CAH vs XLV: Correlation
How closely do Cardinal Health (CAH) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAH and XLV?
Over the past 3 years, CAH and XLV moved with a correlation of 0.29, which is weak. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 104.0 %².
Among the 32 assets we track against CAH, XLV ranks #18 by 3-year correlation. The last year tells two different stories: CAH led by 31.7 percentage points, +59.2% for CAH against +27.5% for XLV. On a rolling one-year basis the correlation drifted between 0.05 and 0.53, a moderate band. Note the risk asymmetry: CAH 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.
CAH vs XLV: side by side
| CAH (Cardinal Health) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +59.2% | +27.5% |
| 5-year return | +409.0% | +37.4% |
| Volatility (ann.) | 24.2% | 14.7% |
| Beta vs S&P 500 | 0.31 | 0.42 |
| Max drawdown (3Y) | -20.4% | -17.1% |
| Market cap | $54.7B | – |
| P/E (trailing) | 33.0 | – |
| Dividend yield | 0.86% | 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 | CAH | XLV |
|---|---|---|
| 2022 | +54.1% | -2.1% |
| 2023 | +34.1% | +2.1% |
| 2024 | +19.0% | +2.5% |
| 2025 | +76.3% | +14.5% |
| 2026 | +15.2% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CAH represents 0.89% of XLV's portfolio, so part of any move in XLV is CAH itself, and the correlation between them is partly mechanical.
Are CAH and XLV good diversifiers for each other?
Reasonably. At 0.29, CAH and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAH and XLV?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.32 over the last year and 0.39 over 5 years.
Is XLV a good diversifier for CAH?
Reasonably. At 0.29, CAH and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 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/cah-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cah-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAH correlations · XLV correlations
