STEW vs XLF: Correlation
Measured on weekly returns over the past three years, SRH Total Return Fund, Inc. (STEW) and Financial Select Sector SPDR Fund (XLF) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STEW and XLF?
On 3 years of weekly data the STEW/XLF correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.77 over 1 year against 0.87 over 3. The 5-year figure is 0.87, and annualized covariance runs at 198.0 %².
In STEW's tracked universe of 26 assets, XLF sits right near the top at #1. Neither side won the trailing year by much: +5.2% against +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.
STEW vs XLF: side by side
| STEW (SRH Total Return Fund, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +5.2% | +9.3% |
| 5-year return | +61.2% | +64.2% |
| Volatility (ann.) | 14.1% | 16.2% |
| Beta vs S&P 500 | 0.67 | 0.84 |
| Max drawdown (3Y) | -10.5% | -15.5% |
| Market cap | $1.8B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 3.91% | 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 | STEW | XLF |
|---|---|---|
| 2022 | -7.3% | -10.6% |
| 2023 | +13.5% | +12.0% |
| 2024 | +19.9% | +30.6% |
| 2025 | +20.3% | +14.9% |
| 2026 | +3.5% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STEW and XLF good diversifiers for each other?
No: a correlation of 0.87 means STEW and XLF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between STEW and XLF?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.77 over the last year and 0.87 over 5 years.
Is XLF a good diversifier for STEW?
No: a correlation of 0.87 means STEW and XLF tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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: STEW correlations · XLF correlations
