EXE vs SPY: Correlation
Expand Energy (EXE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and SPY?
Across a 3-year window, the weekly returns of EXE and SPY correlate at 0.16, weak. The link has loosened recently: the 1-year correlation (-0.18) runs below the 3-year figure (0.16). Stretching to 5 years gives 0.27, with an annualized covariance of 65.7 %².
Among the 32 assets we track against EXE, SPY ranks #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.4 points (+5.2% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.26 to 0.55. One caveat on sizing: EXE is 1.9 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.
EXE vs SPY: side by side
| EXE (Expand Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.2% | +20.6% |
| 5-year return | +125.8% | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -28.4% | -18.8% |
| Market cap | $22.7B | – |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 3.30% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | EXE | SPY |
|---|---|---|
| 2022 | +62.3% | -18.2% |
| 2023 | -14.8% | +26.2% |
| 2024 | +33.2% | +24.9% |
| 2025 | +14.4% | +17.7% |
| 2026 | -9.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXE and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, EXE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXE and SPY?
As of 2026-08-27, the correlation of weekly returns between EXE and SPY is 0.16 over 3 years, -0.18 over 1 year and 0.27 over 5 years.
Is SPY a good diversifier for EXE?
Yes. With a correlation of 0.16, EXE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EXE correlations · SPY correlations
