IQV vs XLV: Correlation
Measured on weekly returns over the past three years, IQVIA (IQV) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQV and XLV?
Across a 3-year window, the weekly returns of IQV and XLV correlate at 0.60, strong. Recent behaviour matches the longer record: 0.50 over 1 year against 0.60 over 3. Stretching to 5 years gives 0.64, with an annualized covariance of 333.2 %².
Within IQV's tracked universe of 37 assets, XLV comes in at #11 by 3-year correlation. On 12-month performance IQV holds a 11.5-point edge, +39.0% against +27.5%. On a rolling one-year basis the correlation drifted between 0.49 and 0.76, a moderate band. Note the risk asymmetry: IQV runs 2.6 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.
IQV vs XLV: side by side
| IQV (IQVIA) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +39.0% | +27.5% |
| 5-year return | +0.3% | +37.4% |
| Volatility (ann.) | 37.9% | 14.7% |
| Beta vs S&P 500 | 0.93 | 0.42 |
| Max drawdown (3Y) | -47.1% | -17.1% |
| Market cap | $43.2B | – |
| P/E (trailing) | 32.6 | – |
| 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 | IQV | XLV |
|---|---|---|
| 2022 | -27.4% | -2.1% |
| 2023 | +12.9% | +2.1% |
| 2024 | -15.1% | +2.5% |
| 2025 | +14.7% | +14.5% |
| 2026 | +16.4% | +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 IQV at a 0.7% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IQV and XLV good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IQV and XLV?
The IQV/XLV correlation stands at 0.60 on a 3-year window (1 year: 0.50, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for IQV?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iqv-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iqv-vs-xlv/)
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Related comparisons
Hubs: IQV correlations · XLV correlations
