SPYV vs XLP: Correlation & Overlap
SPDR Portfolio S&P 500 Value ETF (SPYV) and Consumer Staples Select Sector SPDR Fund (XLP) show a moderate relationship: their 3-year correlation of weekly returns is 0.56. Looking through to holdings, 8.6% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLP?
Over the past 3 years, SPYV and XLP moved with a correlation of 0.56, which is moderate. The past 12 months show a weaker link (0.45) than the 3-year average (0.56). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 75.3 %².
By 3-year correlation, XLP places #93 of the 148 assets tracked against SPYV. The trailing year gives SPYV the advantage: +18.5% versus +8.3%, a 10.2-point spread. On a rolling one-year basis the correlation drifted between 0.43 and 0.73, a moderate band.
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 XLP: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +8.3% |
| 5-year return | +73.5% | +34.7% |
| Volatility (ann.) | 12.1% | 11.1% |
| Beta vs S&P 500 | 0.70 | 0.23 |
| Max drawdown (3Y) | -17.5% | -9.7% |
| Dividend yield | 1.69% | 2.58% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $14.6B |
| 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. On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Portfolio overlap between SPYV and XLP
The two portfolios are largely distinct. Weighing the shared positions, 8.6% of the two funds is identical, spread across 32 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLP |
|---|---|---|
| WMT | 1.51% | 9.62% |
| COST | 1.40% | 8.92% |
| PG | 1.11% | 7.10% |
| KO | 0.67% | 7.34% |
| PEP | 0.64% | 4.39% |
| PM | 0.44% | 6.36% |
| MO | 0.38% | 4.21% |
| MDLZ | 0.27% | 4.37% |
| TGT | 0.25% | 4.67% |
| CL | 0.24% | 4.56% |
| KDP | 0.14% | 2.75% |
| SYY | 0.13% | 2.50% |
| ADM | 0.13% | 2.42% |
| KVUE | 0.12% | 2.32% |
| KMB | 0.12% | 2.30% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), INTC (1.44%), BAC (1.34%). Only by XLP: MNST (4.28%), CASY (1.87%), IXRU6 (0.00%).
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 | XLP |
|---|---|---|
| 2022 | -5.3% | -0.8% |
| 2023 | +22.2% | -0.8% |
| 2024 | +12.2% | +12.2% |
| 2025 | +13.2% | +1.5% |
| 2026 | +12.7% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLP good diversifiers for each other?
To a limited degree. At 0.56 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 XLP?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.45 over the last year and 0.67 over 5 years.
Is XLP a good diversifier for SPYV?
To a limited degree. At 0.56 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 XLP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 8.6% by weight over 32 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xlp.json
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[](https://www.pairbook.io/pair/spyv-vs-xlp/)
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Hubs: SPYV correlations · XLP correlations
