VELO vs XLV: Correlation
Measured on weekly returns over the past three years, Velo3D, Inc. (VELO) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VELO and XLV?
Over the past 3 years, VELO and XLV moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.11) sits close to the 3-year figure. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -734.9 %².
Among the 84 assets we track against VELO, XLV ranks #50 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VELO ahead by 154.4 points (+181.9% versus +27.5%). One caveat on sizing: VELO is 16.9 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.
VELO vs XLV: side by side
| VELO (Velo3D, Inc.) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +181.9% | +27.5% |
| 5-year return | -99.8% | +37.4% |
| Volatility (ann.) | 249.0% | 14.7% |
| Beta vs S&P 500 | -2.66 | 0.42 |
| Max drawdown (3Y) | -99.8% | -17.1% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.56% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $41.7B |
| Sector / category | US Listed | 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 | VELO | XLV |
|---|---|---|
| 2022 | -77.1% | -2.1% |
| 2023 | -77.8% | +2.1% |
| 2024 | -95.2% | +2.5% |
| 2025 | +35.7% | +14.5% |
| 2026 | -6.0% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VELO and XLV good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between VELO and XLV?
The VELO/XLV correlation stands at -0.20 on a 3-year window (1 year: -0.11, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for VELO?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
A reading of -0.20 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/velo-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/velo-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VELO correlations · XLV correlations
