MA vs XLF: Correlation
How closely do Mastercard (MA) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MA and XLF?
Over the past 3 years, MA and XLF moved with a correlation of 0.73, which is strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 227.8 %².
In MA's tracked universe of 46 assets, XLF sits right near the top at #2. The trailing year gives XLF the advantage: +0.8% versus +9.3%, a 8.5-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.35 and 0.86 over the past three years, so this pair behaves very differently depending on the market environment.
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.
MA vs XLF: side by side
| MA (Mastercard) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +0.8% | +9.3% |
| 5-year return | +72.6% | +64.2% |
| Volatility (ann.) | 19.3% | 16.2% |
| Beta vs S&P 500 | 0.77 | 0.84 |
| Max drawdown (3Y) | -20.9% | -15.5% |
| Market cap | $518.4B | – |
| P/E (trailing) | 32.9 | – |
| Dividend yield | 0.56% | 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 | MA | XLF |
|---|---|---|
| 2022 | -2.7% | -10.6% |
| 2023 | +23.4% | +12.0% |
| 2024 | +24.2% | +30.6% |
| 2025 | +9.0% | +14.9% |
| 2026 | +4.2% | +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 MA at a 5.87% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MA and XLF good diversifiers for each other?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MA and XLF?
As of 2026-08-27, the correlation of weekly returns between MA and XLF is 0.73 over 3 years, 0.75 over 1 year and 0.69 over 5 years.
Is XLF a good diversifier for MA?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MA correlations · XLF correlations
