MRNA vs XLV: Correlation
Moderna (MRNA) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRNA and XLV?
Over the past 3 years, MRNA and XLV moved with a correlation of 0.33, which is moderate. Recent behaviour matches the longer record: 0.25 over 1 year against 0.33 over 3. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 494.7 %².
Among the 38 assets we track against MRNA, XLV ranks #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRNA ahead by 441.3 points (+468.8% versus +27.5%). The rolling one-year correlation moved between 0.11 and 0.60 over the past three years, a moderate range. One caveat on sizing: MRNA is 6.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MRNA vs XLV: side by side
| MRNA (Moderna) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +468.8% | +27.5% |
| 5-year return | -61.5% | +37.4% |
| Volatility (ann.) | 100.7% | 14.7% |
| Beta vs S&P 500 | 0.98 | 0.42 |
| Max drawdown (3Y) | -86.6% | -17.1% |
| Market cap | $57.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | MRNA | XLV |
|---|---|---|
| 2022 | -29.3% | -2.1% |
| 2023 | -44.6% | +2.1% |
| 2024 | -58.2% | +2.5% |
| 2025 | -29.1% | +14.5% |
| 2026 | +384.1% | +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 MRNA at a 0.84% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MRNA and XLV good diversifiers for each other?
Reasonably. At 0.33, MRNA and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MRNA and XLV?
As of 2026-08-27, the correlation of weekly returns between MRNA and XLV is 0.33 over 3 years, 0.25 over 1 year and 0.36 over 5 years.
Is XLV a good diversifier for MRNA?
Reasonably. At 0.33, MRNA and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/mrna-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrna-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MRNA correlations · XLV correlations
