EQH vs XLF: Correlation
Measured on weekly returns over the past three years, Equitable Holdings, Inc. (EQH) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQH and XLF?
Across a 3-year window, the weekly returns of EQH and XLF correlate at 0.74, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 326.6 %².
In EQH's tracked universe of 20 assets, XLF sits right near the top at #2. The trailing year gives XLF the advantage: -4.2% versus +9.3%, a 13.5-point spread. Note the risk asymmetry: EQH runs 1.7 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.
EQH vs XLF: side by side
| EQH (Equitable Holdings, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -4.2% | +9.3% |
| 5-year return | +83.5% | +64.2% |
| Volatility (ann.) | 27.3% | 16.2% |
| Beta vs S&P 500 | 1.19 | 0.84 |
| Max drawdown (3Y) | -35.8% | -15.5% |
| Market cap | $13.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.29% | 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 | EQH | XLF |
|---|---|---|
| 2022 | -10.2% | -10.6% |
| 2023 | +19.6% | +12.0% |
| 2024 | +45.0% | +30.6% |
| 2025 | +3.2% | +14.9% |
| 2026 | +7.4% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQH and XLF good diversifiers for each other?
Only partially. A correlation of 0.74 means EQH 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 EQH and XLF?
The EQH/XLF correlation stands at 0.74 on a 3-year window (1 year: 0.64, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for EQH?
Only partially. A correlation of 0.74 means EQH 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 0.74 mean?
On the −1 to +1 scale, 0.74 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: EQH correlations · XLF correlations
