GL vs XLF: Correlation
Measured on weekly returns over the past three years, Globe Life (GL) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GL and XLF?
On 3 years of weekly data the GL/XLF correlation comes out at 0.45, moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.45). The 5-year figure is 0.48, and annualized covariance runs at 259.1 %².
Within GL's tracked universe of 30 assets, XLF comes in at #4 by 3-year correlation. The last year tells two different stories: GL led by 16.8 percentage points, +26.1% for GL against +9.3% for XLF. Across three years, the rolling one-year figure varied moderately, from 0.41 to 0.73. One caveat on sizing: GL is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GL vs XLF: side by side
| GL (Globe Life) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +26.1% | +9.3% |
| 5-year return | +91.0% | +64.2% |
| Volatility (ann.) | 35.7% | 16.2% |
| Beta vs S&P 500 | 0.60 | 0.84 |
| Max drawdown (3Y) | -61.6% | -15.5% |
| Market cap | $13.5B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.68% | 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 | GL | XLF |
|---|---|---|
| 2022 | +29.7% | -10.6% |
| 2023 | +1.8% | +12.0% |
| 2024 | -7.5% | +30.6% |
| 2025 | +26.5% | +14.9% |
| 2026 | +26.5% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GL represents 0.17% of XLF's portfolio, so part of any move in XLF is GL itself, and the correlation between them is partly mechanical.
Are GL and XLF good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GL and XLF?
The GL/XLF correlation stands at 0.45 on a 3-year window (1 year: 0.58, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for GL?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: GL correlations · XLF correlations
