XLI vs. CARR

Last updated Jul 4, 2026

XLI (Industrial Select Sector SPDR Fund) is Industrials Equities fund tracking the Industrial Select Sector Index, while CARR (Carrier Global Corporation) is a stock. Over the past 5 years, XLI returned 13.94%/yr vs 9.15%/yr for CARR. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

XLI vs. CARR - Performance Comparison

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

Returns By Period

In the year-to-date period, XLI achieves a 19.19% return, which is significantly lower than CARR's 33.65% return.

XLI

• 1D: 0.30%
• 1M: 5.93%
• 6M: 17.03%
• YTD: 19.19%
• 1Y: 24.67%
• 3Y*: 21.40%
• 5Y*: 13.94%
• 10Y*: 14.54%

CARR

• 1D: -2.78%
• 1M: 3.68%
• 6M: 31.95%
• YTD: 33.65%
• 1Y: -6.01%
• 3Y*: 13.39%
• 5Y*: 9.15%
• 10Y*: —

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

XLI vs. CARR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XLI Industrial Select Sector SPDR Fund	19.19%	19.35%	17.31%	18.13%	-5.57%	21.08%	57.02%
CARR Carrier Global Corporation	33.65%	-21.57%	20.26%	41.47%	-22.68%	45.31%	176.86%

Correlation

The correlation between XLI and CARR is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 3, 2020	0.70

The correlation between XLI and CARR has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

Return for Risk

XLI vs. CARR — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 54
XLI Sharpe Ratio Rank: 55
XLI Sortino Ratio Rank: 56
XLI Omega Ratio Rank: 51
XLI Calmar Ratio Rank: 51
XLI Martin Ratio Rank: 57

CARR

CARR Risk / Return Rank: 37
CARR Sharpe Ratio Rank: 37
CARR Sortino Ratio Rank: 34
CARR Omega Ratio Rank: 33
CARR Calmar Ratio Rank: 39
CARR Martin Ratio Rank: 40

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.

XLI vs. CARR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and Carrier Global Corporation (CARR). 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.

	XLI	CARR	Difference
Sharpe ratio: Return per unit of total volatility	1.56	-0.15	+1.72
Sortino ratio: Return per unit of downside risk	2.25	0.03	+2.22
Omega ratio: Gain probability vs. loss probability	1.27	1.00	+0.26
Calmar ratio: Return relative to maximum drawdown	2.12	-0.15	+2.26
Martin ratio: Return relative to average drawdown	8.33	-0.23	+8.56

XLI vs. CARR - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.56, which is higher than the CARR Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of XLI and CARR, 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

XLI vs. CARR - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than CARR's maximum drawdown of -40.82%. Use the drawdown chart below to compare losses from any high point for XLI and CARR.

Drawdown Indicators

	XLI	CARR	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-40.82%	-21.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-37.38%	+25.17%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-37.91%	+19.42%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-40.82%	+19.18%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-0.71%	-12.93%	+12.22%
Average Drawdown Average peak-to-trough decline	-9.18%	-14.17%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	24.19%	-21.09%

Volatility

XLI vs. CARR - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 6.85%, while Carrier Global Corporation (CARR) has a volatility of 12.08%. This indicates that XLI experiences smaller price fluctuations and is considered to be less risky than CARR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	CARR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	12.08%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	14.01%	28.60%	-14.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	36.08%	-19.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	32.06%	-14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	34.85%	-14.85%

Dividends

XLI vs. CARR - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.12%, less than CARR's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CARR Carrier Global Corporation	1.33%	1.70%	1.16%	1.30%	1.54%	0.94%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%
XLI Industrial Select Sector SPDR Fund	1.12%	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 XLI and CARR in my portfolio?

XLI and CARR have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLI or CARR?

CARR has higher volatility (12.08%) compared to XLI (6.85%). In terms of maximum drawdown, XLI dropped -62.26% vs CARR's -40.82%.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.56 vs -0.15), 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.