FITB vs XLF: Correlation
Measured on weekly returns over the past three years, Fifth Third Bancorp (FITB) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and XLF?
Across a 3-year window, the weekly returns of FITB and XLF correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 365.7 %².
Within FITB's tracked universe of 45 assets, XLF comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FITB outperformed by 15.3 percentage points (+24.6% for FITB against +9.3% for XLF). Stability stands out here, with the rolling one-year correlation confined to 0.67 through 0.90. Risk is not evenly split, since FITB carries 1.8 times the volatility of the other side.
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.
FITB vs XLF: side by side
| FITB (Fifth Third Bancorp) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +24.6% | +9.3% |
| 5-year return | +71.2% | +64.2% |
| Volatility (ann.) | 29.4% | 16.2% |
| Beta vs S&P 500 | 1.03 | 0.84 |
| Max drawdown (3Y) | -29.9% | -15.5% |
| Market cap | $49.7B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 2.90% | 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 | FITB | XLF |
|---|---|---|
| 2022 | -21.9% | -10.6% |
| 2023 | +10.4% | +12.0% |
| 2024 | +27.2% | +30.6% |
| 2025 | +14.8% | +14.9% |
| 2026 | +19.1% | +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 FITB at a 0.61% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FITB and XLF good diversifiers for each other?
To a limited degree. At 0.77 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 FITB and XLF?
As of 2026-08-27, the correlation of weekly returns between FITB and XLF is 0.77 over 3 years, 0.68 over 1 year and 0.80 over 5 years.
Is XLF a good diversifier for FITB?
To a limited degree. At 0.77 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 0.77 mean?
On the −1 to +1 scale, 0.77 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: FITB correlations · XLF correlations
