RGA vs XLF: Correlation
Reinsurance Group of America, Incorporated (RGA) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RGA and XLF?
Over the past 3 years, RGA and XLF moved with a correlation of 0.62, which is strong. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 231.4 %².
Few assets follow RGA as closely as XLF, which ranks #2 of 14 tracked partners. Correlation aside, the last 12 months split them widely, with RGA ahead by 19.7 points (+29.0% versus +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.
RGA vs XLF: side by side
| RGA (Reinsurance Group of America, Incorporated) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +29.0% | +9.3% |
| 5-year return | +136.6% | +64.2% |
| Volatility (ann.) | 23.0% | 16.2% |
| Beta vs S&P 500 | 0.60 | 0.84 |
| Max drawdown (3Y) | -27.1% | -15.5% |
| Market cap | $16.1B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 1.51% | 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 | RGA | XLF |
|---|---|---|
| 2022 | +33.0% | -10.6% |
| 2023 | +16.4% | +12.0% |
| 2024 | +34.4% | +30.6% |
| 2025 | -3.0% | +14.9% |
| 2026 | +22.4% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RGA and XLF good diversifiers for each other?
Only partially. A correlation of 0.62 means RGA and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between RGA and XLF?
As of 2026-08-27, the correlation of weekly returns between RGA and XLF is 0.62 over 3 years, 0.55 over 1 year and 0.58 over 5 years.
Is XLF a good diversifier for RGA?
Only partially. A correlation of 0.62 means RGA and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rga-vs-xlf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rga-vs-xlf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RGA correlations · XLF correlations
