HCA vs XLV: Correlation
HCA Healthcare (HCA) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and XLV?
Over the past 3 years, HCA and XLV moved with a correlation of 0.32, which is moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 128.8 %².
Within HCA's tracked universe of 32 assets, XLV comes in at #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLV ahead by 23.3 points (+4.2% versus +27.5%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.09 and 0.64 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: HCA is 1.8 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.
HCA vs XLV: side by side
| HCA (HCA Healthcare) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +4.2% | +27.5% |
| 5-year return | +72.5% | +37.4% |
| Volatility (ann.) | 26.9% | 14.7% |
| Beta vs S&P 500 | 0.42 | 0.42 |
| Max drawdown (3Y) | -33.6% | -17.1% |
| Market cap | $90.8B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.70% | 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 | HCA | XLV |
|---|---|---|
| 2022 | -5.6% | -2.1% |
| 2023 | +13.8% | +2.1% |
| 2024 | +11.8% | +2.5% |
| 2025 | +56.7% | +14.5% |
| 2026 | -9.9% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.06% of XLV is HCA itself, so the fund partly moves with the stock by construction.
Are HCA and XLV good diversifiers for each other?
Reasonably. At 0.32, HCA and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCA and XLV?
As of 2026-08-27, the correlation of weekly returns between HCA and XLV is 0.32 over 3 years, 0.37 over 1 year and 0.43 over 5 years.
Is XLV a good diversifier for HCA?
Reasonably. At 0.32, HCA and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 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/hca-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hca-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HCA correlations · XLV correlations
