SPGI vs XLF: Correlation
S&P Global (SPGI) and Financial Select Sector SPDR Fund (XLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPGI and XLF?
On 3 years of weekly data the SPGI/XLF correlation comes out at 0.58, moderate. The past 12 months show a weaker link (0.36) than the 3-year average (0.58). The 5-year figure is 0.59, and annualized covariance runs at 231.2 %².
Within SPGI's tracked universe of 40 assets, XLF comes in at #11 by 3-year correlation. The last year tells two different stories: XLF led by 24.9 percentage points, -15.6% for SPGI against +9.3% for XLF. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.28 to 0.87. Note the risk asymmetry: SPGI runs 1.5 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.
SPGI vs XLF: side by side
| SPGI (S&P Global) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -15.6% | +9.3% |
| 5-year return | +8.1% | +64.2% |
| Volatility (ann.) | 24.7% | 16.2% |
| Beta vs S&P 500 | 0.86 | 0.84 |
| Max drawdown (3Y) | -30.5% | -15.5% |
| Market cap | $128.4B | – |
| P/E (trailing) | 26.6 | – |
| Dividend yield | 0.88% | 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 | SPGI | XLF |
|---|---|---|
| 2022 | -28.4% | -10.6% |
| 2023 | +32.8% | +12.0% |
| 2024 | +13.9% | +30.6% |
| 2025 | +5.7% | +14.9% |
| 2026 | -11.3% | +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 SPGI at a 1.61% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPGI and XLF good diversifiers for each other?
To a limited degree. At 0.58 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 SPGI and XLF?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.36 over the last year and 0.59 over 5 years.
Is XLF a good diversifier for SPGI?
To a limited degree. At 0.58 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 0.58 mean?
On the −1 to +1 scale, 0.58 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: SPGI correlations · XLF correlations
