TECH vs XLV: Correlation
Measured on weekly returns over the past three years, Bio-Techne (TECH) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TECH and XLV?
Across a 3-year window, the weekly returns of TECH and XLV correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 359.3 %².
By 3-year correlation, XLV places #10 of the 39 assets tracked against TECH. Twelve-month performance is nearly a tie, at +29.6% for TECH and +27.5% for XLV. On a rolling one-year basis the correlation drifted between 0.33 and 0.76, a moderate band. Risk is not evenly split, since TECH carries 2.9 times the volatility of the other side.
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.
TECH vs XLV: side by side
| TECH (Bio-Techne) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +29.6% | +27.5% |
| 5-year return | -41.4% | +37.4% |
| Volatility (ann.) | 41.9% | 14.7% |
| Beta vs S&P 500 | 0.90 | 0.42 |
| Max drawdown (3Y) | -48.1% | -17.1% |
| Market cap | $11.4B | – |
| P/E (trailing) | 62.5 | – |
| Dividend yield | 0.44% | 1.56% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $41.7B |
| Sector / category | Health Care | Sector ETF |
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.
Year-by-year returns
| Year | TECH | XLV |
|---|---|---|
| 2022 | -35.7% | -2.1% |
| 2023 | -6.5% | +2.1% |
| 2024 | -6.2% | +2.5% |
| 2025 | -17.9% | +14.5% |
| 2026 | +23.8% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TECH represents 0.18% of XLV's portfolio, so part of any move in XLV is TECH itself, and the correlation between them is partly mechanical.
Are TECH and XLV good diversifiers for each other?
To a limited degree. At 0.58 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 TECH and XLV?
As of 2026-08-27, the correlation of weekly returns between TECH and XLV is 0.58 over 3 years, 0.64 over 1 year and 0.61 over 5 years.
Is XLV a good diversifier for TECH?
To a limited degree. At 0.58 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 0.58 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tech-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tech-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TECH correlations · XLV correlations
