CINF vs XLF: Correlation
Measured on weekly returns over the past three years, Cincinnati Financial (CINF) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CINF and XLF?
Over the past 3 years, CINF and XLF moved with a correlation of 0.55, which is moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.55 over 3. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 193.2 %².
By 3-year correlation, XLF places #25 of the 49 assets tracked against CINF. The trailing year gives CINF the advantage: +14.5% versus +9.3%, a 5.2-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.23 to 0.75.
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.
CINF vs XLF: side by side
| CINF (Cincinnati Financial) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +14.5% | +9.3% |
| 5-year return | +58.8% | +64.2% |
| Volatility (ann.) | 21.6% | 16.2% |
| Beta vs S&P 500 | 0.36 | 0.84 |
| Max drawdown (3Y) | -20.0% | -15.5% |
| Market cap | $26.5B | – |
| P/E (trailing) | 8.1 | – |
| Dividend yield | 2.10% | 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 | CINF | XLF |
|---|---|---|
| 2022 | -7.9% | -10.6% |
| 2023 | +4.0% | +12.0% |
| 2024 | +42.5% | +30.6% |
| 2025 | +16.3% | +14.9% |
| 2026 | +6.8% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CINF represents 0.32% of XLF's portfolio, so part of any move in XLF is CINF itself, and the correlation between them is partly mechanical.
Are CINF and XLF good diversifiers for each other?
Only partially. A correlation of 0.55 means CINF 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 CINF and XLF?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.48 over the last year and 0.59 over 5 years.
Is XLF a good diversifier for CINF?
Only partially. A correlation of 0.55 means CINF 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 0.55 mean?
On the −1 to +1 scale, 0.55 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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Related comparisons
Hubs: CINF correlations · XLF correlations
