CNO vs XLF: Correlation
Measured on weekly returns over the past three years, CNO Financial Group, Inc. (CNO) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNO and XLF?
Over the past 3 years, CNO and XLF moved with a correlation of 0.71, which is strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 259.4 %².
Few assets follow CNO as closely as XLF, which ranks #2 of 25 tracked partners. Their recent paths diverged sharply: over the last 12 months CNO outperformed by 32.3 percentage points (+41.6% for CNO against +9.3% for XLF).
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.
CNO vs XLF: side by side
| CNO (CNO Financial Group, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +41.6% | +9.3% |
| 5-year return | +150.0% | +64.2% |
| Volatility (ann.) | 22.5% | 16.2% |
| Beta vs S&P 500 | 0.69 | 0.84 |
| Max drawdown (3Y) | -15.9% | -15.5% |
| Market cap | $5.1B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 1.26% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | US Listed | 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 | CNO | XLF |
|---|---|---|
| 2022 | -1.6% | -10.6% |
| 2023 | +25.1% | +12.0% |
| 2024 | +36.1% | +30.6% |
| 2025 | +16.1% | +14.9% |
| 2026 | +30.9% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNO and XLF good diversifiers for each other?
To a limited degree. At 0.71 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 CNO and XLF?
As of 2026-08-27, the correlation of weekly returns between CNO and XLF is 0.71 over 3 years, 0.62 over 1 year and 0.75 over 5 years.
Is XLF a good diversifier for CNO?
To a limited degree. At 0.71 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 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CNO correlations · XLF correlations
