MFC vs SLF: Correlation
Manulife Financial Corporation (MFC) and Sun Life Financial Inc. (SLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and SLF?
On 3 years of weekly data the MFC/SLF correlation comes out at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.56 over 3 years. The 5-year figure is 0.68, and annualized covariance runs at 219.2 %².
Among the 12 assets we track against MFC, SLF ranks #7 by 3-year correlation. The trailing year gives MFC the advantage: +46.3% versus +40.0%, a 6.3-point spread.
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.
MFC vs SLF: side by side
| MFC (Manulife Financial Corporation) | SLF (Sun Life Financial Inc.) | |
|---|---|---|
| 1-year return | +46.3% | +40.0% |
| 5-year return | +174.6% | +84.1% |
| Volatility (ann.) | 21.2% | 18.6% |
| Beta vs S&P 500 | 0.87 | 0.52 |
| Max drawdown (3Y) | -16.8% | -14.9% |
| Market cap | $71.7B | $43.8B |
| P/E (trailing) | 16.2 | 18.5 |
| Dividend yield | 4.28% | 4.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFC | SLF |
|---|---|---|
| 2022 | -1.2% | -12.9% |
| 2023 | +31.1% | +16.9% |
| 2024 | +45.2% | +19.5% |
| 2025 | +20.6% | +7.3% |
| 2026 | +22.3% | +29.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and SLF good diversifiers for each other?
To a limited degree. At 0.56 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 MFC and SLF?
As of 2026-08-27, the correlation of weekly returns between MFC and SLF is 0.56 over 3 years, 0.31 over 1 year and 0.68 over 5 years.
Is SLF a good diversifier for MFC?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mfc-vs-slf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mfc-vs-slf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MFC correlations · SLF correlations
