CFR vs. XLF

Last updated Jun 5, 2026

CFR (Cullen/Frost Bankers, Inc.) is a stock, while XLF (State Street Financial Select Sector SPDR ETF) is Financials Equities fund tracking the Financial Select Sector Index. Over the past 10 years, CFR returned 10.59%/yr vs 12.60%/yr for XLF. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

CFR vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen/Frost Bankers, Inc. (CFR) and State Street Financial Select Sector SPDR ETF (XLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFR achieves a 10.47% return, which is significantly higher than XLF's -4.22% return. Over the past 10 years, CFR has underperformed XLF with an annualized return of 10.59%, while XLF has yielded a comparatively higher 12.60% annualized return.

CFR

• 1D: 2.67%
• 1M: -1.12%
• YTD: 10.47%
• 6M: 10.01%
• 1Y: 12.31%
• 3Y*: 12.97%
• 5Y*: 5.63%
• 10Y*: 10.59%

XLF

• 1D: 2.59%
• 1M: 1.16%
• YTD: -4.22%
• 6M: -1.90%
• 1Y: 4.34%
• 3Y*: 18.85%
• 5Y*: 8.16%
• 10Y*: 12.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CFR vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFR Cullen/Frost Bankers, Inc.	10.47%	-2.76%	27.86%	-16.06%	8.66%	48.17%	-7.58%	14.60%	-4.84%	9.93%
XLF State Street Financial Select Sector SPDR ETF	-4.22%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between CFR and XLF is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 23, 1998	0.69

The correlation between CFR and XLF shifts across timeframes, from 0.61 (1 year) to 0.75 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

CFR vs. XLF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFR

CFR Risk / Return Rank: 57
CFR Sharpe Ratio Rank: 60
CFR Sortino Ratio Rank: 52
CFR Omega Ratio Rank: 51
CFR Calmar Ratio Rank: 61
CFR Martin Ratio Rank: 60

XLF

XLF Risk / Return Rank: 13
XLF Sharpe Ratio Rank: 14
XLF Sortino Ratio Rank: 13
XLF Omega Ratio Rank: 13
XLF Calmar Ratio Rank: 13
XLF Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CFR vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen/Frost Bankers, Inc. (CFR) and State Street Financial Select Sector SPDR ETF (XLF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CFR	XLF	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.30	+0.27
Sortino ratio: Return per unit of downside risk	0.92	0.50	+0.42
Omega ratio: Gain probability vs. loss probability	1.11	1.06	+0.05
Calmar ratio: Return relative to maximum drawdown	0.95	0.29	+0.66
Martin ratio: Return relative to average drawdown	1.88	0.77	+1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFR vs. XLF - Sharpe Ratio Comparison

The current CFR Sharpe Ratio is 0.56, which is higher than the XLF Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of CFR and XLF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CFR	XLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.30	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.44	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.57	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.21	+0.26

Drawdowns

CFR vs. XLF - Drawdown Comparison

The maximum CFR drawdown since its inception was -56.86%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for CFR and XLF.

Drawdown Indicators

	CFR	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-56.86%	-82.69%	+25.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.95%	-14.79%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-27.43%	-15.54%	-11.89%
Max Drawdown (5Y) Largest decline over 5 years	-45.62%	-25.81%	-19.81%
Max Drawdown (10Y) Largest decline over 10 years	-56.86%	-42.86%	-14.00%
Current Drawdown Current decline from peak	-4.90%	-6.99%	+2.09%
Average Drawdown Average peak-to-trough decline	-11.82%	-20.02%	+8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	5.68%	+0.90%

Volatility

CFR vs. XLF - Volatility Comparison

Cullen/Frost Bankers, Inc. (CFR) has a higher volatility of 6.10% compared to State Street Financial Select Sector SPDR ETF (XLF) at 4.21%. This indicates that CFR's price experiences larger fluctuations and is considered to be riskier than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFR	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.21%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	11.24%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	21.94%	14.63%	+7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.30%	18.66%	+11.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.31%	22.17%	+11.14%

Dividends

CFR vs. XLF - Dividend Comparison

CFR's dividend yield for the trailing twelve months is around 2.92%, more than XLF's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFR Cullen/Frost Bankers, Inc.	2.92%	3.12%	2.79%	3.30%	2.42%	2.33%	3.27%	2.86%	2.93%	2.38%	2.44%	3.50%
XLF State Street Financial Select Sector SPDR ETF	1.52%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Frequently Asked Questions

Can I hold both CFR and XLF in my portfolio?

CFR and XLF have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFR or XLF?

CFR has higher volatility (6.10%) compared to XLF (4.21%). In terms of maximum drawdown, CFR dropped -56.86% vs XLF's -82.69%.

Which has better risk-adjusted returns?

CFR currently has the higher Sharpe Ratio (0.56 vs 0.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.