VOYA vs XLF: Correlation
Voya Financial, Inc. (VOYA) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VOYA and XLF?
On 3 years of weekly data the VOYA/XLF correlation comes out at 0.64, strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.64). The 5-year figure is 0.72, and annualized covariance runs at 258.8 %².
Among the 11 assets we track against VOYA, XLF ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VOYA ahead by 27.4 points (+36.7% versus +9.3%). Risk is not evenly split, since VOYA carries 1.5 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.
VOYA vs XLF: side by side
| VOYA (Voya Financial, Inc.) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +36.7% | +9.3% |
| 5-year return | +72.0% | +64.2% |
| Volatility (ann.) | 25.1% | 16.2% |
| Beta vs S&P 500 | 0.90 | 0.84 |
| Max drawdown (3Y) | -34.6% | -15.5% |
| Market cap | $9.2B | – |
| P/E (trailing) | 17.1 | – |
| Dividend yield | 1.83% | 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 | VOYA | XLF |
|---|---|---|
| 2022 | -6.1% | -10.6% |
| 2023 | +20.7% | +12.0% |
| 2024 | -3.4% | +30.6% |
| 2025 | +11.1% | +14.9% |
| 2026 | +38.2% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOYA and XLF good diversifiers for each other?
To a limited degree. At 0.64 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 VOYA and XLF?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.50 over the last year and 0.72 over 5 years.
Is XLF a good diversifier for VOYA?
To a limited degree. At 0.64 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 0.64 mean?
On the −1 to +1 scale, 0.64 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: VOYA correlations · XLF correlations
