OPY vs XLF: Correlation
Measured on weekly returns over the past three years, Oppenheimer Holdings, Inc. (OPY) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPY and XLF?
Across a 3-year window, the weekly returns of OPY and XLF correlate at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 273.9 %².
Within OPY's tracked universe of 13 assets, XLF comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OPY outperformed by 62.6 percentage points (+71.9% for OPY against +9.3% for XLF). One caveat on sizing: OPY is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OPY vs XLF: side by side
| OPY (Oppenheimer Holdings, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +71.9% | +9.3% |
| 5-year return | +185.5% | +64.2% |
| Volatility (ann.) | 30.2% | 16.2% |
| Beta vs S&P 500 | 0.93 | 0.84 |
| Max drawdown (3Y) | -29.4% | -15.5% |
| Market cap | $1.3B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.66% | 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 | OPY | XLF |
|---|---|---|
| 2022 | -7.2% | -10.6% |
| 2023 | -0.9% | +12.0% |
| 2024 | +57.3% | +30.6% |
| 2025 | +15.6% | +14.9% |
| 2026 | +67.0% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPY and XLF 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 OPY and XLF?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.57 over the last year and 0.52 over 5 years.
Is XLF a good diversifier for OPY?
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.
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Related comparisons
Hubs: OPY correlations · XLF correlations
