CNC vs XLV: Correlation
Centene Corporation (CNC) and Health Care Select Sector SPDR Fund (XLV) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and XLV?
Across a 3-year window, the weekly returns of CNC and XLV correlate at 0.28, weak. Little has changed lately, as the 1-year reading of 0.27 lands near the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 188.8 %².
By 3-year correlation, XLV places #15 of the 30 assets tracked against CNC. Correlation aside, the last 12 months split them widely, with CNC ahead by 99.0 points (+126.5% versus +27.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.06 to 0.64. One caveat on sizing: CNC is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CNC vs XLV: side by side
| CNC (Centene Corporation) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +126.5% | +27.5% |
| 5-year return | +3.3% | +37.4% |
| Volatility (ann.) | 45.4% | 14.7% |
| Beta vs S&P 500 | 0.36 | 0.42 |
| Max drawdown (3Y) | -68.6% | -17.1% |
| Market cap | $32.3B | – |
| P/E (trailing) | – | – |
| 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 | CNC | XLV |
|---|---|---|
| 2022 | -0.5% | -2.1% |
| 2023 | -9.5% | +2.1% |
| 2024 | -18.4% | +2.5% |
| 2025 | -32.1% | +14.5% |
| 2026 | +58.8% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.49% of XLV is CNC itself, so the fund partly moves with the stock by construction.
Are CNC and XLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNC and XLV?
As of 2026-08-27, the correlation of weekly returns between CNC and XLV is 0.28 over 3 years, 0.27 over 1 year and 0.40 over 5 years.
Is XLV a good diversifier for CNC?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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/cnc-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnc-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNC correlations · XLV correlations
