DGX vs XLV: Correlation
How closely do Quest Diagnostics (DGX) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGX and XLV?
On 3 years of weekly data the DGX/XLV correlation comes out at 0.34, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.34 over 3. The 5-year figure is 0.48, and annualized covariance runs at 95.7 %².
By 3-year correlation, XLV places #18 of the 32 assets tracked against DGX. Over the last 12 months DGX came out ahead by 11.0 percentage points (+38.5% against +27.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.07 to 0.58.
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.
DGX vs XLV: side by side
| DGX (Quest Diagnostics) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +38.5% | +27.5% |
| 5-year return | +78.8% | +37.4% |
| Volatility (ann.) | 19.1% | 14.7% |
| Beta vs S&P 500 | 0.09 | 0.42 |
| Max drawdown (3Y) | -12.4% | -17.1% |
| Market cap | $27.0B | – |
| P/E (trailing) | 26.0 | – |
| Dividend yield | 1.36% | 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 | DGX | XLV |
|---|---|---|
| 2022 | -7.8% | -2.1% |
| 2023 | -10.1% | +2.1% |
| 2024 | +11.8% | +2.5% |
| 2025 | +17.2% | +14.5% |
| 2026 | +42.8% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.43% of XLV is DGX itself, so the fund partly moves with the stock by construction.
Are DGX and XLV good diversifiers for each other?
Reasonably. At 0.34, DGX and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DGX and XLV?
The DGX/XLV correlation stands at 0.34 on a 3-year window (1 year: 0.34, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for DGX?
Reasonably. At 0.34, DGX and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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/dgx-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgx-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGX correlations · XLV correlations
