ISRG vs XLV: Correlation
Intuitive Surgical (ISRG) and Health Care Select Sector SPDR Fund (XLV) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ISRG and XLV?
On 3 years of weekly data the ISRG/XLV correlation comes out at 0.29, weak. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 134.7 %².
By 3-year correlation, XLV places #26 of the 36 assets tracked against ISRG. The last year tells two different stories: XLV led by 49.6 percentage points, -22.1% for ISRG against +27.5% for XLV. The rolling one-year correlation moved between 0.24 and 0.56 over the past three years, a moderate range. Note the risk asymmetry: ISRG 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.
ISRG vs XLV: side by side
| ISRG (Intuitive Surgical) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -22.1% | +27.5% |
| 5-year return | +4.0% | +37.4% |
| Volatility (ann.) | 31.1% | 14.7% |
| Beta vs S&P 500 | 1.20 | 0.42 |
| Max drawdown (3Y) | -45.6% | -17.1% |
| Market cap | $131.5B | – |
| P/E (trailing) | 42.5 | – |
| 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 | ISRG | XLV |
|---|---|---|
| 2022 | -26.1% | -2.1% |
| 2023 | +27.1% | +2.1% |
| 2024 | +54.7% | +2.5% |
| 2025 | +8.5% | +14.5% |
| 2026 | -35.2% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.1% of XLV is ISRG itself, so the fund partly moves with the stock by construction.
Are ISRG and XLV good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ISRG and XLV?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.23 over the last year and 0.47 over 5 years.
Is XLV a good diversifier for ISRG?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 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/isrg-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/isrg-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ISRG correlations · XLV correlations
