SPYV vs XLRE: Correlation & Overlap
SPDR Portfolio S&P 500 Value ETF (SPYV) and Real Estate Select Sector SPDR Fund (XLRE) show a strong relationship: their 3-year correlation of weekly returns is 0.69. The two funds also share 3.3% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLRE?
Across a 3-year window, the weekly returns of SPYV and XLRE correlate at 0.69, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.69). Stretching to 5 years gives 0.76, with an annualized covariance of 140.4 %².
Within SPYV's tracked universe of 148 assets, XLRE comes in at #45 by 3-year correlation. The trailing year gives SPYV the advantage: +18.5% versus +9.5%, a 9.0-point spread. Across three years, the rolling one-year figure varied moderately, from 0.55 to 0.89.
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 XLRE: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +9.5% |
| 5-year return | +73.5% | +11.4% |
| Volatility (ann.) | 12.1% | 16.7% |
| Beta vs S&P 500 | 0.70 | 0.57 |
| Max drawdown (3Y) | -17.5% | -16.6% |
| Dividend yield | 1.69% | 3.12% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $8.6B |
| 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, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between SPYV and XLRE
The two portfolios are largely distinct. Weighing the shared positions, 3.3% of the two funds is identical, spread across 29 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLRE |
|---|---|---|
| PLD | 0.45% | 9.06% |
| EQIX | 0.35% | 7.14% |
| AMT | 0.27% | 5.49% |
| DLR | 0.22% | 5.01% |
| O | 0.19% | 4.46% |
| PSA | 0.18% | 4.63% |
| VMRK | 0.16% | 4.96% |
| CBRE | 0.15% | 4.45% |
| SPG | 0.14% | 4.72% |
| IRM | 0.12% | 3.65% |
| CCI | 0.11% | 3.33% |
| EXR | 0.10% | 3.08% |
| VICI | 0.09% | 2.87% |
| VTR | 0.07% | 4.59% |
| SBAC | 0.06% | 1.99% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by XLRE: WELL (11.43%), XARU6 (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 | XLRE |
|---|---|---|
| 2022 | -5.3% | -26.2% |
| 2023 | +22.2% | +12.4% |
| 2024 | +12.2% | +5.1% |
| 2025 | +13.2% | +2.6% |
| 2026 | +12.7% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLRE good diversifiers for each other?
To a limited degree. At 0.69 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 XLRE?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.55 over the last year and 0.76 over 5 years.
Is XLRE a good diversifier for SPYV?
To a limited degree. At 0.69 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 XLRE overlap?
The two funds share 29 holdings amounting to 3.3% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spyv-vs-xlre/)
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Related comparisons
Hubs: SPYV correlations · XLRE correlations
