BX vs XLF: Correlation
Blackstone Inc. (BX) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BX and XLF?
Over the past 3 years, BX and XLF moved with a correlation of 0.63, which is strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.63). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 349.0 %².
By 3-year correlation, XLF places #17 of the 35 assets tracked against BX. Their recent paths diverged sharply: over the last 12 months XLF outperformed by 22.2 percentage points (-12.9% for BX against +9.3% for XLF). On a rolling one-year basis the correlation drifted between 0.46 and 0.76, a moderate band. Risk is not evenly split, since BX carries 2.1 times the volatility of the other side.
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.
BX vs XLF: side by side
| BX (Blackstone Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -12.9% | +9.3% |
| 5-year return | +37.5% | +64.2% |
| Volatility (ann.) | 34.0% | 16.2% |
| Beta vs S&P 500 | 1.36 | 0.84 |
| Max drawdown (3Y) | -46.5% | -15.5% |
| Market cap | $171.7B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 3.65% | 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 | BX | XLF |
|---|---|---|
| 2022 | -40.0% | -10.6% |
| 2023 | +82.7% | +12.0% |
| 2024 | +35.1% | +30.6% |
| 2025 | -7.8% | +14.9% |
| 2026 | -3.9% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.29% of XLF is BX itself, so the fund partly moves with the stock by construction.
Are BX and XLF good diversifiers for each other?
Only partially. A correlation of 0.63 means BX and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BX and XLF?
The BX/XLF correlation stands at 0.63 on a 3-year window (1 year: 0.47, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for BX?
Only partially. A correlation of 0.63 means BX and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: BX correlations · XLF correlations
