LH vs XLV: Correlation
Measured on weekly returns over the past three years, Labcorp (LH) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LH and XLV?
On 3 years of weekly data the LH/XLV correlation comes out at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 153.1 %².
Within LH's tracked universe of 34 assets, XLV comes in at #6 by 3-year correlation. Over the last 12 months XLV came out ahead by 5.7 percentage points (+21.8% against +27.5%). On a rolling one-year basis the correlation drifted between 0.27 and 0.58, a moderate band.
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.
LH vs XLV: side by side
| LH (Labcorp) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +21.8% | +27.5% |
| 5-year return | +36.0% | +37.4% |
| Volatility (ann.) | 21.4% | 14.7% |
| Beta vs S&P 500 | 0.33 | 0.42 |
| Max drawdown (3Y) | -17.4% | -17.1% |
| Market cap | $27.3B | – |
| P/E (trailing) | 27.8 | – |
| Dividend yield | 0.86% | 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 | LH | XLV |
|---|---|---|
| 2022 | -24.4% | -2.1% |
| 2023 | +13.8% | +2.1% |
| 2024 | +2.2% | +2.5% |
| 2025 | +10.6% | +14.5% |
| 2026 | +34.8% | +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 LH at a 0.44% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are LH and XLV good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LH and XLV?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.51 over the last year and 0.57 over 5 years.
Is XLV a good diversifier for LH?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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/lh-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lh-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LH correlations · XLV correlations
