*
- 13.31%
- 10Y*
- 13.79%
- ALL TIME*
- 9.62%
PAYX vs. XLI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAYX Paychex, Inc. | 2.14% | -17.49% | 21.31% | 6.21% | -13.16% | 50.16% | 13.25% | 34.53% | -1.08% | 15.41% |
XLI Industrial Select Sector SPDR Fund | 15.78% | 19.35% | 17.31% | 18.13% | -5.57% | 21.08% | 10.91% | 29.08% | -13.25% | 23.98% |
Correlation
The correlation between PAYX and XLI is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998 | 0.55 |
The correlation between PAYX and XLI shifts across timeframes, from -0.04 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAYX vs. XLI — Risk / Return Rank
PAYX
XLI
PAYX vs. XLI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Paychex, Inc. (PAYX) 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.
| PAYX | XLI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.21 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.65 | -2.12 |
| Martin ratioReturn relative to average drawdown | -0.72 | 6.39 | -7.10 |
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Drawdowns
PAYX vs. XLI - Drawdown Comparison
The maximum PAYX drawdown since its inception was -64.85%, roughly equal to the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for PAYX and XLI.
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Drawdown Indicators
| PAYX | XLI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.85% | -62.26% | -2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -41.01% | -12.21% | -28.80% |
Max Drawdown (3Y)Largest decline over 3 years | -44.95% | -18.49% | -26.46% |
Max Drawdown (5Y)Largest decline over 5 years | -44.95% | -21.64% | -23.31% |
Max Drawdown (10Y)Largest decline over 10 years | -44.95% | -42.33% | -2.62% |
Current DrawdownCurrent decline from peak | -27.05% | -3.72% | -23.33% |
Average DrawdownAverage peak-to-trough decline | -18.00% | -9.17% | -8.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.48% | 3.16% | +23.32% |
Volatility
PAYX vs. XLI - Volatility Comparison
Paychex, Inc. (PAYX) has a higher volatility of 10.06% compared to Industrial Select Sector SPDR Fund (XLI) at 4.98%. This indicates that PAYX'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
| PAYX | XLI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.06% | 4.98% | +5.08% |
Volatility (6M)Calculated over the trailing 6-month period | 22.39% | 13.79% | +8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.74% | 16.65% | +10.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.15% | 17.53% | +6.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.37% | 20.01% | +5.36% |
Dividends
PAYX vs. XLI - Dividend Comparison
PAYX's dividend yield for the trailing twelve months is around 2.99%, more than XLI's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAYX Paychex, Inc. | 2.99% | 3.76% | 2.73% | 2.90% | 2.62% | 1.90% | 2.66% | 2.85% | 3.35% | 2.82% | 2.89% | 3.03% |
XLI Industrial Select Sector SPDR Fund | 1.15% | 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
PAYX and XLI have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAYX has higher volatility (10.06%) compared to XLI (4.98%). In terms of maximum drawdown, PAYX dropped -64.85% vs XLI's -62.26%.
XLI currently has the higher Sharpe Ratio (1.21 vs -0.71), 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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