SPYV vs XLE: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate. The two funds also share 7.4% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLE?
Over the past 3 years, SPYV and XLE moved with a correlation of 0.39, which is moderate. The link has loosened recently: the 1-year correlation (-0.04) runs below the 3-year figure (0.39). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 108.2 %².
Among the 148 assets we track against SPYV, XLE ranks #136 by 3-year correlation. The last year tells two different stories: XLE led by 25.5 percentage points, +18.5% for SPYV against +44.0% for XLE. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.06 to 0.67. One caveat on sizing: XLE is 1.9 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.
SPYV vs XLE: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +44.0% |
| 5-year return | +73.5% | +206.7% |
| Volatility (ann.) | 12.1% | 23.1% |
| Beta vs S&P 500 | 0.70 | 0.27 |
| Max drawdown (3Y) | -17.5% | -20.1% |
| Dividend yield | 1.69% | 2.55% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $39.2B |
| 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. XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Portfolio overlap between SPYV and XLE
The two portfolios are largely distinct. Weighing the shared positions, 7.4% of the two funds is identical, spread across 21 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLE |
|---|---|---|
| XOM | 2.16% | 20.03% |
| CVX | 1.23% | 14.84% |
| COP | 0.52% | 6.30% |
| MPC | 0.35% | 5.40% |
| VLO | 0.34% | 5.05% |
| PSX | 0.32% | 5.37% |
| WMB | 0.30% | 3.84% |
| SLB | 0.26% | 4.46% |
| EOG | 0.25% | 4.24% |
| TRGP | 0.21% | 3.74% |
| KMI | 0.21% | 3.72% |
| BKR | 0.20% | 3.65% |
| OKE | 0.20% | 3.55% |
| DVN | 0.18% | 3.20% |
| OXY | 0.14% | 2.52% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), WMT (1.51%), INTC (1.44%), COST (1.40%). Only by XLE: IXPU6 (0.01%).
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 | XLE |
|---|---|---|
| 2022 | -5.3% | +64.3% |
| 2023 | +22.2% | -0.6% |
| 2024 | +12.2% | +5.6% |
| 2025 | +13.2% | +7.9% |
| 2026 | +12.7% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPYV and XLE?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with -0.04 over the last year and 0.45 over 5 years.
Is XLE a good diversifier for SPYV?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
How much do SPYV and XLE overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 7.4% by weight over 21 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPYV correlations · XLE correlations
