NNI vs XLF: Correlation
Nelnet, Inc. (NNI) and Financial Select Sector SPDR Fund (XLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNI and XLF?
On 3 years of weekly data the NNI/XLF correlation comes out at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.58). The 5-year figure is 0.52, and annualized covariance runs at 204.7 %².
XLF is one of the assets that tracks NNI most closely: it ranks #1 out of the 17 assets we track against NNI. On 12-month performance XLF holds a 9.5-point edge, -0.2% against +9.3%.
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.
NNI vs XLF: side by side
| NNI (Nelnet, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -0.2% | +9.3% |
| 5-year return | +67.8% | +64.2% |
| Volatility (ann.) | 22.0% | 16.2% |
| Beta vs S&P 500 | 0.59 | 0.84 |
| Max drawdown (3Y) | -18.5% | -15.5% |
| Market cap | $4.6B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 1.01% | 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 | NNI | XLF |
|---|---|---|
| 2022 | -6.0% | -10.6% |
| 2023 | -1.6% | +12.0% |
| 2024 | +22.4% | +30.6% |
| 2025 | +25.7% | +14.9% |
| 2026 | -3.7% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNI and XLF good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NNI and XLF?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.39 over the last year and 0.52 over 5 years.
Is XLF a good diversifier for NNI?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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: NNI correlations · XLF correlations
