XLI vs. O

Last updated Jun 13, 2026

XLI (Industrial Select Sector SPDR Fund) is Industrials Equities fund tracking the Industrial Select Sector Index, while O (Realty Income Corporation) is a stock. Over the past 10 years, XLI returned 14.15%/yr vs 4.89%/yr for O. At a 0.40 correlation, their price movements are largely independent.

Performance

XLI vs. O - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XLI having a 13.90% return and O slightly lower at 13.70%. Over the past 10 years, XLI has outperformed O with an annualized return of 14.15%, while O has yielded a comparatively lower 4.89% annualized return.

XLI

• 1D: 0.59%
• 1M: 0.96%
• YTD: 13.90%
• 6M: 13.10%
• 1Y: 25.17%
• 3Y*: 20.87%
• 5Y*: 12.93%
• 10Y*: 14.15%

O

• 1D: 1.31%
• 1M: 1.67%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.88%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

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

XLI vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLI Industrial Select Sector SPDR Fund	13.90%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Correlation

The correlation between XLI and O is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.40

The correlation between XLI and O shifts across timeframes, from 0.24 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XLI vs. O — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 48
XLI Sharpe Ratio Rank: 49
XLI Sortino Ratio Rank: 50
XLI Omega Ratio Rank: 46
XLI Calmar Ratio Rank: 45
XLI Martin Ratio Rank: 52

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

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. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and Realty Income Corporation (O). 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	O	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.88	+0.62
Sortino ratio: Return per unit of downside risk	2.17	1.26	+0.92
Omega ratio: Gain probability vs. loss probability	1.26	1.15	+0.11
Calmar ratio: Return relative to maximum drawdown	1.98	1.29	+0.69
Martin ratio: Return relative to average drawdown	7.82	3.12	+4.70

XLI vs. O - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is higher than the O Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of XLI and O, 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. O - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than O's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for XLI and O.

Drawdown Indicators

	XLI	O	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-48.45%	-13.81%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-11.10%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-26.49%	+8.00%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-34.48%	+12.84%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-48.28%	+5.95%
Current Drawdown Current decline from peak	-1.24%	-5.94%	+4.70%
Average Drawdown Average peak-to-trough decline	-9.20%	-9.20%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	4.58%	-1.49%

Volatility

XLI vs. O - Volatility Comparison

Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 6.22% compared to Realty Income Corporation (O) at 5.29%. This indicates that XLI's price experiences larger fluctuations and is considered to be riskier than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	5.29%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	11.98%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	16.21%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	18.92%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	25.64%	-5.60%

Dividends

XLI vs. O - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, less than O's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
XLI Industrial Select Sector SPDR Fund	1.16%	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 O in my portfolio?

XLI and O have a correlation of 0.24, 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 O?

XLI has higher volatility (6.22%) compared to O (5.29%). In terms of maximum drawdown, XLI dropped -62.26% vs O's -48.45%.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.50 vs 0.88), 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.