MDT vs XLV: Correlation
Medtronic (MDT) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and XLV?
On 3 years of weekly data the MDT/XLV correlation comes out at 0.55, moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.55 over 3. The 5-year figure is 0.52, and annualized covariance runs at 169.4 %².
Few assets follow MDT as closely as XLV, which ranks #1 of 34 tracked partners. Their recent paths diverged sharply: over the last 12 months XLV outperformed by 26.6 percentage points (+0.9% for MDT against +27.5% for XLV). Across three years, the rolling one-year figure varied moderately, from 0.41 to 0.73.
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.
MDT vs XLV: side by side
| MDT (Medtronic) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +0.9% | +27.5% |
| 5-year return | -21.4% | +37.4% |
| Volatility (ann.) | 21.0% | 14.7% |
| Beta vs S&P 500 | 0.37 | 0.42 |
| Max drawdown (3Y) | -28.9% | -17.1% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | 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 | MDT | XLV |
|---|---|---|
| 2022 | -22.6% | -2.1% |
| 2023 | +9.6% | +2.1% |
| 2024 | +0.3% | +2.5% |
| 2025 | +24.0% | +14.5% |
| 2026 | -4.7% | +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 MDT at a 1.89% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MDT and XLV good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDT and XLV?
As of 2026-08-27, the correlation of weekly returns between MDT and XLV is 0.55 over 3 years, 0.59 over 1 year and 0.52 over 5 years.
Is XLV a good diversifier for MDT?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/mdt-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdt-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDT correlations · XLV correlations
