UHS vs XLV: Correlation
Measured on weekly returns over the past three years, Universal Health Services (UHS) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UHS and XLV?
Over the past 3 years, UHS and XLV moved with a correlation of 0.34, which is moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.34 over 3. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 154.0 %².
Among the 38 assets we track against UHS, XLV ranks #24 by 3-year correlation. The last year tells two different stories: XLV led by 32.5 percentage points, -5.0% for UHS against +27.5% for XLV. The rolling one-year correlation moved between 0.17 and 0.55 over the past three years, a moderate range. One caveat on sizing: UHS is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
UHS vs XLV: side by side
| UHS (Universal Health Services) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -5.0% | +27.5% |
| 5-year return | +13.5% | +37.4% |
| Volatility (ann.) | 31.1% | 14.7% |
| Beta vs S&P 500 | 0.60 | 0.42 |
| Max drawdown (3Y) | -42.0% | -17.1% |
| Market cap | $10.2B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 0.45% | 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 | UHS | XLV |
|---|---|---|
| 2022 | +9.4% | -2.1% |
| 2023 | +8.8% | +2.1% |
| 2024 | +18.2% | +2.5% |
| 2025 | +22.0% | +14.5% |
| 2026 | -20.7% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLV holds UHS at a 0.15% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are UHS and XLV good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between UHS and XLV?
As of 2026-08-27, the correlation of weekly returns between UHS and XLV is 0.34 over 3 years, 0.32 over 1 year and 0.41 over 5 years.
Is XLV a good diversifier for UHS?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/uhs-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/uhs-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UHS correlations · XLV correlations
