BDX vs XLV: Correlation
Becton Dickinson (BDX) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDX and XLV?
Across a 3-year window, the weekly returns of BDX and XLV correlate at 0.48, moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.48 over 3. Stretching to 5 years gives 0.55, with an annualized covariance of 169.3 %².
Few assets follow BDX as closely as XLV, which ranks #3 of 28 tracked partners. Twelve-month performance is nearly a tie, at +25.5% for BDX and +27.5% for XLV. The rolling one-year correlation moved between 0.32 and 0.74 over the past three years, a moderate range. Note the risk asymmetry: BDX runs 1.6 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.
BDX vs XLV: side by side
| BDX (Becton Dickinson) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.5% | +27.5% |
| 5-year return | +6.8% | +37.4% |
| Volatility (ann.) | 24.0% | 14.7% |
| Beta vs S&P 500 | 0.33 | 0.42 |
| Max drawdown (3Y) | -39.6% | -17.1% |
| Market cap | $51.2B | – |
| P/E (trailing) | 32.9 | – |
| Dividend yield | 2.20% | 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 | BDX | XLV |
|---|---|---|
| 2022 | +5.1% | -2.1% |
| 2023 | -2.7% | +2.1% |
| 2024 | -5.4% | +2.5% |
| 2025 | -12.6% | +14.5% |
| 2026 | +25.0% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BDX represents 0.84% of XLV's portfolio, so part of any move in XLV is BDX itself, and the correlation between them is partly mechanical.
Are BDX and XLV good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BDX and XLV?
The BDX/XLV correlation stands at 0.48 on a 3-year window (1 year: 0.58, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for BDX?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdx-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdx-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BDX correlations · XLV correlations
