SPYV vs XLU: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Utilities Select Sector SPDR Fund (XLU) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate. The two funds also share 4.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLU?
On 3 years of weekly data the SPYV/XLU correlation comes out at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.44 over 3 years. The 5-year figure is 0.55, and annualized covariance runs at 84.2 %².
Within SPYV's tracked universe of 148 assets, XLU comes in at #131 by 3-year correlation. The trailing year gives SPYV the advantage: +18.5% versus +4.1%, a 14.4-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.12 and 0.63 over the past three years, so this pair behaves very differently depending on the market environment.
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 XLU: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +4.1% |
| 5-year return | +73.5% | +46.3% |
| Volatility (ann.) | 12.1% | 15.8% |
| Beta vs S&P 500 | 0.70 | 0.26 |
| Max drawdown (3Y) | -17.5% | -13.1% |
| Dividend yield | 1.69% | 2.70% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $23.1B |
| Sector / category | ETF · US Style | Sector ETF |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Portfolio overlap between SPYV and XLU
The two portfolios are largely distinct. Weighing the shared positions, 4.1% of the two funds is identical, spread across 30 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLU |
|---|---|---|
| NEE | 0.58% | 12.94% |
| SO | 0.33% | 7.45% |
| DUK | 0.31% | 7.00% |
| AEP | 0.22% | 4.94% |
| D | 0.19% | 4.33% |
| SRE | 0.18% | 4.11% |
| ETR | 0.16% | 3.62% |
| XEL | 0.16% | 3.57% |
| EXC | 0.15% | 3.35% |
| PCG | 0.13% | 2.96% |
| ED | 0.13% | 2.93% |
| PEG | 0.12% | 2.72% |
| WEC | 0.12% | 2.58% |
| AEE | 0.10% | 2.20% |
| CEG | 0.10% | 6.58% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by XLU: VST (3.27%).
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 | XLU |
|---|---|---|
| 2022 | -5.3% | +1.4% |
| 2023 | +22.2% | -7.2% |
| 2024 | +12.2% | +23.3% |
| 2025 | +13.2% | +16.0% |
| 2026 | +12.7% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLU good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPYV and XLU?
The SPYV/XLU correlation stands at 0.44 on a 3-year window (1 year: 0.16, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is XLU a good diversifier for SPYV?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do SPYV and XLU overlap?
The two funds share 30 holdings amounting to 4.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYV correlations · XLU correlations
