RJF vs XLF: Correlation
How closely do Raymond James Financial (RJF) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RJF and XLF?
On 3 years of weekly data the RJF/XLF correlation comes out at 0.76, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 304.4 %².
XLF is one of the assets that tracks RJF most closely: it ranks #3 out of the 29 assets we track against RJF. Twelve-month performance is nearly a tie, at +6.3% for RJF and +9.3% for XLF. The rolling one-year correlation moved between 0.55 and 0.88 over the past three years, a moderate range. One caveat on sizing: RJF is 1.5 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.
RJF vs XLF: side by side
| RJF (Raymond James Financial) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +6.3% | +9.3% |
| 5-year return | +102.1% | +64.2% |
| Volatility (ann.) | 24.8% | 16.2% |
| Beta vs S&P 500 | 1.03 | 0.84 |
| Max drawdown (3Y) | -28.1% | -15.5% |
| Market cap | $33.8B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 1.20% | 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 | RJF | XLF |
|---|---|---|
| 2022 | +8.3% | -10.6% |
| 2023 | +6.1% | +12.0% |
| 2024 | +40.8% | +30.6% |
| 2025 | +4.7% | +14.9% |
| 2026 | +10.8% | +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 RJF at a 0.37% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are RJF and XLF good diversifiers for each other?
Only partially. A correlation of 0.76 means RJF 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 RJF and XLF?
As of 2026-08-27, the correlation of weekly returns between RJF and XLF is 0.76 over 3 years, 0.69 over 1 year and 0.79 over 5 years.
Is XLF a good diversifier for RJF?
Only partially. A correlation of 0.76 means RJF 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 0.76 mean?
On the −1 to +1 scale, 0.76 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: RJF correlations · XLF correlations
