HBAN vs XLF: Correlation
Huntington Bancshares (HBAN) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and XLF?
On 3 years of weekly data the HBAN/XLF correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 382.6 %².
Among the 55 assets we track against HBAN, XLF ranks #19 by 3-year correlation. On 12-month performance XLF holds a 11.0-point edge, -1.7% against +9.3%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.68 and 0.89. One caveat on sizing: HBAN is 1.8 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.
HBAN vs XLF: side by side
| HBAN (Huntington Bancshares) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -1.7% | +9.3% |
| 5-year return | +36.8% | +64.2% |
| Volatility (ann.) | 29.8% | 16.2% |
| Beta vs S&P 500 | 1.07 | 0.84 |
| Max drawdown (3Y) | -30.0% | -15.5% |
| Market cap | $34.1B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 3.64% | 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 | HBAN | XLF |
|---|---|---|
| 2022 | -4.4% | -10.6% |
| 2023 | -4.7% | +12.0% |
| 2024 | +33.7% | +30.6% |
| 2025 | +10.8% | +14.9% |
| 2026 | -0.9% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.42% of XLF is HBAN itself, so the fund partly moves with the stock by construction.
Are HBAN and XLF good diversifiers for each other?
Only partially. A correlation of 0.79 means HBAN 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 HBAN and XLF?
As of 2026-08-27, the correlation of weekly returns between HBAN and XLF is 0.79 over 3 years, 0.75 over 1 year and 0.78 over 5 years.
Is XLF a good diversifier for HBAN?
Only partially. A correlation of 0.79 means HBAN 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 0.79 mean?
A reading of 0.79 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: HBAN correlations · XLF correlations
