GDV vs XLF: Correlation
How closely do Gabelli Dividend & Income Trust (GDV) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and XLF?
On 3 years of weekly data the GDV/XLF correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.59) runs below the 3-year figure (0.81). The 5-year figure is 0.85, and annualized covariance runs at 197.7 %².
By 3-year correlation, XLF places #20 of the 71 assets tracked against GDV. The trailing year gives GDV the advantage: +20.3% versus +9.3%, a 11.0-point spread.
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.
GDV vs XLF: side by side
| GDV (Gabelli Dividend & Income Trust) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +20.3% | +9.3% |
| 5-year return | +53.8% | +64.2% |
| Volatility (ann.) | 15.0% | 16.2% |
| Beta vs S&P 500 | 0.90 | 0.84 |
| Max drawdown (3Y) | -16.1% | -15.5% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 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 | GDV | XLF |
|---|---|---|
| 2022 | -18.6% | -10.6% |
| 2023 | +11.9% | +12.0% |
| 2024 | +18.1% | +30.6% |
| 2025 | +22.8% | +14.9% |
| 2026 | +13.8% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and XLF good diversifiers for each other?
No: a correlation of 0.81 means GDV and XLF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDV and XLF?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.59 over the last year and 0.85 over 5 years.
Is XLF a good diversifier for GDV?
No: a correlation of 0.81 means GDV and XLF tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
A reading of 0.81 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: GDV correlations · XLF correlations
