MLAB vs XLV: Correlation
How closely do Mesa Laboratories, Inc. (MLAB) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLAB and XLV?
Over the past 3 years, MLAB and XLV moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 370.8 %².
Within MLAB's tracked universe of 12 assets, XLV comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MLAB ahead by 60.9 points (+88.4% versus +27.5%). Risk is not evenly split, since MLAB carries 3.6 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.
MLAB vs XLV: side by side
| MLAB (Mesa Laboratories, Inc.) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +88.4% | +27.5% |
| 5-year return | -51.1% | +37.4% |
| Volatility (ann.) | 52.3% | 14.7% |
| Beta vs S&P 500 | 1.12 | 0.42 |
| Max drawdown (3Y) | -62.8% | -17.1% |
| Market cap | $0.7B | – |
| P/E (trailing) | 151.4 | – |
| Dividend yield | 0.50% | 1.56% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $41.7B |
| Sector / category | US Listed | 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 | MLAB | XLV |
|---|---|---|
| 2022 | -49.2% | -2.1% |
| 2023 | -36.6% | +2.1% |
| 2024 | +26.6% | +2.5% |
| 2025 | -40.0% | +14.5% |
| 2026 | +64.4% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLAB and XLV good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MLAB and XLV?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.55 over the last year and 0.45 over 5 years.
Is XLV a good diversifier for MLAB?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/mlab-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mlab-vs-xlv/)
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Related comparisons
Hubs: MLAB correlations · XLV correlations
