SPYG vs XLU: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) and Utilities Select Sector SPDR Fund (XLU) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak. Looking through to holdings, 0.3% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLU?
On 3 years of weekly data the SPYG/XLU correlation comes out at 0.10, weak. The past 12 months show a weaker link (-0.19) than the 3-year average (0.10). The 5-year figure is 0.31, and annualized covariance runs at 30.7 %².
By 3-year correlation, XLU places #86 of the 97 assets tracked against SPYG. The last year tells two different stories: SPYG led by 18.3 percentage points, +22.4% for SPYG against +4.1% for XLU. The relationship is regime-dependent: the rolling one-year correlation swung between -0.23 and 0.51 over the past three years, so this pair behaves very differently depending on the market environment.
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 XLU: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +4.1% |
| 5-year return | +85.9% | +46.3% |
| Volatility (ann.) | 18.9% | 15.8% |
| Beta vs S&P 500 | 1.25 | 0.26 |
| Max drawdown (3Y) | -22.1% | -13.1% |
| Dividend yield | 0.49% | 2.70% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $23.1B |
| 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. XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Portfolio overlap between SPYG and XLU
The two portfolios are largely distinct, with 3 holdings in common adding up to 0.3% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLU: NEE (12.94%), SO (7.45%), DUK (7.00%), AEP (4.94%), D (4.33%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | SPYG | XLU |
|---|---|---|
| 2022 | -29.4% | +1.4% |
| 2023 | +30.0% | -7.2% |
| 2024 | +36.0% | +23.3% |
| 2025 | +22.1% | +16.0% |
| 2026 | +14.5% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLU good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPYG and XLU?
The SPYG/XLU correlation stands at 0.10 on a 3-year window (1 year: -0.19, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is XLU a good diversifier for SPYG?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
How much do SPYG and XLU overlap?
The two funds share 3 holdings amounting to 0.3% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyg-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyg-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
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Hubs: SPYG correlations · XLU correlations
