SPYV vs XLF: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Financial Select Sector SPDR Fund (XLF) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong. The two funds also share 16.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLF?
Across a 3-year window, the weekly returns of SPYV and XLF correlate at 0.87, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.72) than the 3-year average (0.87). Stretching to 5 years gives 0.88, with an annualized covariance of 170.3 %².
Within SPYV's tracked universe of 148 assets, XLF comes in at #11 by 3-year correlation. Over the last 12 months SPYV came out ahead by 9.2 percentage points (+18.5% against +9.3%). The rolling one-year correlation stayed in a tight band between 0.72 and 0.96 over the past three years, which points to a structural rather than episodic relationship.
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 XLF: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +9.3% |
| 5-year return | +73.5% | +64.2% |
| Volatility (ann.) | 12.1% | 16.2% |
| Beta vs S&P 500 | 0.70 | 0.84 |
| Max drawdown (3Y) | -17.5% | -15.5% |
| Dividend yield | 1.69% | 1.42% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $57.9B |
| Sector / category | ETF · US Style | Sector ETF |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. XLF is a Financial fund from State Street Investment Management: $57.9B under management, 77 holdings, a 0.08% expense ratio, a 1.42% trailing dividend yield.
Portfolio overlap between SPYV and XLF
The two portfolios partially overlap, with 73 holdings in common adding up to 16.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYV | Weight in XLF |
|---|---|---|
| BAC | 1.34% | 4.94% |
| JPM | 1.01% | 11.61% |
| V | 0.94% | 7.74% |
| WFC | 0.86% | 3.17% |
| C | 0.75% | 2.77% |
| SCHW | 0.59% | 2.17% |
| BLK | 0.56% | 2.06% |
| MA | 0.53% | 5.87% |
| COF | 0.45% | 1.64% |
| CB | 0.41% | 1.51% |
| GS | 0.35% | 3.73% |
| BX | 0.35% | 1.29% |
| MS | 0.33% | 3.12% |
| PNC | 0.32% | 1.19% |
| USB | 0.32% | 1.18% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by XLF: BRK.B (11.25%), HOOD (1.04%), IBKR (0.53%), IXAU6 (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 | XLF |
|---|---|---|
| 2022 | -5.3% | -10.6% |
| 2023 | +22.2% | +12.0% |
| 2024 | +12.2% | +30.6% |
| 2025 | +13.2% | +14.9% |
| 2026 | +12.7% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLF good diversifiers for each other?
No: a correlation of 0.87 means SPYV and XLF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between SPYV and XLF?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.72 over the last year and 0.88 over 5 years.
Is XLF a good diversifier for SPYV?
No: a correlation of 0.87 means SPYV and XLF tend to fall together, which is precisely when diversification is supposed to help.
How much do SPYV and XLF overlap?
The two funds share 73 holdings amounting to 16.2% of weight, per issuer portfolio files dated 2026-08-26.
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