FCNCA vs XLF: Correlation
First Citizens BancShares, Inc. (FCNCA) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCNCA and XLF?
Over the past 3 years, FCNCA and XLF moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 332.6 %².
XLF is one of the assets that tracks FCNCA most closely: it ranks #3 out of the 11 assets we track against FCNCA. Twelve-month performance is nearly a tie, at +6.7% for FCNCA and +9.3% for XLF. Note the risk asymmetry: FCNCA runs 1.8 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.
FCNCA vs XLF: side by side
| FCNCA (First Citizens BancShares, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +6.7% | +9.3% |
| 5-year return | +146.7% | +64.2% |
| Volatility (ann.) | 29.7% | 16.2% |
| Beta vs S&P 500 | 0.95 | 0.84 |
| Max drawdown (3Y) | -33.5% | -15.5% |
| Market cap | $24.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.38% | 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 | FCNCA | XLF |
|---|---|---|
| 2022 | -8.4% | -10.6% |
| 2023 | +87.7% | +12.0% |
| 2024 | +49.5% | +30.6% |
| 2025 | +2.0% | +14.9% |
| 2026 | +0.9% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCNCA and XLF good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FCNCA and XLF?
The FCNCA/XLF correlation stands at 0.69 on a 3-year window (1 year: 0.67, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for FCNCA?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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: FCNCA correlations · XLF correlations
