ECX vs SPY: Correlation
How closely do ECARX Holdings Inc. - Class A (ECX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECX and SPY?
Across a 3-year window, the weekly returns of ECX and SPY correlate at 0.25, weak. Lately the two have moved closer together, with the 1-year correlation at 0.38 versus 0.25 over 3 years. Stretching to 5 years gives 0.18, with an annualized covariance of 337.4 %².
Among the 12 assets we track against ECX, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 53.7 points (-33.1% versus +20.6%). Note the risk asymmetry: ECX runs 6.4 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.
ECX vs SPY: side by side
| ECX (ECARX Holdings Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.1% | +20.6% |
| 5-year return | -88.9% | +82.4% |
| Volatility (ann.) | 93.0% | 14.5% |
| Beta vs S&P 500 | 1.61 | 1.00 |
| Max drawdown (3Y) | -82.6% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ECX | SPY |
|---|---|---|
| 2022 | -18.1% | -18.2% |
| 2023 | -60.5% | +26.2% |
| 2024 | -33.2% | +24.9% |
| 2025 | -18.5% | +17.7% |
| 2026 | -37.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECX and SPY good diversifiers for each other?
Reasonably. At 0.25, ECX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ECX and SPY?
The ECX/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.38, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ECX?
Reasonably. At 0.25, ECX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ecx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ecx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ECX correlations · SPY correlations
