PNC vs XLF: Correlation
PNC Financial Services (PNC) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNC and XLF?
On 3 years of weekly data the PNC/XLF correlation comes out at 0.79, strong. Lately the two have drifted apart, with the 1-year correlation at 0.69 versus 0.79 over 3 years. The 5-year figure is 0.83, and annualized covariance runs at 325.2 %².
Among the 47 assets we track against PNC, XLF ranks #17 by 3-year correlation. On 12-month performance PNC holds a 12.8-point edge, +22.1% against +9.3%. Stability stands out here, with the rolling one-year correlation confined to 0.69 through 0.88. Note the risk asymmetry: PNC runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PNC vs XLF: side by side
| PNC (PNC Financial Services) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.1% | +9.3% |
| 5-year return | +53.5% | +64.2% |
| Volatility (ann.) | 25.6% | 16.2% |
| Beta vs S&P 500 | 0.92 | 0.84 |
| Max drawdown (3Y) | -29.8% | -15.5% |
| Market cap | $97.1B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 2.78% | 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 | PNC | XLF |
|---|---|---|
| 2022 | -18.6% | -10.6% |
| 2023 | +2.7% | +12.0% |
| 2024 | +29.4% | +30.6% |
| 2025 | +12.2% | +14.9% |
| 2026 | +19.4% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.19% of XLF is PNC itself, so the fund partly moves with the stock by construction.
Are PNC and XLF good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PNC and XLF?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.69 over the last year and 0.83 over 5 years.
Is XLF a good diversifier for PNC?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 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: PNC correlations · XLF correlations
