INCY vs XLV: Correlation
How closely do Incyte (INCY) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INCY and XLV?
Across a 3-year window, the weekly returns of INCY and XLV correlate at 0.47, moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.47). Stretching to 5 years gives 0.47, with an annualized covariance of 228.3 %².
By 3-year correlation, XLV places #6 of the 35 assets tracked against INCY. Their recent paths diverged sharply: over the last 12 months INCY outperformed by 23.1 percentage points (+50.6% for INCY against +27.5% for XLV). Across three years, the rolling one-year figure varied moderately, from 0.26 to 0.61. Note the risk asymmetry: INCY runs 2.3 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.
INCY vs XLV: side by side
| INCY (Incyte) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +50.6% | +27.5% |
| 5-year return | +68.0% | +37.4% |
| Volatility (ann.) | 33.1% | 14.7% |
| Beta vs S&P 500 | 0.45 | 0.42 |
| Max drawdown (3Y) | -33.8% | -17.1% |
| Market cap | $25.9B | – |
| P/E (trailing) | 16.3 | – |
| 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 | INCY | XLV |
|---|---|---|
| 2022 | +9.4% | -2.1% |
| 2023 | -21.8% | +2.1% |
| 2024 | +10.0% | +2.5% |
| 2025 | +43.0% | +14.5% |
| 2026 | +29.3% | +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 INCY at a 0.34% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are INCY and XLV good diversifiers for each other?
Reasonably. At 0.47, INCY and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INCY and XLV?
As of 2026-08-27, the correlation of weekly returns between INCY and XLV is 0.47 over 3 years, 0.60 over 1 year and 0.47 over 5 years.
Is XLV a good diversifier for INCY?
Reasonably. At 0.47, INCY and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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/incy-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/incy-vs-xlv/)
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Related comparisons
Hubs: INCY correlations · XLV correlations
