ALL vs XLF: Correlation
Allstate (ALL) and Financial Select Sector SPDR Fund (XLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALL and XLF?
On 3 years of weekly data the ALL/XLF correlation comes out at 0.50, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.50). The 5-year figure is 0.55, and annualized covariance runs at 177.7 %².
Within ALL's tracked universe of 32 assets, XLF comes in at #18 by 3-year correlation. The last year tells two different stories: ALL led by 19.6 percentage points, +28.9% for ALL against +9.3% for XLF. On a rolling one-year basis the correlation drifted between 0.31 and 0.72, a moderate band.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ALL vs XLF: side by side
| ALL (Allstate) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +28.9% | +9.3% |
| 5-year return | +114.7% | +64.2% |
| Volatility (ann.) | 22.1% | 16.2% |
| Beta vs S&P 500 | 0.31 | 0.84 |
| Max drawdown (3Y) | -14.1% | -15.5% |
| Market cap | $65.1B | – |
| P/E (trailing) | 5.2 | – |
| Dividend yield | 1.59% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | Financials | Sector ETF |
XLF is a Financial fund from State Street Investment Management: $57.9B under management, 77 holdings, a 0.08% expense ratio, a 1.42% trailing dividend yield.
Year-by-year returns
| Year | ALL | XLF |
|---|---|---|
| 2022 | +18.4% | -10.6% |
| 2023 | +6.4% | +12.0% |
| 2024 | +40.6% | +30.6% |
| 2025 | +10.1% | +14.9% |
| 2026 | +25.0% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.82% of XLF is ALL itself, so the fund partly moves with the stock by construction.
Are ALL and XLF good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ALL and XLF?
The ALL/XLF correlation stands at 0.50 on a 3-year window (1 year: 0.38, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for ALL?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ALL correlations · XLF correlations
