GE vs XLF: Correlation
Measured on weekly returns over the past three years, GE Aerospace (GE) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GE and XLF?
Across a 3-year window, the weekly returns of GE and XLF correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 286.8 %².
Within GE's tracked universe of 32 assets, XLF comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GE outperformed by 16.7 percentage points (+26.0% for GE against +9.3% for XLF). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.26 to 0.80. Note the risk asymmetry: GE runs 1.9 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.
GE vs XLF: side by side
| GE (GE Aerospace) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +26.0% | +9.3% |
| 5-year return | +435.6% | +64.2% |
| Volatility (ann.) | 30.9% | 16.2% |
| Beta vs S&P 500 | 1.24 | 0.84 |
| Max drawdown (3Y) | -21.4% | -15.5% |
| Market cap | $355.6B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.47% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | Industrials | 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 | GE | XLF |
|---|---|---|
| 2022 | -10.9% | -10.6% |
| 2023 | +95.7% | +12.0% |
| 2024 | +64.8% | +30.6% |
| 2025 | +85.7% | +14.9% |
| 2026 | +11.6% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GE and XLF good diversifiers for each other?
To a limited degree. At 0.57 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 GE and XLF?
The GE/XLF correlation stands at 0.57 on a 3-year window (1 year: 0.47, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for GE?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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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Hubs: GE correlations · XLF correlations
