SPYV vs XLC: Correlation & Overlap
SPDR Portfolio S&P 500 Value ETF (SPYV) and Communication Services Select Sector SPDR Fund (XLC) show a strong relationship: their 3-year correlation of weekly returns is 0.66. The two funds also share 3.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLC?
On 3 years of weekly data the SPYV/XLC correlation comes out at 0.66, strong. The link has loosened recently: the 1-year correlation (0.50) runs below the 3-year figure (0.66). The 5-year figure is 0.71, and annualized covariance runs at 126.9 %².
Among the 148 assets we track against SPYV, XLC ranks #54 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPYV outperformed by 17.0 percentage points (+18.5% for SPYV against +1.5% for XLC). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.29 to 0.84.
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.
SPYV vs XLC: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +1.5% |
| 5-year return | +73.5% | +37.5% |
| Volatility (ann.) | 12.1% | 16.0% |
| Beta vs S&P 500 | 0.70 | 0.90 |
| Max drawdown (3Y) | -17.5% | -18.0% |
| Dividend yield | 1.69% | 1.32% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $21.7B |
| Sector / category | ETF · US Style | Sector ETF |
SPYV is a Large Value fund from State Street Investment Management: $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Portfolio overlap between SPYV and XLC
The two portfolios are largely distinct, with 17 holdings in common adding up to 3.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYV | Weight in XLC |
|---|---|---|
| VZ | 0.69% | 4.99% |
| DIS | 0.63% | 4.88% |
| T | 0.59% | 5.20% |
| CMCSA | 0.32% | 4.93% |
| TMUS | 0.28% | 4.53% |
| WBD | 0.23% | 4.65% |
| OMC | 0.08% | 4.52% |
| TTWO | 0.06% | 4.14% |
| CHTR | 0.06% | 3.18% |
| LYV | 0.04% | 4.39% |
| NWSA | 0.04% | 2.04% |
| RDDT | 0.03% | 0.32% |
| TTD | 0.02% | 1.00% |
| FOXA | 0.02% | 2.50% |
| NWS | 0.01% | 0.77% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by XLC: META (16.73%), GOOGL (10.29%), GOOG (8.22%), NFLX (4.84%), TKO (2.13%).
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 | SPYV | XLC |
|---|---|---|
| 2022 | -5.3% | -37.6% |
| 2023 | +22.2% | +52.8% |
| 2024 | +12.2% | +34.7% |
| 2025 | +13.2% | +23.1% |
| 2026 | +12.7% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLC good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPYV and XLC?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.50 over the last year and 0.71 over 5 years.
Is XLC a good diversifier for SPYV?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do SPYV and XLC overlap?
The two funds share 17 holdings amounting to 3.1% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: SPYV correlations · XLC correlations
