AMGN vs XLV: Correlation
How closely do Amgen (AMGN) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMGN and XLV?
On 3 years of weekly data the AMGN/XLV correlation comes out at 0.62, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 238.9 %².
XLV is one of the assets that tracks AMGN most closely: it ranks #1 out of the 31 assets we track against AMGN. Correlation aside, the last 12 months split them widely, with AMGN ahead by 28.5 points (+56.0% versus +27.5%). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.71. Note the risk asymmetry: AMGN runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AMGN vs XLV: side by side
| AMGN (Amgen) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +56.0% | +27.5% |
| 5-year return | +127.8% | +37.4% |
| Volatility (ann.) | 26.3% | 14.7% |
| Beta vs S&P 500 | 0.34 | 0.42 |
| Max drawdown (3Y) | -22.7% | -17.1% |
| Market cap | $236.3B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 2.23% | 1.56% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $41.7B |
| Sector / category | Health Care | 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 | AMGN | XLV |
|---|---|---|
| 2022 | +20.4% | -2.1% |
| 2023 | +13.5% | +2.1% |
| 2024 | -6.8% | +2.5% |
| 2025 | +29.7% | +14.5% |
| 2026 | +36.2% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AMGN represents 3.8% of XLV's portfolio, so part of any move in XLV is AMGN itself, and the correlation between them is partly mechanical.
Are AMGN and XLV good diversifiers for each other?
Only partially. A correlation of 0.62 means AMGN 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 AMGN and XLV?
The AMGN/XLV correlation stands at 0.62 on a 3-year window (1 year: 0.70, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for AMGN?
Only partially. A correlation of 0.62 means AMGN 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 0.62 mean?
On the −1 to +1 scale, 0.62 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/amgn-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amgn-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMGN correlations · XLV correlations
