USB vs XLF: Correlation
U.S. Bancorp (USB) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USB and XLF?
On 3 years of weekly data the USB/XLF correlation comes out at 0.77, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.77 over 3. The 5-year figure is 0.78, and annualized covariance runs at 338.7 %².
Within USB's tracked universe of 55 assets, XLF comes in at #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USB ahead by 23.8 points (+33.1% versus +9.3%). The rolling one-year correlation stayed in a tight band between 0.70 and 0.85 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since USB carries 1.7 times the volatility of the other side.
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.
USB vs XLF: side by side
| USB (U.S. Bancorp) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +33.1% | +9.3% |
| 5-year return | +36.0% | +64.2% |
| Volatility (ann.) | 27.3% | 16.2% |
| Beta vs S&P 500 | 1.09 | 0.84 |
| Max drawdown (3Y) | -30.6% | -15.5% |
| Market cap | $97.2B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 3.31% | 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 | USB | XLF |
|---|---|---|
| 2022 | -19.1% | -10.6% |
| 2023 | +4.8% | +12.0% |
| 2024 | +15.6% | +30.6% |
| 2025 | +16.5% | +14.9% |
| 2026 | +19.2% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.18% of XLF is USB itself, so the fund partly moves with the stock by construction.
Are USB and XLF good diversifiers for each other?
Only partially. A correlation of 0.77 means USB 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 USB and XLF?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.72 over the last year and 0.78 over 5 years.
Is XLF a good diversifier for USB?
Only partially. A correlation of 0.77 means USB 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 0.77 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usb-vs-xlf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/usb-vs-xlf/)
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Related comparisons
Hubs: USB correlations · XLF correlations
