SPYV vs XLK: Correlation & Overlap
SPDR Portfolio S&P 500 Value ETF (SPYV) and Technology Select Sector SPDR Fund (XLK) show a strong relationship: their 3-year correlation of weekly returns is 0.60. By holdings, the two funds overlap 19.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLK?
Over the past 3 years, SPYV and XLK moved with a correlation of 0.60, which is strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.60). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 173.2 %².
Among the 148 assets we track against SPYV, XLK ranks #79 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLK outperformed by 24.9 percentage points (+18.5% for SPYV against +43.4% for XLK). Across three years, the rolling one-year figure varied moderately, from 0.33 to 0.82. One caveat on sizing: XLK is 2.0 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 XLK: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +43.4% |
| 5-year return | +73.5% | +145.2% |
| Volatility (ann.) | 12.1% | 24.0% |
| Beta vs S&P 500 | 0.70 | 1.50 |
| Max drawdown (3Y) | -17.5% | -25.7% |
| Dividend yield | 1.69% | 0.45% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $115.4B |
| 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, XLK sits in the Technology category at State Street Investment Management, with $115.4B under management, 73 holdings, a 0.08% expense ratio, a 0.45% trailing dividend yield.
Portfolio overlap between SPYV and XLK
The two portfolios partially overlap. Weighing the shared positions, 19.3% of the two funds is identical, spread across 52 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLK |
|---|---|---|
| AAPL | 7.58% | 12.61% |
| INTC | 1.44% | 2.92% |
| TXN | 0.78% | 1.59% |
| CSCO | 0.69% | 2.97% |
| ADI | 0.60% | 1.21% |
| QCOM | 0.57% | 1.15% |
| CRM | 0.55% | 1.13% |
| WDC | 0.53% | 1.08% |
| DELL | 0.44% | 0.90% |
| ORCL | 0.40% | 1.69% |
| PANW | 0.40% | 1.84% |
| MRVL | 0.37% | 1.44% |
| ACN | 0.37% | 0.75% |
| ADBE | 0.36% | 0.74% |
| IBM | 0.34% | 1.45% |
Largest positions held only by SPYV: AMZN (3.95%), XOM (2.16%), WMT (1.51%), COST (1.40%), BAC (1.34%). Only by XLK: NVDA (13.91%), MSFT (10.10%), AVGO (4.61%), AMD (4.09%), MU (3.99%).
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 | XLK |
|---|---|---|
| 2022 | -5.3% | -27.7% |
| 2023 | +22.2% | +56.0% |
| 2024 | +12.2% | +21.6% |
| 2025 | +13.2% | +24.6% |
| 2026 | +12.7% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLK good diversifiers for each other?
Only partially. A correlation of 0.60 means SPYV and XLK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPYV and XLK?
The SPYV/XLK correlation stands at 0.60 on a 3-year window (1 year: 0.48, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is XLK a good diversifier for SPYV?
Only partially. A correlation of 0.60 means SPYV and XLK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYV and XLK overlap?
19.3% by weight, across 52 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: SPYV correlations · XLK correlations
