VEEV vs XLV: Correlation
Measured on weekly returns over the past three years, Veeva Systems (VEEV) 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 VEEV and XLV?
On 3 years of weekly data the VEEV/XLV correlation comes out at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.34). The 5-year figure is 0.40, and annualized covariance runs at 202.2 %².
Among the 34 assets we track against VEEV, XLV ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLV outperformed by 31.4 percentage points (-3.9% for VEEV against +27.5% for XLV). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.06 to 0.59. Note the risk asymmetry: VEEV runs 2.7 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.
VEEV vs XLV: side by side
| VEEV (Veeva Systems) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -3.9% | +27.5% |
| 5-year return | -15.2% | +37.4% |
| Volatility (ann.) | 40.0% | 14.7% |
| Beta vs S&P 500 | 0.99 | 0.42 |
| Max drawdown (3Y) | -50.5% | -17.1% |
| Market cap | $45.8B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 0.00% | 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 | VEEV | XLV |
|---|---|---|
| 2022 | -36.8% | -2.1% |
| 2023 | +19.3% | +2.1% |
| 2024 | +9.2% | +2.5% |
| 2025 | +6.2% | +14.5% |
| 2026 | +26.4% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.59% of XLV is VEEV itself, so the fund partly moves with the stock by construction.
Are VEEV and XLV good diversifiers for each other?
Reasonably. At 0.34, VEEV and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between VEEV and XLV?
As of 2026-08-27, the correlation of weekly returns between VEEV and XLV is 0.34 over 3 years, 0.17 over 1 year and 0.40 over 5 years.
Is XLV a good diversifier for VEEV?
Reasonably. At 0.34, VEEV and XLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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/veev-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/veev-vs-xlv/)
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Related comparisons
Hubs: VEEV correlations · XLV correlations
