EXEL vs SPY: Correlation
How closely do Exelixis, Inc. (EXEL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXEL and SPY?
Over the past 3 years, EXEL and SPY moved with a correlation of 0.32, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.32). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 163.4 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against EXEL. Correlation aside, the last 12 months split them widely, with EXEL ahead by 22.9 points (+43.5% versus +20.6%). Risk is not evenly split, since EXEL carries 2.4 times the volatility of the other side.
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.
EXEL vs SPY: side by side
| EXEL (Exelixis, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.5% | +20.6% |
| 5-year return | +186.9% | +82.4% |
| Volatility (ann.) | 34.8% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -25.3% | -18.8% |
| Market cap | $13.7B | – |
| P/E (trailing) | 17.7 | – |
| 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 | EXEL | SPY |
|---|---|---|
| 2022 | -12.3% | -18.2% |
| 2023 | +49.6% | +26.2% |
| 2024 | +38.8% | +24.9% |
| 2025 | +31.6% | +17.7% |
| 2026 | +26.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXEL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EXEL and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.20 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for EXEL?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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: EXEL correlations · SPY correlations
