CBOE vs XLF: Correlation
Cboe Global Markets (CBOE) and Financial Select Sector SPDR Fund (XLF) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and XLF?
Over the past 3 years, CBOE and XLF moved with a correlation of 0.09, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.10 over 1 year against 0.09 over 3. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 36.7 %².
Among the 39 assets we track against CBOE, XLF ranks #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CBOE ahead by 23.2 points (+32.5% versus +9.3%). The rolling one-year correlation moved between -0.03 and 0.33 over the past three years, a moderate range. Risk is not evenly split, since CBOE carries 1.6 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.
CBOE vs XLF: side by side
| CBOE (Cboe Global Markets) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +32.5% | +9.3% |
| 5-year return | +168.0% | +64.2% |
| Volatility (ann.) | 26.1% | 16.2% |
| Beta vs S&P 500 | 0.09 | 0.84 |
| Max drawdown (3Y) | -36.7% | -15.5% |
| Market cap | $32.8B | – |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 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 | CBOE | XLF |
|---|---|---|
| 2022 | -2.2% | -10.6% |
| 2023 | +44.4% | +12.0% |
| 2024 | +10.7% | +30.6% |
| 2025 | +29.2% | +14.9% |
| 2026 | +25.7% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.4% of XLF is CBOE itself, so the fund partly moves with the stock by construction.
Are CBOE and XLF good diversifiers for each other?
Yes. With a correlation of 0.09, CBOE and XLF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CBOE and XLF?
The CBOE/XLF correlation stands at 0.09 on a 3-year window (1 year: 0.10, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for CBOE?
Yes. With a correlation of 0.09, CBOE and XLF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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: CBOE correlations · XLF correlations
