HSIC vs XLV: Correlation
How closely do Henry Schein (HSIC) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSIC and XLV?
Over the past 3 years, HSIC and XLV moved with a correlation of 0.40, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 146.9 %².
Within HSIC's tracked universe of 34 assets, XLV comes in at #17 by 3-year correlation. Neither side won the trailing year by much: +30.9% against +27.5%. The rolling one-year correlation moved between 0.25 and 0.59 over the past three years, a moderate range. One caveat on sizing: HSIC is 1.7 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.
HSIC vs XLV: side by side
| HSIC (Henry Schein) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +30.9% | +27.5% |
| 5-year return | +20.1% | +37.4% |
| Volatility (ann.) | 25.2% | 14.7% |
| Beta vs S&P 500 | 0.33 | 0.42 |
| Max drawdown (3Y) | -24.3% | -17.1% |
| Market cap | $10.1B | – |
| P/E (trailing) | 26.3 | – |
| 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 | HSIC | XLV |
|---|---|---|
| 2022 | +3.0% | -2.1% |
| 2023 | -5.2% | +2.1% |
| 2024 | -8.6% | +2.5% |
| 2025 | +9.2% | +14.5% |
| 2026 | +19.4% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.14% of XLV is HSIC itself, so the fund partly moves with the stock by construction.
Are HSIC and XLV good diversifiers for each other?
Reasonably. At 0.40, HSIC and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HSIC and XLV?
The HSIC/XLV correlation stands at 0.40 on a 3-year window (1 year: 0.48, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for HSIC?
Reasonably. At 0.40, HSIC and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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
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[](https://www.pairbook.io/pair/hsic-vs-xlv/)
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Related comparisons
Hubs: HSIC correlations · XLV correlations
