COIN vs XLF: Correlation
How closely do Coinbase (COIN) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and XLF?
Across a 3-year window, the weekly returns of COIN and XLF correlate at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.36 over 3 years. Stretching to 5 years gives 0.38, with an annualized covariance of 467.1 %².
By 3-year correlation, XLF places #23 of the 34 assets tracked against COIN. Their recent paths diverged sharply: over the last 12 months XLF outperformed by 47.6 percentage points (-38.3% for COIN against +9.3% for XLF). The rolling one-year correlation moved between 0.19 and 0.48 over the past three years, a moderate range. One caveat on sizing: COIN is 4.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
COIN vs XLF: side by side
| COIN (Coinbase) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -38.3% | +9.3% |
| 5-year return | -27.4% | +64.2% |
| Volatility (ann.) | 80.0% | 16.2% |
| Beta vs S&P 500 | 2.66 | 0.84 |
| Max drawdown (3Y) | -66.4% | -15.5% |
| Market cap | $50.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | COIN | XLF |
|---|---|---|
| 2022 | -86.0% | -10.6% |
| 2023 | +391.4% | +12.0% |
| 2024 | +42.8% | +30.6% |
| 2025 | -8.9% | +14.9% |
| 2026 | -15.7% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLF holds COIN at a 0.49% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are COIN and XLF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COIN and XLF?
As of 2026-08-27, the correlation of weekly returns between COIN and XLF is 0.36 over 3 years, 0.22 over 1 year and 0.38 over 5 years.
Is XLF a good diversifier for COIN?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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: COIN correlations · XLF correlations
