MTD vs XLV: Correlation
How closely do Mettler Toledo (MTD) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and XLV?
On 3 years of weekly data the MTD/XLV correlation comes out at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 253.2 %².
Among the 38 assets we track against MTD, XLV ranks #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLV outperformed by 18.0 percentage points (+9.5% for MTD against +27.5% for XLV). On a rolling one-year basis the correlation drifted between 0.39 and 0.74, a moderate band. One caveat on sizing: MTD is 2.1 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.
MTD vs XLV: side by side
| MTD (Mettler Toledo) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +9.5% | +27.5% |
| 5-year return | -11.4% | +37.4% |
| Volatility (ann.) | 31.4% | 14.7% |
| Beta vs S&P 500 | 1.00 | 0.42 |
| Max drawdown (3Y) | -36.6% | -17.1% |
| Market cap | $28.2B | – |
| P/E (trailing) | 31.7 | – |
| 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 | MTD | XLV |
|---|---|---|
| 2022 | -14.8% | -2.1% |
| 2023 | -16.1% | +2.1% |
| 2024 | +0.9% | +2.5% |
| 2025 | +13.9% | +14.5% |
| 2026 | +0.9% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MTD represents 0.45% of XLV's portfolio, so part of any move in XLV is MTD itself, and the correlation between them is partly mechanical.
Are MTD 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 MTD and XLV?
As of 2026-08-27, the correlation of weekly returns between MTD and XLV is 0.55 over 3 years, 0.53 over 1 year and 0.60 over 5 years.
Is XLV a good diversifier for MTD?
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?
A reading of 0.55 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/mtd-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtd-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTD correlations · XLV correlations
