SPYG vs XLP: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Growth ETF (SPYG) and Consumer Staples Select Sector SPDR Fund (XLP) carry a correlation of 0.13, a weak link. By holdings, the two funds overlap 1.2% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLP?
On 3 years of weekly data the SPYG/XLP correlation comes out at 0.13, weak. The past 12 months show a weaker link (-0.17) than the 3-year average (0.13). The 5-year figure is 0.39, and annualized covariance runs at 27.6 %².
Within SPYG's tracked universe of 97 assets, XLP comes in at #85 by 3-year correlation. On 12-month performance SPYG holds a 14.1-point edge, +22.4% against +8.3%. This link changes with the market regime, having swung between -0.16 and 0.57 on a rolling one-year basis. One caveat on sizing: SPYG is 1.7 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.
SPYG vs XLP: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +8.3% |
| 5-year return | +85.9% | +34.7% |
| Volatility (ann.) | 18.9% | 11.1% |
| Beta vs S&P 500 | 1.25 | 0.23 |
| Max drawdown (3Y) | -22.1% | -9.7% |
| Dividend yield | 0.49% | 2.58% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $14.6B |
| Sector / category | ETF · US Style | Sector ETF |
SPYG, State Street Investment Management's Large Growth fund, carries $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Portfolio overlap between SPYG and XLP
The two portfolios are largely distinct: 1.2% of the funds' weight sits in the same underlying holdings (4 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLP: WMT (9.62%), COST (8.92%), PG (7.10%), TGT (4.67%), CL (4.56%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 4 common positions shown.
Year-by-year returns
| Year | SPYG | XLP |
|---|---|---|
| 2022 | -29.4% | -0.8% |
| 2023 | +30.0% | -0.8% |
| 2024 | +36.0% | +12.2% |
| 2025 | +22.1% | +1.5% |
| 2026 | +14.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLP good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPYG and XLP?
As of 2026-08-27, the correlation of weekly returns between SPYG and XLP is 0.13 over 3 years, -0.17 over 1 year and 0.39 over 5 years.
Is XLP a good diversifier for SPYG?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
How much do SPYG and XLP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 1.2% by weight over 4 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyg-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYG correlations · XLP correlations
