CPAY vs XLF: Correlation
How closely do Corpay (CPAY) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and XLF?
On 3 years of weekly data the CPAY/XLF correlation comes out at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.67 over 3 years. The 5-year figure is 0.65, and annualized covariance runs at 342.0 %².
Within CPAY's tracked universe of 32 assets, XLF comes in at #4 by 3-year correlation. Over the last 12 months CPAY came out ahead by 14.8 percentage points (+24.1% against +9.3%). Across three years, the rolling one-year figure varied moderately, from 0.47 to 0.89. Note the risk asymmetry: CPAY runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CPAY vs XLF: side by side
| CPAY (Corpay) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +24.1% | +9.3% |
| 5-year return | +55.2% | +64.2% |
| Volatility (ann.) | 31.7% | 16.2% |
| Beta vs S&P 500 | 1.22 | 0.84 |
| Max drawdown (3Y) | -34.5% | -15.5% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| 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 | CPAY | XLF |
|---|---|---|
| 2022 | -17.9% | -10.6% |
| 2023 | +53.9% | +12.0% |
| 2024 | +19.7% | +30.6% |
| 2025 | -11.1% | +14.9% |
| 2026 | +34.1% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CPAY represents 0.32% of XLF's portfolio, so part of any move in XLF is CPAY itself, and the correlation between them is partly mechanical.
Are CPAY and XLF good diversifiers for each other?
To a limited degree. At 0.67 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 CPAY and XLF?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.46 over the last year and 0.65 over 5 years.
Is XLF a good diversifier for CPAY?
To a limited degree. At 0.67 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 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CPAY correlations · XLF correlations
