XLF Financials Dashboard
The Financial Select Sector SPDR (XLF): leadership, its holdings underneath, valuation, positioning and options.
- Price
- $55.06 · −6.0% from high · +2.6% vs 200-day
- Ratio to SPY
- −2.8% vs its 200-day · −63.7% from record (2007)
- Valuation
- 16.3× trailing earnings, fund-weighted (62nd pct since 2014)
- Flows
- −$2.5B over 13 weeks · z -1.3
- Short interest
- 1.8% of shares (96th pct) · 2.9 days to cover
- Options
- 30-day IV 16.0% (37th pct) · skew 1.1 pts
- Concentration
- top 10 = 58% · ~20 effective names
Leading: the ratio to SPY above its 200-day average and ahead of SPY over at least two of 3, 6 and 12 months. Lagging: below it and behind over at least two. Mixed: otherwise. Returns are total return. Breadth: broad at 70% of holdings above their 200-day, narrow below 40%. Descriptions, not forecasts.
Latest read
- Leadership: lagging. Against SPY in total return, XLF is behind by 4.2 pts over 3 months, behind by 3.3 pts over 6 and behind by 9.2 pts over 12, and the ratio sits −2.8% from its 200-day average.
- Trend: XLF closed at $55.06, above a rising trend (50-day over 200-day), −6.0% from its Sep 3, 2026 high.
- Underneath: 55% of the 74 holdings with 200 days of prices are above their 200-day averages (64% by weight) and 38% above their 50-day; 2 made a 52-week high on the latest session and 0 a 52-week low.
- Valuation: weighted as the fund holds them, the holdings whose filings yield a trailing P/E (76% of the fund) trade at 16.3 times trailing earnings, the 62nd percentile since 2014.
- Flows: −$2.5B net over the 13 weeks to Oct 16, 2026, −1.3 standard deviations from its three-year norm.
Is XLF leading the market?
XLF divided by SPY in total return. A rising line means the sector is beating the S&P 500 whatever the market’s direction; a falling line means it is giving up leadership. The ratio is −2.8% from its 200-day average; XLF is behind by 4.2 pts over 3 months, behind by 3.3 pts over 6 and behind by 9.2 pts over 12. For longer context, the ratio sits −63.7% from its March 21, 2007 record.
Trend, drawdown and stretch
XLF against its 50- and 200-day averages, then how far it sits below its record and how far it has run from its 200-day average. Today it is +2.6% from the 200-day, the 46th percentile of its history.
What the holdings are doing underneath
The fund’s 76 current holdings (from the issuer’s daily file of October 16, 2026), each counted once: the share above their 50- and 200-day averages, how many set 52-week highs and lows, and a cumulative advance-decline line. These are today’s members carried back, so stocks that left the fund are missing and the history reads stronger than it was; use it to compare the price with its own members, not as a record of the sector. Today 74 of the 76 holdings have 200 sessions of prices and 74 have 50, so those are the denominators.
How concentrated is the move?
The ten largest holdings are 58% of the fund; weighted, it behaves like about 20 equal positions. Over the last 63 sessions XLF’s price returned −1.9%, and by our estimate 6 holdings supplied half of all the movement, up and down.
Estimates in percentage points of the fund’s price return, dividends excluded: each holding’s starting weight is today’s weight rolled back by its price return, with no rebalancing, then multiplied by that return. Over the 74 holdings with prices they sum to −1.81 pts against the fund’s own price return of −1.87%, a gap of +0.06 pts from rebalancing, membership changes and fees.
Leaders and laggards
Every holding by fund weight, with price returns (dividends excluded), distance from its 52-week high and its trend.
| Holding | Weight | 1 mo | 3 mo | YTD | From high | 50d | 200d |
|---|---|---|---|---|---|---|---|
| BRK.B | 12.7% | +4.5% | +8.7% | +5.9% | 0.0% | ▲ | ▲ |
| JPM | 11.6% | −4.6% | −3.4% | +3.5% | −8.7% | ▼ | ▲ |
| V | 8.8% | +9.4% | +13.2% | +14.9% | 0.0% | ▲ | ▲ |
| MA | 6.4% | +9.0% | +14.4% | +7.9% | −0.2% | ▲ | ▲ |
| BAC | 4.3% | −12.7% | −17.7% | −8.4% | −22.3% | ▼ | ▼ |
| GS | 3.3% | −7.0% | −19.3% | −0.4% | −24.0% | ▼ | ▼ |
| WFC | 3.3% | −5.0% | −6.8% | −12.2% | −15.1% | ▼ | ▼ |
| MS | 2.8% | −11.9% | −17.5% | +0.5% | −21.9% | ▼ | ▼ |
| C | 2.7% | −7.7% | −8.4% | +4.3% | −16.5% | ▼ | ▼ |
| AXP | 2.1% | +1.6% | −9.8% | −14.5% | −17.8% | ▼ | ▼ |
| BLK | 2.1% | +5.1% | +8.3% | +5.1% | −4.9% | ▲ | ▲ |
| SCHW | 1.9% | −14.9% | −10.4% | −10.3% | −21.2% | ▼ | ▼ |
| SPGI | 1.7% | +5.5% | −0.8% | −18.1% | −21.7% | ▲ | ▼ |
| PGR | 1.6% | +2.6% | +6.4% | +2.3% | −6.6% | ▲ | ▲ |
| CB | 1.6% | +4.6% | +0.4% | +14.1% | −2.0% | ▲ | ▲ |
| COF | 1.6% | −1.3% | −3.1% | −17.5% | −22.5% | ▼ | ▼ |
| CME | 1.4% | +6.3% | +23.6% | +10.0% | −8.4% | ▲ | ▲ |
| BNY | 1.2% | no price file | |||||
| USB | 1.2% | −3.7% | −9.2% | +8.4% | −11.6% | ▼ | ▲ |
| ICE | 1.2% | +1.9% | +14.2% | −2.2% | −9.5% | ▲ | ▲ |
| MRSH | 1.1% | no price file | |||||
| PNC | 1.1% | −7.3% | −13.7% | +3.6% | −15.9% | ▼ | ▼ |
| TRV | 1.0% | +2.9% | +4.3% | +32.9% | −3.0% | ▲ | ▲ |
| BX | 1.0% | −14.3% | −13.7% | −30.5% | −34.5% | ▼ | ▼ |
| HOOD | 1.0% | −19.3% | −9.3% | −14.7% | −34.4% | ▼ | ▲ |
| MCO | 0.9% | +2.6% | −1.9% | −5.8% | −10.9% | ▲ | ▲ |
| AJG | 0.8% | +5.7% | +2.0% | −2.2% | −10.6% | ▲ | ▲ |
| ALL | 0.8% | −1.2% | −1.9% | +18.6% | −10.3% | ▲ | ▲ |
| AON | 0.8% | −2.0% | −19.4% | −17.9% | −24.0% | ▼ | ▼ |
| KKR | 0.8% | −11.9% | −10.4% | −31.8% | −39.1% | ▼ | ▼ |
| TFC | 0.7% | −4.6% | −9.8% | −5.9% | −17.0% | ▼ | ▼ |
| MET | 0.7% | +2.6% | +6.7% | +26.2% | −1.2% | ▲ | ▲ |
| AFL | 0.7% | +2.0% | −4.0% | +7.6% | −8.4% | ▲ | ▲ |
| APO | 0.7% | −11.9% | −6.3% | −23.4% | −27.3% | ▼ | ▼ |
| PYPL | 0.6% | +7.8% | +1.2% | −3.2% | −22.6% | ▲ | ▲ |
| FITB | 0.6% | −4.5% | −12.4% | +7.9% | −14.9% | ▼ | ▼ |
| STT | 0.6% | −9.5% | −9.8% | +28.2% | −14.8% | ▼ | ▲ |
| AMP | 0.6% | −11.7% | −9.1% | −2.0% | −15.8% | ▼ | ▼ |
| AIG | 0.5% | +7.1% | +0.5% | −5.7% | −6.9% | ▲ | ▲ |
| XYZ | 0.5% | +1.6% | −3.6% | +19.1% | −8.6% | ▼ | ▲ |
| NDAQ | 0.5% | −0.4% | +3.3% | −4.0% | −7.7% | ▼ | ▲ |
| MSCI | 0.5% | +2.1% | +0.4% | −1.7% | −12.4% | ▲ | ▼ |
| PRU | 0.5% | −4.0% | −4.2% | +0.7% | −9.2% | ▼ | ▲ |
| COIN | 0.5% | −13.3% | −4.2% | −25.5% | −53.4% | ▼ | ▼ |
| IBKR | 0.5% | −10.3% | −13.8% | +26.5% | −17.2% | ▼ | ▼ |
| HIG | 0.5% | +1.8% | −5.4% | −2.5% | −7.8% | ▲ | ▼ |
| ACGL | 0.4% | +3.7% | −0.1% | +4.8% | −5.6% | ▲ | ▲ |
| CBOE | 0.4% | +12.7% | +11.9% | +22.3% | −16.3% | ▲ | ▲ |
| MTB | 0.4% | −6.0% | −14.0% | +6.1% | −15.9% | ▼ | ▼ |
| HBAN | 0.4% | −4.1% | −16.2% | −12.2% | −21.0% | ▼ | ▼ |
| NTRS | 0.4% | −7.5% | −11.1% | +20.4% | −14.1% | ▼ | ▲ |
| WTW | 0.4% | +1.4% | +8.9% | −4.3% | −10.3% | ▼ | ▲ |
| RJF | 0.4% | −6.9% | −8.6% | −4.5% | −15.3% | ▼ | ▼ |
| CFG | 0.3% | −6.4% | −12.8% | +7.4% | −16.0% | ▼ | ▼ |
| CINF | 0.3% | +0.5% | −5.9% | +4.0% | −11.5% | ▲ | ▲ |
| CPAY | 0.3% | +1.2% | +9.9% | +33.8% | −5.3% | ▼ | ▲ |
| FISV | 0.3% | +1.1% | −5.8% | −29.0% | −62.3% | ▼ | ▼ |
| ARES | 0.3% | −8.7% | −6.4% | −30.1% | −36.6% | ▼ | ▼ |
| SYF | 0.3% | −1.1% | +2.8% | −11.0% | −16.1% | ▼ | ▲ |
| RF | 0.3% | −4.6% | −11.8% | +0.4% | −16.1% | ▼ | ▼ |
| TROW | 0.3% | −3.9% | −14.9% | −2.2% | −17.7% | ▼ | ▼ |
| PFG | 0.3% | −9.2% | −2.5% | +21.1% | −9.8% | ▼ | ▲ |
| BRO | 0.3% | +6.5% | +3.9% | −13.2% | −22.4% | ▲ | ▲ |
| GPN | 0.2% | −0.5% | +5.7% | +9.3% | −10.8% | ▼ | ▲ |
| FIS | 0.2% | +1.0% | −13.5% | −45.9% | −47.0% | ▼ | ▼ |
| L | 0.2% | +2.3% | −3.8% | +4.7% | −7.7% | ▲ | ▲ |
| KEY | 0.2% | −4.3% | −13.2% | −3.5% | −17.0% | ▼ | ▼ |
| WRB | 0.2% | +5.8% | +2.7% | +5.7% | −3.9% | ▲ | ▲ |
| AIZ | 0.2% | −0.6% | +1.7% | +16.5% | −7.0% | ▲ | ▲ |
| EG | 0.2% | +4.2% | +3.5% | +15.1% | −2.1% | ▲ | ▲ |
| GL | 0.2% | −3.2% | −8.9% | +20.0% | −9.8% | ▼ | ▲ |
| IVZ | 0.2% | −7.3% | −6.0% | +7.7% | −15.1% | ▼ | ▲ |
| JKHY | 0.1% | −1.3% | +2.6% | −16.3% | −20.7% | ▼ | ▼ |
| FDS | 0.1% | +6.8% | +22.8% | +4.5% | −3.3% | ▲ | ▲ |
| BEN | 0.1% | −7.0% | −5.9% | +28.5% | −14.1% | ▼ | ▲ |
| ERIE | 0.1% | +1.3% | +12.3% | −15.5% | −26.6% | ▼ | ▼ |
What does XLF earn, and what does it cost?
Built from the quarterly filings of the 47 holdings with a usable trailing earnings yield on the latest date, 76% of the fund by weight. The P/E is the portfolio’s: each holding’s earnings yield (trailing twelve-month net income over market value) is weighted by its share of the fund, averaged over the covered holdings and inverted, so it prices a dollar of the fund rather than of the sector’s largest companies. Losses count as negative yields (0.7% of covered weight is loss-making today). Today: 16.3×, the 62nd percentile since 2014 (median 15.4×).
The history is not a strict point-in-time record. Each trailing total enters on the day the last of its four quarters was first reported, but the figures are as later restated, past weights are today’s rolled back by price, and the holdings are today’s. Read it as today’s fund on restated fundamentals.
How are investors positioned?
Money moving into and out of the fund itself (the change in shares outstanding times the price, so price moves do not count), the share of the holdings sold short, and how much of the tracked hedge funds’ books sits in these stocks. Each comes on its own schedule.
Most widely held among the 20 funds in the latest quarter: V (5), MCO (3), COF (3), MSCI (2), IBKR (2), MA (2).
What options are pricing
XLF’s 30-day at-the-money implied volatility against realized, and the price of downside protection (25-delta put minus call). Our options record for this fund starts in October 2024.
Macro context
Macro series relevant to this sector, weekly, with XLF’s ratio to SPY in the pane above. Correlations are between 13-week changes since 2010; they describe how the two have moved together, not which drives which. Each series is dated by its release.
Returns against the S&P 500
| Period | XLF | SPY | Gap, pts |
|---|---|---|---|
| 1 day | −0.8% | +0.4% | −1.3 |
| 1 week | +0.0% | −1.5% | +1.5 |
| 1 month | −1.1% | +0.6% | −1.7 |
| 3 months | −1.5% | +2.7% | −4.2 |
| 6 months | +5.3% | +8.7% | −3.3 |
| Year to date | +1.8% | +13.3% | −11.5 |
| 1 year | +8.0% | +17.3% | −9.2 |
| 3 years | +74.0% | +83.3% | −9.3 |
| 5 years | +55.3% | +88.6% | −33.3 |
| Year | XLF | SPY | Gap, pts |
|---|---|---|---|
| 2026* | +1.8% | +13.3% | −11.5 |
| 2025 | +14.9% | +17.7% | −2.8 |
| 2024 | +30.6% | +24.9% | +5.7 |
| 2023 | +12.0% | +26.2% | −14.2 |
| 2022 | −10.6% | −18.2% | +7.6 |
| 2021 | +34.8% | +28.7% | +6.1 |
| 2020 | −1.7% | +18.4% | −20.0 |
| 2019 | +31.9% | +31.2% | +0.7 |
| 2018 | −13.0% | −4.6% | −8.5 |
| 2017 | +22.0% | +21.7% | +0.3 |
| 2016 | +22.8% | +12.0% | +10.8 |
| 2015 | −1.6% | +1.3% | −2.8 |
| 2014 | +15.2% | +13.5% | +1.8 |
| 2013 | +35.7% | +32.3% | +3.4 |
| 2012 | +28.6% | +16.0% | +12.6 |
| 2011 | −17.0% | +1.9% | −18.9 |
| 2010 | +12.0% | +15.1% | −3.1 |
| 2009 | +17.8% | +26.4% | −8.6 |
| 2008 | −54.8% | −36.8% | −18.0 |
Seasonal tendencies on 18 or so years of data are descriptions; none is tested here as a signal.
Method and limits
- Charts of the fund’s price are split-adjusted closes. The ratio to SPY, the leadership reading and the returns against the S&P 500 are total returns, with dividends from Massive reinvested on the ex-date. The holdings table and the contribution estimates are price returns. Differences between two returns, and contributions, are in percentage points.
- Holdings come from the issuer’s daily holdings file, equities only and rescaled to 100%; each day’s file is kept, so the membership record starts with this page and grows. Every history built from holdings uses today’s members, which flatters the past (survivorship).
- Fundamentals are GAAP figures from company 10-Q and 10-K filings (SEC EDGAR) for the holdings in our filings base; foreign filers and banks are mostly outside it. Each period is dated by its first report and carries its latest restated value.
- Holdings exclude cash, money-market funds and index futures listed in the issuer’s file.
- Flows use weekly share counts from Massive; counts that lag a fund split are dropped until they catch up. Short interest is FINRA’s twice-monthly report. 13F holdings are the tracked funds’ quarterly filings, long stock only.
- No reading on this page is graded as a forecast. Where a study exists it is on the page that owns the measure.
- Price
- $55.06 · −6.0% from high · +2.6% vs 200-day
- Ratio to SPY
- −2.8% vs its 200-day · −63.7% from record (2007)
- Valuation
- 16.3× trailing earnings, fund-weighted (62nd pct since 2014)
- Flows
- −$2.5B over 13 weeks · z -1.3
- Short interest
- 1.8% of shares (96th pct) · 2.9 days to cover
- Options
- 30-day IV 16.0% (37th pct) · skew 1.1 pts
- Concentration
- top 10 = 58% · ~20 effective names
Leading: the ratio to SPY above its 200-day average and ahead of SPY over at least two of 3, 6 and 12 months. Lagging: below it and behind over at least two. Mixed: otherwise. Returns are total return. Breadth: broad at 70% of holdings above their 200-day, narrow below 40%. Descriptions, not forecasts.
How XLF Financials Dashboard Works
- 1Start with leadershipThe first chart divides the fund by SPY in total return, dividends included. A rising ratio means the sector is beating the S&P 500 whatever the market does. The answer card names the state with a fixed rule: the ratio against its 200-day average, and whether the fund is ahead of SPY over 3, 6 and 12 months.
- 2Look underneath the priceA sector fund can rise on a handful of large holdings while most of its stocks fall. The breadth charts count the fund’s own holdings above their moving averages and at 52-week highs and lows, and the contribution panel shows how many names did the work.
- 3Check what the sector earns and costsThe P/E is the portfolio’s: each holding’s trailing earnings yield from its own filings, weighted by its share of the fund and then inverted. The history dates each trailing total by when its last quarter was first reported, using restated figures and today’s holdings, so it describes today’s fund rather than a strict point-in-time record. Margins and revenue growth sit beside it.
- 4See who is positioned howFund flows count money entering and leaving the ETF itself, short interest shows how much of the holdings is sold short, the 13F panel shows how much of the tracked hedge funds’ books sits in the sector, and the options section shows what protection costs.