PGR vs XLF: Correlation
Progressive Corporation (PGR) and Financial Select Sector SPDR Fund (XLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGR and XLF?
Across a 3-year window, the weekly returns of PGR and XLF correlate at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.41). Stretching to 5 years gives 0.45, with an annualized covariance of 154.7 %².
By 3-year correlation, XLF places #18 of the 36 assets tracked against PGR. The trailing year gives XLF the advantage: -5.3% versus +9.3%, a 14.6-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.03 to 0.68.
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.
PGR vs XLF: side by side
| PGR (Progressive Corporation) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -5.3% | +9.3% |
| 5-year return | +153.0% | +64.2% |
| Volatility (ann.) | 23.6% | 16.2% |
| Beta vs S&P 500 | 0.32 | 0.84 |
| Max drawdown (3Y) | -30.4% | -15.5% |
| Market cap | $126.5B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 0.18% | 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 | PGR | XLF |
|---|---|---|
| 2022 | +26.8% | -10.6% |
| 2023 | +23.2% | +12.0% |
| 2024 | +51.4% | +30.6% |
| 2025 | -3.0% | +14.9% |
| 2026 | +1.7% | +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 PGR at a 1.58% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are PGR and XLF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PGR and XLF?
The PGR/XLF correlation stands at 0.41 on a 3-year window (1 year: 0.19, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is XLF a good diversifier for PGR?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/pgr-vs-xlf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pgr-vs-xlf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGR correlations · XLF correlations
