SPYG vs XLF: Correlation & Overlap
SPDR Portfolio S&P 500 Growth ETF (SPYG) and Financial Select Sector SPDR Fund (XLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.59. Looking through to holdings, 9.2% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLF?
Over the past 3 years, SPYG and XLF moved with a correlation of 0.59, which is moderate. The past 12 months show a weaker link (0.46) than the 3-year average (0.59). Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 181.5 %².
By 3-year correlation, XLF places #60 of the 97 assets tracked against SPYG. The trailing year gives SPYG the advantage: +22.4% versus +9.3%, a 13.1-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.25 and 0.79 over the past three years, so this pair behaves very differently depending on the market environment.
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.
SPYG vs XLF: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +9.3% |
| 5-year return | +85.9% | +64.2% |
| Volatility (ann.) | 18.9% | 16.2% |
| Beta vs S&P 500 | 1.25 | 0.84 |
| Max drawdown (3Y) | -22.1% | -15.5% |
| Dividend yield | 0.49% | 1.42% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $57.9B |
| Sector / category | ETF · US Style | Sector ETF |
SPYG, State Street Investment Management's Large Growth fund, carries $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. 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.
Portfolio overlap between SPYG and XLF
The two portfolios are largely distinct, with 20 holdings in common adding up to 9.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYG | Weight in XLF |
|---|---|---|
| BRK.B | 2.59% | 11.25% |
| JPM | 1.82% | 11.61% |
| V | 0.98% | 7.74% |
| MA | 0.91% | 5.87% |
| GS | 0.56% | 3.73% |
| MS | 0.44% | 3.12% |
| AXP | 0.34% | 2.17% |
| HOOD | 0.24% | 1.04% |
| PGR | 0.20% | 1.58% |
| BNY | 0.20% | 1.36% |
| SPGI | 0.16% | 1.61% |
| CME | 0.16% | 1.24% |
| IBKR | 0.12% | 0.53% |
| KKR | 0.11% | 0.91% |
| MCO | 0.10% | 0.94% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLF: BAC (4.94%), WFC (3.17%), C (2.77%), SCHW (2.17%), BLK (2.06%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPYG | XLF |
|---|---|---|
| 2022 | -29.4% | -10.6% |
| 2023 | +30.0% | +12.0% |
| 2024 | +36.0% | +30.6% |
| 2025 | +22.1% | +14.9% |
| 2026 | +14.5% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLF good diversifiers for each other?
Only partially. A correlation of 0.59 means SPYG 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 SPYG and XLF?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.46 over the last year and 0.66 over 5 years.
Is XLF a good diversifier for SPYG?
Only partially. A correlation of 0.59 means SPYG and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYG and XLF overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 9.2% by weight over 20 common positions.
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