ICE vs XLF: Correlation
How closely do Intercontinental Exchange (ICE) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and XLF?
Over the past 3 years, ICE and XLF moved with a correlation of 0.52, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.52 over 3 years. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 178.3 %².
By 3-year correlation, XLF places #8 of the 31 assets tracked against ICE. The last year tells two different stories: XLF led by 17.2 percentage points, -7.9% for ICE against +9.3% for XLF. Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.72.
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.
ICE vs XLF: side by side
| ICE (Intercontinental Exchange) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -7.9% | +9.3% |
| 5-year return | +44.2% | +64.2% |
| Volatility (ann.) | 21.2% | 16.2% |
| Beta vs S&P 500 | 0.62 | 0.84 |
| Max drawdown (3Y) | -33.9% | -15.5% |
| Market cap | $90.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 1.24% | 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 | ICE | XLF |
|---|---|---|
| 2022 | -23.9% | -10.6% |
| 2023 | +27.1% | +12.0% |
| 2024 | +17.5% | +30.6% |
| 2025 | +9.9% | +14.9% |
| 2026 | +0.2% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.11% of XLF is ICE itself, so the fund partly moves with the stock by construction.
Are ICE and XLF good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ICE and XLF?
The ICE/XLF correlation stands at 0.52 on a 3-year window (1 year: 0.41, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for ICE?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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: ICE correlations · XLF correlations
