EXC vs SPY: Correlation
Exelon (EXC) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXC and SPY?
Over the past 3 years, EXC and SPY moved with a correlation of -0.04, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.20 versus -0.04 over 3 years. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is -10.8 %².
By 3-year correlation, SPY places #20 of the 41 assets tracked against EXC. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.9 points (+1.7% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.23 and 0.54 over the past three years, so this pair behaves very differently depending on the market environment.
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.
EXC vs SPY: side by side
| EXC (Exelon) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.7% | +20.6% |
| 5-year return | +48.1% | +82.4% |
| Volatility (ann.) | 19.4% | 14.5% |
| Beta vs S&P 500 | -0.05 | 1.00 |
| Max drawdown (3Y) | -18.9% | -18.8% |
| Market cap | $45.3B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 3.69% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | EXC | SPY |
|---|---|---|
| 2022 | +8.3% | -18.2% |
| 2023 | -14.0% | +26.2% |
| 2024 | +9.2% | +24.9% |
| 2025 | +20.0% | +17.7% |
| 2026 | +2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds EXC at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are EXC and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXC and SPY?
The EXC/SPY correlation stands at -0.04 on a 3-year window (1 year: -0.20, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EXC?
By historical standards, yes. A correlation of -0.04 means the two rarely move for the same reasons.
What does a correlation of -0.04 mean?
On the −1 to +1 scale, -0.04 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: EXC correlations · SPY correlations
