MVST vs XLV: Correlation
How closely do Microvast Holdings, Inc. (MVST) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MVST and XLV?
Across a 3-year window, the weekly returns of MVST and XLV correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.02 versus -0.23 over 3 years. Stretching to 5 years gives -0.11, with an annualized covariance of -712.2 %².
Within MVST's tracked universe of 41 assets, XLV comes in at #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XLV ahead by 98.7 points (-71.2% versus +27.5%). Risk is not evenly split, since MVST carries 14.2 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.
MVST vs XLV: side by side
| MVST (Microvast Holdings, Inc.) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -71.2% | +27.5% |
| 5-year return | -91.6% | +37.4% |
| Volatility (ann.) | 209.2% | 14.7% |
| Beta vs S&P 500 | 0.26 | 0.42 |
| Max drawdown (3Y) | -92.8% | -17.1% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | MVST | XLV |
|---|---|---|
| 2022 | -73.0% | -2.1% |
| 2023 | -8.5% | +2.1% |
| 2024 | +47.9% | +2.5% |
| 2025 | +35.3% | +14.5% |
| 2026 | -72.5% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MVST and XLV good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between MVST and XLV?
As of 2026-08-27, the correlation of weekly returns between MVST and XLV is -0.23 over 3 years, 0.02 over 1 year and -0.11 over 5 years.
Is XLV a good diversifier for MVST?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mvst-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mvst-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MVST correlations · XLV correlations
