SPYV vs XLV: Correlation & Overlap
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong. Looking through to holdings, 13.1% 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 XLV?
Across a 3-year window, the weekly returns of SPYV and XLV correlate at 0.62, strong. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.62). Stretching to 5 years gives 0.67, with an annualized covariance of 111.1 %².
Among the 148 assets we track against SPYV, XLV ranks #71 by 3-year correlation. Over the last 12 months XLV came out ahead by 9.0 percentage points (+18.5% against +27.5%). The rolling one-year correlation moved between 0.50 and 0.77 over the past three years, a moderate range.
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 XLV: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | +27.5% |
| 5-year return | +73.5% | +37.4% |
| Volatility (ann.) | 12.1% | 14.7% |
| Beta vs S&P 500 | 0.70 | 0.42 |
| Max drawdown (3Y) | -17.5% | -17.1% |
| Dividend yield | 1.69% | 1.56% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $41.7B |
| 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, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Portfolio overlap between SPYV and XLV
The two portfolios are largely distinct, with 54 holdings in common adding up to 13.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SPYV | Weight in XLV |
|---|---|---|
| MRK | 1.25% | 6.04% |
| UNH | 1.20% | 5.82% |
| JNJ | 0.88% | 10.38% |
| ABBV | 0.83% | 7.42% |
| TMO | 0.78% | 3.76% |
| ABT | 0.65% | 3.17% |
| PFE | 0.53% | 2.58% |
| VRTX | 0.46% | 2.22% |
| BMY | 0.45% | 2.20% |
| DHR | 0.45% | 2.17% |
| CVS | 0.40% | 1.92% |
| MDT | 0.39% | 1.89% |
| MCK | 0.36% | 1.72% |
| ELV | 0.29% | 1.40% |
| GILD | 0.28% | 2.94% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%). Only by XLV: LLY (15.03%), ISRG (2.10%), HCA (1.06%), IDXX (0.70%), INCY (0.34%).
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 | XLV |
|---|---|---|
| 2022 | -5.3% | -2.1% |
| 2023 | +22.2% | +2.1% |
| 2024 | +12.2% | +2.5% |
| 2025 | +13.2% | +14.5% |
| 2026 | +12.7% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLV good diversifiers for each other?
Only partially. A correlation of 0.62 means SPYV and XLV 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 XLV?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.46 over the last year and 0.67 over 5 years.
Is XLV a good diversifier for SPYV?
Only partially. A correlation of 0.62 means SPYV and XLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SPYV and XLV overlap?
The two funds share 54 holdings amounting to 13.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: SPYV correlations · XLV correlations
