State Street Health Care Select Sector SPDR ETF(XLV)
AI Look-Through Summary
AI GeneratedThe portfolio's sector tilt is heavily skewed towards healthcare, with an overwhelming 96.5% allocation to this category, leaving little room for diversification across other sectors. Geographically, it's likely that the majority of holdings are US-based given the dominance of large-cap pharmaceutical and biotechnology companies. The market-capitalization profile is also concentrated at the upper end, with no small-cap or mid-cap representation in the top 10 holdings.
Concentration risk is elevated due to the significant weightings of individual stocks, particularly Eli Lilly (16.2%) and Johnson & Johnson (10.6%), which together account for nearly a quarter of the portfolio's assets. Compared to the broader market, this ETF has an even heavier skew towards healthcare, which may be beneficial in a sector-specific growth environment but could prove detrimental during periods of weakness in the industry. A favorable macro environment would likely involve sustained demand for pharmaceuticals and biotechnology products, while increased regulatory scrutiny or patent expirations could have negative implications for the portfolio's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:46:08.498609+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name, which targets a specific select sector of healthcare, is executed with near-perfect fidelity in this fund's composition. Every single top holding listed falls squarely within the healthcare industry, ranging from pharmaceutical giants and biotechnology firms to medical device companies and hospital operators. There are no unrelated holdings or diversification into technology or consumer sectors that would dilute the thematic focus, ensuring a strict adherence to the stated investment objective without deviation toward broad market stability through non-sector names.
Sector coherence is exceptionally high given that healthcare constitutes 96.6% of the total portfolio across forty-eight distinct positions, creating a tightly defined exposure profile. While the top-ten concentration sits at nearly sixty percent, driven largely by large-cap leaders like Eli Lilly and Johnson & Johnson, this weighting reflects the natural market capitalization distribution within the industry rather than an artificial reliance on mega-caps to obscure strategy. The fund appears genuinely differentiated from a broad market index due to its exclusion of non-healthcare equities entirely, offering investors pure sector exposure without the need for additional filtering or thematic interpretation beyond the label provided.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 13:25:15.780181+00
🏢 Sector Analysis
AI GeneratedThe State Street Health Care Select Sector SPDR ETF exhibits an exceptionally high degree of sector purity, with healthcare holdings comprising 96.6% of the total portfolio across forty-eight constituents. This near-total dedication to a single industry underscores an investment thesis strictly focused on capturing returns from the medical services and pharmaceutical sectors while deliberately excluding exposure to other economic drivers such as technology or consumer discretionary growth. The fund's structure is designed to isolate the performance dynamics specific to healthcare, meaning that its valuation trajectory will be inextricably linked to broader trends within this industry rather than diversified market movements.
Concentration risk remains a defining characteristic of this vehicle, highlighted by the fact that the top ten holdings account for over 60% of assets under management. This heavy weighting is further intensified at the individual stock level, where Eli Lilly alone represents more than fifteen percent and Johnson & Johnson exceeds ten percent. Such a distribution indicates a significant factor tilt toward large-cap stability within the healthcare space, as these five names collectively form nearly half of the entire portfolio value. Consequently, the fund's performance will be disproportionately influenced by the fortunes of these specific mega-caps; any material adverse event affecting one or more of these leaders could exert outsized pressure on overall returns compared to a more broadly diversified peer group.
The dominance of traditional pharmaceutical and healthcare conglomerates suggests that the underlying index methodology prioritizes market capitalization within this sector, resulting in a portfolio heavily weighted toward established industry giants rather than emerging biotech firms or smaller specialized players. This composition reveals an implicit bet on the resilience and revenue generation capabilities of these large entities during various economic cycles. While this approach offers potential stability through brand recognition and diversified product pipelines inherent to these companies, it simultaneously limits exposure to high-growth segments that might be underrepresented due to their relative size compared to the top-tier incumbents held in such significant quantities.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 22:23:26.965088+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLV's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLV's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 61 | 99.8% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 61 | 99.8% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 59 | 99.8% |
| VHTVHT | $19B | — | 59 | 99.8% |
| ONEOONEO | $25M | — | 60 | 99.4% |
100% of XLV's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging XLV's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLV's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 98% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XLV collectively pay out 57% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 86% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryXLV is up 23.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +30.4%. Despite earnings growth, valuations have contracted by 7.2% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 94% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLV's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLV's analyzed weight, 69% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 31% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 96% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHLLY at 15.8% contributes an estimated 43% of portfolio variance.XLV holds 50 stocks but behaves like an 17-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XLV has a Passive Crowding Score of 41/100. On average, 12.2% of the market capitalization of XLV's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 36 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | LLY | ELI LILLY + CO Healthcare | 15.82% | 41.5x | 7/9 |
| 2 | JNJ | JOHNSON + JOHNSON Healthcare | 10.29% | 29.0x | 4/9 |
| 3 | ABBV | ABBVIE INC Healthcare | 7.69% | 124.8x | 7/9 |
| 4 | UNH | UNITEDHEALTH GROUP INC Healthcare | 6.58% | 31.8x | 6/9 |
| 5 | MRK | MERCK + CO. INC. Healthcare | 5.39% | 36.0x | 4/9 |
| 6 | TMO | THERMO FISHER SCIENTIFIC INC Healthcare | 3.45% | 29.8x | 4/9 |
| 7 | AMGN | AMGEN INC Healthcare | 3.43% | 25.8x | 7/9 |
| 8 | ABT | ABBOTT LABORATORIES Healthcare | 2.94% | 27.7x | 5/9 |
| 9 | GILD | GILEAD SCIENCES INC Healthcare | 2.89% | 18.5x | 8/9 |
| 10 | PFE | PFIZER INC Healthcare | 2.45% | 19.1x | 5/9 |
| 11 | ISRG | INTUITIVE SURGICAL INC Healthcare | 2.44% | 46.1x | 7/9 |
| 12 | CVS | CVS HEALTH CORP Healthcare | 2.32% | 46.7x | 6/9 |
| 13 | DHR | DANAHER CORP Healthcare | 2.21% | 39.7x | 4/9 |
| 14 | BMY | BRISTOL MYERS SQUIBB CO Healthcare | 2.11% | 17.0x | 9/9 |
| 15 | VRTX | VERTEX PHARMACEUTICALS INC Healthcare | 2.11% | 28.8x | 6/9 |
Historical Holdings Snapshots
Browse how XLV’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 72.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 15.82% | 5,681,528 | — |
| 2 | JNJ | 10.29% | 17,289,034 | — |
| 3 | ABBV | 7.69% | 12,689,384 | — |
| 4 | UNH | 6.58% | 6,522,410 | — |
| 5 | MRK | 5.39% | 17,738,666 | — |
| 6 | TMO | 3.45% | 2,669,023 | — |
| 7 | AMGN | 3.43% | 3,876,285 | — |
| 8 | ABT | 2.94% | 12,510,023 | — |
| 9 | GILD | 2.89% | 8,917,136 | — |
| 10 | PFE | 2.45% | 40,934,264 | — |
| 11 | ISRG | 2.44% | 2,543,668 | — |
| 12 | CVS | 2.32% | 9,163,913 | — |
| 13 | DHR | 2.21% | 4,524,198 | — |
| 14 | BMY | 2.11% | 14,666,503 | — |
| 15 | VRTX | 2.11% | 1,822,891 | — |
2026-07-17
15 holdings · 72.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 15.99% | 5,665,073 | — |
| 2 | JNJ | 10.39% | 17,238,964 | — |
| 3 | ABBV | 7.54% | 12,652,634 | — |
| 4 | UNH | 6.64% | 6,503,525 | — |
| 5 | MRK | 5.34% | 17,687,291 | — |
| 6 | TMO | 3.48% | 2,661,298 | — |
| 7 | AMGN | 3.38% | 3,865,065 | — |
| 8 | GILD | 2.86% | 8,891,306 | — |
| 9 | ABT | 2.72% | 12,473,783 | — |
| 10 | PFE | 2.47% | 40,815,704 | — |
| 11 | ISRG | 2.41% | 2,536,303 | — |
| 12 | CVS | 2.36% | 9,137,378 | — |
| 13 | DHR | 2.21% | 4,511,088 | — |
| 14 | VRTX | 2.12% | 1,817,611 | — |
| 15 | BMY | 2.10% | 14,624,023 | — |
2026-07-16
15 holdings · 71.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 15.93% | 5,615,017 | — |
| 2 | JNJ | 10.68% | 17,086,588 | — |
| 3 | ABBV | 7.50% | 12,540,866 | — |
| 4 | UNH | 6.75% | 6,446,027 | — |
| 5 | MRK | 5.21% | 17,530,948 | — |
| 6 | TMO | 3.47% | 2,637,783 | — |
| 7 | AMGN | 3.35% | 3,830,877 | — |
| 8 | GILD | 2.82% | 8,812,745 | — |
| 9 | ABT | 2.69% | 12,363,409 | — |
| 10 | PFE | 2.42% | 40,454,986 | — |
| 11 | CVS | 2.37% | 9,056,590 | — |
| 12 | ISRG | 2.35% | 2,513,892 | — |
| 13 | DHR | 2.19% | 4,471,195 | — |
| 14 | VRTX | 2.11% | 1,801,539 | — |
| 15 | BMY | 2.03% | 14,494,693 | — |
2026-07-15
15 holdings · 71.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 16.03% | 5,625,977 | — |
| 2 | JNJ | 10.64% | 17,119,948 | — |
| 3 | ABBV | 7.51% | 12,565,346 | — |
| 4 | UNH | 6.68% | 6,458,607 | — |
| 5 | MRK | 5.25% | 17,565,178 | — |
| 6 | TMO | 3.37% | 2,642,933 | — |
| 7 | AMGN | 3.34% | 3,838,357 | — |
| 8 | GILD | 2.80% | 8,829,955 | — |
| 9 | ABT | 2.75% | 12,387,549 | — |
| 10 | ISRG | 2.47% | 2,518,802 | — |
| 11 | PFE | 2.39% | 40,533,966 | — |
| 12 | CVS | 2.32% | 9,074,270 | — |
| 13 | DHR | 2.16% | 4,479,925 | — |
| 14 | VRTX | 2.09% | 1,805,059 | — |
| 15 | BMY | 2.08% | 14,522,993 | — |
2026-07-14
15 holdings · 71.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 16.16% | 5,624,881 | — |
| 2 | JNJ | 10.63% | 17,116,612 | — |
| 3 | ABBV | 7.53% | 12,562,898 | — |
| 4 | UNH | 6.63% | 6,457,348 | — |
| 5 | MRK | 5.24% | 17,561,755 | — |
| 6 | AMGN | 3.37% | 3,837,609 | — |
| 7 | TMO | 3.37% | 2,642,418 | — |
| 8 | ABT | 2.81% | 12,385,135 | — |
| 9 | GILD | 2.77% | 8,828,234 | — |
| 10 | ISRG | 2.48% | 2,518,311 | — |
| 11 | PFE | 2.37% | 40,526,068 | — |
| 12 | CVS | 2.28% | 9,072,502 | — |
| 13 | DHR | 2.15% | 4,479,052 | — |
| 14 | VRTX | 2.12% | 1,804,707 | — |
| 15 | BMY | 2.02% | 14,520,163 | — |
2026-07-13
15 holdings · 72.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 16.41% | 5,643,513 | — |
| 2 | JNJ | 10.63% | 17,173,324 | — |
| 3 | ABBV | 7.53% | 12,604,514 | — |
| 4 | UNH | 6.68% | 6,478,751 | — |
| 5 | MRK | 5.27% | 17,619,946 | — |
| 6 | AMGN | 3.35% | 3,850,325 | — |
| 7 | TMO | 3.32% | 2,651,173 | — |
| 8 | GILD | 2.85% | 8,857,491 | — |
| 9 | ABT | 2.80% | 12,426,173 | — |
| 10 | ISRG | 2.48% | 2,526,658 | — |
| 11 | PFE | 2.36% | 40,660,334 | — |
| 12 | CVS | 2.24% | 9,102,558 | — |
| 13 | VRTX | 2.15% | 1,810,691 | — |
| 14 | DHR | 2.10% | 4,493,893 | — |
| 15 | BMY | 2.02% | 14,568,273 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove XLV Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedXLV's current price is trading below its 50-day simple moving average but above the 200-day, suggesting a recent downturn in short-term momentum. With an RSI of 37.1, indicating it’s near oversold territory, this could imply that the security may be due for some relief or recovery from current levels if past patterns hold true.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How XLV’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Positions Increased (50)
Positions Decreased (0)
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.