Chart Courtesy: ConverGx Group. Click to enlarge.
Over the past year, the Consumer Discretionary Select Sector SPDR (NYSEArca: XLY) and the Financial Select Sector SPDR (NYSEArca: XLF) both have correlations to SPY of at least 0.91.
Chart courtesy: State Street Global Advisors. Click to enlarge.
Interestingly, several of the seven SPDRs featured in the chart above have higher correlations to SPY on a three-year basis than has been seen over the past year.
3-Year Correlations for 7 SPDRs to SPY
Chart Courtesy: SSgA. Click to enlarge.