ALC vs XLV: Correlation
Alcon Inc. (ALC) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALC and XLV?
Over the past 3 years, ALC and XLV moved with a correlation of 0.59, which is moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 225.2 %².
In ALC's tracked universe of 13 assets, XLV sits right near the top at #3. Correlation aside, the last 12 months split them widely, with XLV ahead by 38.3 points (-10.8% versus +27.5%). Risk is not evenly split, since ALC carries 1.8 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.
ALC vs XLV: side by side
| ALC (Alcon Inc.) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -10.8% | +27.5% |
| 5-year return | -10.3% | +37.4% |
| Volatility (ann.) | 26.0% | 14.7% |
| Beta vs S&P 500 | 0.77 | 0.42 |
| Max drawdown (3Y) | -37.9% | -17.1% |
| Market cap | $34.9B | – |
| P/E (trailing) | 55.6 | – |
| Dividend yield | 0.49% | 1.56% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $41.7B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Year-by-year returns
| Year | ALC | XLV |
|---|---|---|
| 2022 | -21.1% | -2.1% |
| 2023 | +14.3% | +2.1% |
| 2024 | +9.0% | +2.5% |
| 2025 | -6.8% | +14.5% |
| 2026 | -7.9% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALC and XLV good diversifiers for each other?
Only partially. A correlation of 0.59 means ALC and XLV 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 ALC and XLV?
As of 2026-08-27, the correlation of weekly returns between ALC and XLV is 0.59 over 3 years, 0.60 over 1 year and 0.59 over 5 years.
Is XLV a good diversifier for ALC?
Only partially. A correlation of 0.59 means ALC and XLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alc-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alc-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALC correlations · XLV correlations
