ELV vs XLV: Correlation
How closely do Elevance Health (ELV) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and XLV?
On 3 years of weekly data the ELV/XLV correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 178.7 %².
By 3-year correlation, XLV places #6 of the 27 assets tracked against ELV. Their 12-month results are close: +31.5% for ELV against +27.5% for XLV. The rolling one-year correlation stayed in a tight band between 0.40 and 0.59 over the past three years, which points to a structural rather than episodic relationship. Note the risk asymmetry: ELV 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.
ELV vs XLV: side by side
| ELV (Elevance Health) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +31.5% | +27.5% |
| 5-year return | +15.7% | +37.4% |
| Volatility (ann.) | 28.0% | 14.7% |
| Beta vs S&P 500 | 0.37 | 0.42 |
| Max drawdown (3Y) | -50.4% | -17.1% |
| Market cap | $86.6B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | 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 | ELV | XLV |
|---|---|---|
| 2022 | +11.8% | -2.1% |
| 2023 | -6.9% | +2.1% |
| 2024 | -20.7% | +2.5% |
| 2025 | -3.1% | +14.5% |
| 2026 | +15.0% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.4% of XLV is ELV itself, so the fund partly moves with the stock by construction.
Are ELV and XLV good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELV and XLV?
The ELV/XLV correlation stands at 0.43 on a 3-year window (1 year: 0.38, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for ELV?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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/elv-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elv-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELV correlations · XLV correlations
