KVUE vs XLP: Correlation
Measured on weekly returns over the past three years, Kenvue (KVUE) and Consumer Staples Select Sector SPDR Fund (XLP) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KVUE and XLP?
On 3 years of weekly data the KVUE/XLP correlation comes out at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.45 over 3 years. The 5-year figure is n/a, and annualized covariance runs at 136.0 %².
XLP is one of the assets that tracks KVUE most closely: it ranks #1 out of the 34 assets we track against KVUE. The trailing year gives XLP the advantage: -3.0% versus +8.3%, a 11.3-point spread. The rolling one-year correlation moved between 0.34 and 0.67 over the past three years, a moderate range. Risk is not evenly split, since KVUE carries 2.5 times the volatility of the other side.
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.
KVUE vs XLP: side by side
| KVUE (Kenvue) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -3.0% | +8.3% |
| 5-year return | n/a | +34.7% |
| Volatility (ann.) | 27.3% | 11.1% |
| Beta vs S&P 500 | 0.16 | 0.23 |
| Max drawdown (3Y) | -41.2% | -9.7% |
| Market cap | $36.9B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 4.32% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | Consumer Staples | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | KVUE | XLP |
|---|---|---|
| 2022 | – | -0.8% |
| 2023 | – | -0.8% |
| 2024 | +3.1% | +12.2% |
| 2025 | -15.9% | +1.5% |
| 2026 | +15.2% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.32% of XLP is KVUE itself, so the fund partly moves with the stock by construction.
Are KVUE and XLP good diversifiers for each other?
Reasonably. At 0.45, KVUE and XLP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KVUE and XLP?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.32 over the last year and n/a over 5 years.
Is XLP a good diversifier for KVUE?
Reasonably. At 0.45, KVUE and XLP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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
$ curl https://www.pairbook.io/api/v1/pairs/kvue-vs-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kvue-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KVUE correlations · XLP correlations
