SPYV vs XLY: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Consumer Discretionary Select Sector SPDR Fund (XLY) carry a correlation of 0.70, a strong link. By holdings, the two funds overlap 10.0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XLY?
On 3 years of weekly data the SPYV/XLY correlation comes out at 0.70, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 167.4 %².
By 3-year correlation, XLY places #42 of the 148 assets tracked against SPYV. The last year tells two different stories: SPYV led by 18.6 percentage points, +18.5% for SPYV against -0.1% for XLY. On a rolling one-year basis the correlation drifted between 0.46 and 0.88, a moderate band. Note the risk asymmetry: XLY runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XLY: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +18.5% | -0.1% |
| 5-year return | +73.5% | +31.8% |
| Volatility (ann.) | 12.1% | 19.7% |
| Beta vs S&P 500 | 0.70 | 1.15 |
| Max drawdown (3Y) | -17.5% | -26.0% |
| Dividend yield | 1.69% | 0.78% |
| Expense ratio | 0.04% | 0.08% |
| Assets under management | $36.2B | $22.5B |
| 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. XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Portfolio overlap between SPYV and XLY
The two portfolios are largely distinct. Weighing the shared positions, 10.0% of the two funds is identical, spread across 34 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in XLY |
|---|---|---|
| AMZN | 3.95% | 24.32% |
| TSLA | 1.22% | 16.18% |
| HD | 1.10% | 5.54% |
| SBUX | 0.41% | 3.08% |
| LOW | 0.39% | 2.94% |
| MCD | 0.35% | 4.11% |
| GM | 0.26% | 1.94% |
| TJX | 0.22% | 3.55% |
| F | 0.18% | 1.36% |
| CMG | 0.16% | 1.19% |
| GRMN | 0.16% | 1.18% |
| NKE | 0.15% | 1.15% |
| ABNB | 0.14% | 1.96% |
| ROST | 0.13% | 1.90% |
| DHI | 0.13% | 0.98% |
Largest positions held only by SPYV: AAPL (7.58%), XOM (2.16%), WMT (1.51%), INTC (1.44%), COST (1.40%). Only by XLY: BKNG (4.04%), DASH (2.24%), MAR (1.96%), HLT (1.89%), ORLY (1.85%).
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 | XLY |
|---|---|---|
| 2022 | -5.3% | -36.3% |
| 2023 | +22.2% | +39.6% |
| 2024 | +12.2% | +26.5% |
| 2025 | +13.2% | +7.4% |
| 2026 | +12.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and XLY good diversifiers for each other?
To a limited degree. At 0.70 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 XLY?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.64 over the last year and 0.76 over 5 years.
Is XLY a good diversifier for SPYV?
To a limited degree. At 0.70 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 XLY overlap?
10.0% by weight, across 34 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Related comparisons
Hubs: SPYV correlations · XLY correlations
