GPN vs XLF: Correlation
Measured on weekly returns over the past three years, Global Payments (GPN) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPN and XLF?
Across a 3-year window, the weekly returns of GPN and XLF correlate at 0.62, strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 361.9 %².
In GPN's tracked universe of 39 assets, XLF sits right near the top at #1. Their 12-month results are close: +7.0% for GPN against +9.3% for XLF. The rolling one-year correlation stayed in a tight band between 0.51 and 0.72 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since GPN carries 2.2 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.
GPN vs XLF: side by side
| GPN (Global Payments) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +7.0% | +9.3% |
| 5-year return | -39.6% | +64.2% |
| Volatility (ann.) | 35.9% | 16.2% |
| Beta vs S&P 500 | 1.22 | 0.84 |
| Max drawdown (3Y) | -54.0% | -15.5% |
| Market cap | $24.5B | – |
| P/E (trailing) | 44.0 | – |
| Dividend yield | 1.08% | 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 | GPN | XLF |
|---|---|---|
| 2022 | -25.9% | -10.6% |
| 2023 | +29.0% | +12.0% |
| 2024 | -11.0% | +30.6% |
| 2025 | -30.1% | +14.9% |
| 2026 | +20.7% | +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 GPN at a 0.26% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GPN and XLF good diversifiers for each other?
Only partially. A correlation of 0.62 means GPN and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GPN and XLF?
As of 2026-08-27, the correlation of weekly returns between GPN and XLF is 0.62 over 3 years, 0.58 over 1 year and 0.61 over 5 years.
Is XLF a good diversifier for GPN?
Only partially. A correlation of 0.62 means GPN and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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: GPN correlations · XLF correlations
