MCK vs XLV: Correlation
How closely do McKesson Corporation (MCK) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCK and XLV?
Over the past 3 years, MCK and XLV moved with a correlation of 0.29, which is weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.29 over 3. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 108.7 %².
Within MCK's tracked universe of 35 assets, XLV comes in at #18 by 3-year correlation. Neither side won the trailing year by much: +30.8% against +27.5%. The rolling one-year correlation moved between 0.09 and 0.43 over the past three years, a moderate range. Note the risk asymmetry: MCK runs 1.7 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.
MCK vs XLV: side by side
| MCK (McKesson Corporation) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +30.8% | +27.5% |
| 5-year return | +354.8% | +37.4% |
| Volatility (ann.) | 25.1% | 14.7% |
| Beta vs S&P 500 | 0.16 | 0.42 |
| Max drawdown (3Y) | -27.2% | -17.1% |
| Market cap | $103.8B | – |
| P/E (trailing) | 24.0 | – |
| Dividend yield | 0.37% | 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 | MCK | XLV |
|---|---|---|
| 2022 | +51.8% | -2.1% |
| 2023 | +24.1% | +2.1% |
| 2024 | +23.7% | +2.5% |
| 2025 | +44.5% | +14.5% |
| 2026 | +8.8% | +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 MCK at a 1.72% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MCK and XLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MCK and XLV?
The MCK/XLV correlation stands at 0.29 on a 3-year window (1 year: 0.29, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for MCK?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
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/mck-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mck-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MCK correlations · XLV correlations
