SPYV vs XYL: Correlation
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and Xylem Inc. (XYL) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and XYL?
Across a 3-year window, the weekly returns of SPYV and XYL correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.64, with an annualized covariance of 174.3 %².
Within SPYV's tracked universe of 148 assets, XYL comes in at #80 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYV ahead by 39.6 points (+18.5% versus -21.1%). This link changes with the market regime, having swung between 0.19 and 0.81 on a rolling one-year basis. Note the risk asymmetry: XYL runs 2.0 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 XYL: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | XYL (Xylem Inc.) | |
|---|---|---|
| 1-year return | +18.5% | -21.1% |
| 5-year return | +73.5% | -12.5% |
| Volatility (ann.) | 12.1% | 23.9% |
| Beta vs S&P 500 | 0.70 | 0.96 |
| Max drawdown (3Y) | -17.5% | -30.0% |
| Market cap | – | $26.3B |
| P/E (trailing) | – | 26.8 |
| Dividend yield | 1.69% | 1.47% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | Industrials |
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.
Year-by-year returns
| Year | SPYV | XYL |
|---|---|---|
| 2022 | -5.3% | -6.6% |
| 2023 | +22.2% | +4.8% |
| 2024 | +12.2% | +2.6% |
| 2025 | +13.2% | +18.8% |
| 2026 | +12.7% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
XYL represents 0.09% of SPYV's portfolio, so part of any move in SPYV is XYL itself, and the correlation between them is partly mechanical.
Are SPYV and XYL good diversifiers for each other?
To a limited degree. At 0.60 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 XYL?
As of 2026-08-27, the correlation of weekly returns between SPYV and XYL is 0.60 over 3 years, 0.38 over 1 year and 0.64 over 5 years.
Is XYL a good diversifier for SPYV?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-xyl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-xyl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYV correlations · XYL correlations
