XLI vs. WM

Last updated Jun 5, 2026

XLI (Industrial Select Sector SPDR Fund) is Industrials Equities fund tracking the Industrial Select Sector Index, while WM (Waste Management, Inc.) is a stock. Over the past 10 years, XLI returned 14.02%/yr vs 15.50%/yr for WM. At a 0.50 correlation, their price movements are largely independent.

Performance

XLI vs. WM - Performance Comparison

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

Returns By Period

In the year-to-date period, XLI achieves a 13.88% return, which is significantly higher than WM's 0.08% return. Over the past 10 years, XLI has underperformed WM with an annualized return of 14.02%, while WM has yielded a comparatively higher 15.50% annualized return.

XLI

• 1D: 1.21%
• 1M: 2.18%
• YTD: 13.88%
• 6M: 14.35%
• 1Y: 24.14%
• 3Y*: 22.49%
• 5Y*: 12.53%
• 10Y*: 14.02%

WM

• 1D: 0.46%
• 1M: -2.44%
• YTD: 0.08%
• 6M: 3.05%
• 1Y: -6.93%
• 3Y*: 11.49%
• 5Y*: 10.87%
• 10Y*: 15.50%

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

XLI vs. WM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLI Industrial Select Sector SPDR Fund	13.88%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%
WM Waste Management, Inc.	0.08%	10.50%	14.28%	16.20%	-4.49%	43.82%	5.46%	30.45%	5.32%	24.46%

Correlation

The correlation between XLI and WM is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Dec 23, 1998	0.50

Over the past year, the correlation between XLI and WM has dropped to 0.09 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

Return for Risk

XLI vs. WM — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 45
XLI Sharpe Ratio Rank: 46
XLI Sortino Ratio Rank: 47
XLI Omega Ratio Rank: 44
XLI Calmar Ratio Rank: 41
XLI Martin Ratio Rank: 48

WM

WM Risk / Return Rank: 24
WM Sharpe Ratio Rank: 25
WM Sortino Ratio Rank: 22
WM Omega Ratio Rank: 23
WM Calmar Ratio Rank: 28
WM Martin Ratio Rank: 24

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. WM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) and Waste Management, Inc. (WM). 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.

	XLI	WM	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-0.37	+1.95
Sortino ratio: Return per unit of downside risk	2.30	-0.40	+2.70
Omega ratio: Gain probability vs. loss probability	1.27	0.95	+0.32
Calmar ratio: Return relative to maximum drawdown	1.99	-0.41	+2.40
Martin ratio: Return relative to average drawdown	7.88	-0.92	+8.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLI vs. WM - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.57, which is higher than the WM Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of XLI and WM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XLI	WM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	-0.37	+1.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.59	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.80	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.36	+0.09

Drawdowns

XLI vs. WM - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, smaller than the maximum WM drawdown of -77.85%. Use the drawdown chart below to compare losses from any high point for XLI and WM.

Drawdown Indicators

	XLI	WM	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-77.85%	+15.59%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-16.95%	+4.74%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-18.14%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-18.14%	-3.50%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-30.07%	-12.26%
Current Drawdown Current decline from peak	-1.25%	-10.80%	+9.55%
Average Drawdown Average peak-to-trough decline	-9.20%	-17.69%	+8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	7.64%	-4.57%

Volatility

XLI vs. WM - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 4.88%, while Waste Management, Inc. (WM) has a volatility of 5.76%. This indicates that XLI experiences smaller price fluctuations and is considered to be less risky than WM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLI	WM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.76%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	13.56%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	18.58%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	18.53%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	19.49%	+0.49%

Dividends

XLI vs. WM - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, less than WM's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WM Waste Management, Inc.	1.56%	1.50%	1.49%	1.56%	1.66%	1.38%	1.85%	1.80%	2.09%	1.97%	2.31%	2.89%
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 WM in my portfolio?

XLI and WM have a correlation of 0.09, 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 WM?

WM has higher volatility (5.76%) compared to XLI (4.88%). In terms of maximum drawdown, XLI dropped -62.26% vs WM's -77.85%.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.57 vs -0.37), 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.