XLI
State Street Industrial Select Sector SPDR ETF
#6 of 11 in US Sectors by own-history percentile (high → low)
Relative to SPY
Relative price history
XLI ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older XLI÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: -13.2 pts (from 17.7% on Aug 31, 2026 to 4.5% now)
- About one month: -34.7 pts (from 39.2% on Jul 31, 2026 to 4.5% now)
US Sectors
Where this sits among peers
US Sectors · XLI highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
XLI's relative valuation tends to re-rate around capital-spending cycles — reshoring, defense budgets, or infrastructure spending — and because the sector is capital-intensive, those re-ratings often lag the news itself by several quarters as order backlogs convert into reported earnings.
FAQ
Why does industrials' relative price seem to lag the news cycle?
Order backlogs and long project timelines mean today's contract wins don't show up in earnings — and therefore in valuation — for several quarters.
Is XLI more cyclical than the average sector?
Historically yes — capital-goods and transportation earnings track the broader business investment cycle more closely than consumer-facing sectors do.
Does defense spending dominate this sector's moves?
It's one driver among several (aerospace, machinery, transportation, business services all sit in this sector), so no single theme fully explains the ratio's moves.
US Sectors
Related in this category
- XLFState Street Financial Select Sector SPDR ETFNear lows (5.7%)
- XLBState Street Materials Select Sector SPDR ETFNear lows (1.4%)
- XLVState Street Health Care Select Sector SPDR ETFNear lows (7.9%)
- XLPState Street Consumer Staples Select Sector SPDR ETFNear lows (0.2%)
- XLYState Street Consumer Discretionary Select Sector SPDR ETFNear lows (0%)
- XLUState Street Utilities Select Sector SPDR ETFNear lows (0%)