BSX vs XLV: Correlation
How closely do Boston Scientific (BSX) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSX and XLV?
Over the past 3 years, BSX and XLV moved with a correlation of 0.30, which is moderate. Recent behaviour matches the longer record: 0.21 over 1 year against 0.30 over 3. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 120.1 %².
Among the 33 assets we track against BSX, XLV ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLV outperformed by 83.4 percentage points (-55.9% for BSX against +27.5% for XLV). The relationship is regime-dependent: the rolling one-year correlation swung between 0.15 and 0.65 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: BSX runs 1.9 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.
BSX vs XLV: side by side
| BSX (Boston Scientific) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -55.9% | +27.5% |
| 5-year return | +4.1% | +37.4% |
| Volatility (ann.) | 27.6% | 14.7% |
| Beta vs S&P 500 | 0.72 | 0.42 |
| Max drawdown (3Y) | -60.6% | -17.1% |
| Market cap | $67.6B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 0.00% | 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 | BSX | XLV |
|---|---|---|
| 2022 | +8.9% | -2.1% |
| 2023 | +24.9% | +2.1% |
| 2024 | +54.5% | +2.5% |
| 2025 | +6.8% | +14.5% |
| 2026 | -51.1% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BSX represents 1.14% of XLV's portfolio, so part of any move in XLV is BSX itself, and the correlation between them is partly mechanical.
Are BSX and XLV good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BSX and XLV?
As of 2026-08-27, the correlation of weekly returns between BSX and XLV is 0.30 over 3 years, 0.21 over 1 year and 0.43 over 5 years.
Is XLV a good diversifier for BSX?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 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/bsx-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bsx-vs-xlv/)
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Related comparisons
Hubs: BSX correlations · XLV correlations
