UNH vs XLV: Correlation
UnitedHealth Group (UNH) and Health Care Select Sector SPDR Fund (XLV) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UNH and XLV?
On 3 years of weekly data the UNH/XLV correlation comes out at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 193.2 %².
Among the 33 assets we track against UNH, XLV ranks #8 by 3-year correlation. On 12-month performance UNH holds a 6.0-point edge, +33.5% against +27.5%. Across three years, the rolling one-year figure varied moderately, from 0.24 to 0.51. Risk is not evenly split, since UNH carries 2.7 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.
UNH vs XLV: side by side
| UNH (UnitedHealth Group) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +33.5% | +27.5% |
| 5-year return | +3.1% | +37.4% |
| Volatility (ann.) | 39.8% | 14.7% |
| Beta vs S&P 500 | 0.17 | 0.42 |
| Max drawdown (3Y) | -61.4% | -17.1% |
| Market cap | $354.6B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 2.23% | 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 | UNH | XLV |
|---|---|---|
| 2022 | +6.9% | -2.1% |
| 2023 | +0.8% | +2.1% |
| 2024 | -2.4% | +2.5% |
| 2025 | -33.1% | +14.5% |
| 2026 | +21.3% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
UNH represents 5.82% of XLV's portfolio, so part of any move in XLV is UNH itself, and the correlation between them is partly mechanical.
Are UNH and XLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between UNH and XLV?
The UNH/XLV correlation stands at 0.33 on a 3-year window (1 year: 0.25, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for UNH?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/unh-vs-xlv.json
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[](https://www.pairbook.io/pair/unh-vs-xlv/)
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Related comparisons
Hubs: UNH correlations · XLV correlations
