SPYG vs XLV: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Growth ETF (SPYG) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.25, a weak link. The two funds also share 6.4% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and XLV?
Across a 3-year window, the weekly returns of SPYG and XLV correlate at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.25 over 3 years. Stretching to 5 years gives 0.47, with an annualized covariance of 70.7 %².
By 3-year correlation, XLV places #84 of the 97 assets tracked against SPYG. The trailing year gives XLV the advantage: +22.4% versus +27.5%, a 5.1-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.03 to 0.64.
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 XLV: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +22.4% | +27.5% |
| 5-year return | +85.9% | +37.4% |
| Volatility (ann.) | 18.9% | 14.7% |
| Beta vs S&P 500 | 1.25 | 0.42 |
| Max drawdown (3Y) | -22.1% | -17.1% |
| Dividend yield | 0.49% | 1.56% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $52.2B | $41.7B |
| Sector / category | ETF · US Style | Sector ETF |
On the fund side, SPYG sits in the Large Growth category at State Street Investment Management, with $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield. 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.
Portfolio overlap between SPYG and XLV
The two portfolios are largely distinct: 6.4% of the funds' weight sits in the same underlying holdings (18 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPYG | Weight in XLV |
|---|---|---|
| LLY | 2.63% | 15.03% |
| JNJ | 1.07% | 10.38% |
| ABBV | 0.60% | 7.42% |
| AMGN | 0.45% | 3.80% |
| ISRG | 0.37% | 2.10% |
| GILD | 0.28% | 2.94% |
| HCA | 0.19% | 1.06% |
| BSX | 0.13% | 1.14% |
| SYK | 0.13% | 1.82% |
| IDXX | 0.12% | 0.70% |
| EW | 0.07% | 0.83% |
| VEEV | 0.06% | 0.59% |
| INCY | 0.06% | 0.34% |
| RMD | 0.05% | 0.55% |
| DXCM | 0.05% | 0.55% |
Largest positions held only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%). Only by XLV: MRK (6.04%), UNH (5.82%), TMO (3.76%), ABT (3.17%), PFE (2.58%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPYG | XLV |
|---|---|---|
| 2022 | -29.4% | -2.1% |
| 2023 | +30.0% | +2.1% |
| 2024 | +36.0% | +2.5% |
| 2025 | +22.1% | +14.5% |
| 2026 | +14.5% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and XLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPYG and XLV?
The SPYG/XLV correlation stands at 0.25 on a 3-year window (1 year: -0.08, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for SPYG?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
How much do SPYG and XLV overlap?
6.4% by weight, across 18 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Hubs: SPYG correlations · XLV correlations
