GEHC vs XLV: Correlation
GE HealthCare (GEHC) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and XLV?
Across a 3-year window, the weekly returns of GEHC and XLV correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.50, with an annualized covariance of 263.7 %².
By 3-year correlation, XLV places #19 of the 52 assets tracked against GEHC. The last year tells two different stories: XLV led by 29.7 percentage points, -2.2% for GEHC against +27.5% for XLV. Across three years, the rolling one-year figure varied moderately, from 0.33 to 0.67. One caveat on sizing: GEHC is 2.2 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.
GEHC vs XLV: side by side
| GEHC (GE HealthCare) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -2.2% | +27.5% |
| 5-year return | n/a | +37.4% |
| Volatility (ann.) | 32.4% | 14.7% |
| Beta vs S&P 500 | 1.22 | 0.42 |
| Max drawdown (3Y) | -37.4% | -17.1% |
| Market cap | $32.7B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 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 | GEHC | XLV |
|---|---|---|
| 2022 | – | -2.1% |
| 2023 | +32.6% | +2.1% |
| 2024 | +1.3% | +2.5% |
| 2025 | +5.1% | +14.5% |
| 2026 | -11.5% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLV holds GEHC at a 0.53% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GEHC and XLV good diversifiers for each other?
Only partially. A correlation of 0.55 means GEHC and XLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GEHC and XLV?
As of 2026-08-27, the correlation of weekly returns between GEHC and XLV is 0.55 over 3 years, 0.52 over 1 year and 0.50 over 5 years.
Is XLV a good diversifier for GEHC?
Only partially. A correlation of 0.55 means GEHC and XLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gehc-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gehc-vs-xlv/)
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Related comparisons
Hubs: GEHC correlations · XLV correlations
