JXN vs XLF: Correlation
Jackson Financial Inc. (JXN) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JXN and XLF?
Over the past 3 years, JXN and XLF moved with a correlation of 0.67, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.67 over 3 years. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 375.8 %².
XLF is one of the assets that tracks JXN most closely: it ranks #2 out of the 15 assets we track against JXN. The last year tells two different stories: JXN led by 31.7 percentage points, +41.0% for JXN against +9.3% for XLF. Risk is not evenly split, since JXN carries 2.1 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.
JXN vs XLF: side by side
| JXN (Jackson Financial Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +41.0% | +9.3% |
| 5-year return | +434.8% | +64.2% |
| Volatility (ann.) | 34.5% | 16.2% |
| Beta vs S&P 500 | 1.32 | 0.84 |
| Max drawdown (3Y) | -37.1% | -15.5% |
| Market cap | $9.0B | – |
| P/E (trailing) | 146.7 | – |
| Dividend yield | 2.54% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | US Listed | 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 | JXN | XLF |
|---|---|---|
| 2022 | -11.5% | -10.6% |
| 2023 | +57.2% | +12.0% |
| 2024 | +76.5% | +30.6% |
| 2025 | +26.9% | +14.9% |
| 2026 | +27.3% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JXN and XLF good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JXN and XLF?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.50 over the last year and 0.66 over 5 years.
Is XLF a good diversifier for JXN?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 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: JXN correlations · XLF correlations
