IDXX vs XLV: Correlation
Measured on weekly returns over the past three years, Idexx Laboratories (IDXX) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDXX and XLV?
On 3 years of weekly data the IDXX/XLV correlation comes out at 0.35, moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.35 over 3. The 5-year figure is 0.51, and annualized covariance runs at 157.6 %².
Among the 35 assets we track against IDXX, XLV ranks #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLV ahead by 42.4 points (-14.9% versus +27.5%). On a rolling one-year basis the correlation drifted between 0.22 and 0.64, a moderate band. Note the risk asymmetry: IDXX runs 2.1 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.
IDXX vs XLV: side by side
| IDXX (Idexx Laboratories) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -14.9% | +27.5% |
| 5-year return | -20.7% | +37.4% |
| Volatility (ann.) | 30.9% | 14.7% |
| Beta vs S&P 500 | 1.01 | 0.42 |
| Max drawdown (3Y) | -37.4% | -17.1% |
| Market cap | $42.9B | – |
| P/E (trailing) | 38.9 | – |
| 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 | IDXX | XLV |
|---|---|---|
| 2022 | -38.0% | -2.1% |
| 2023 | +36.1% | +2.1% |
| 2024 | -25.5% | +2.5% |
| 2025 | +63.6% | +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: 0.7% of XLV is IDXX itself, so the fund partly moves with the stock by construction.
Are IDXX and XLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IDXX and XLV?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.32 over the last year and 0.51 over 5 years.
Is XLV a good diversifier for IDXX?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 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/idxx-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/idxx-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IDXX correlations · XLV correlations
