EXFY vs SPY: Correlation
Expensify, Inc. (EXFY) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXFY and SPY?
Over the past 3 years, EXFY and SPY moved with a correlation of 0.35, which is moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 426.9 %².
Among the 12 assets we track against EXFY, SPY sits near the bottom by co-movement, at rank #8. On 12-month performance EXFY holds a 12.7-point edge, +33.3% against +20.6%. One caveat on sizing: EXFY is 5.8 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.
EXFY vs SPY: side by side
| EXFY (Expensify, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.3% | +20.6% |
| 5-year return | -93.8% | +82.4% |
| Volatility (ann.) | 83.7% | 14.5% |
| Beta vs S&P 500 | 2.04 | 1.00 |
| Max drawdown (3Y) | -83.4% | -18.8% |
| Market cap | $0.2B | – |
| 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 | EXFY | SPY |
|---|---|---|
| 2022 | -79.9% | -18.2% |
| 2023 | -72.0% | +26.2% |
| 2024 | +35.6% | +24.9% |
| 2025 | -54.9% | +17.7% |
| 2026 | +69.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXFY and SPY good diversifiers for each other?
Reasonably. At 0.35, EXFY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EXFY and SPY?
As of 2026-08-27, the correlation of weekly returns between EXFY and SPY is 0.35 over 3 years, 0.38 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for EXFY?
Reasonably. At 0.35, EXFY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: EXFY correlations · SPY correlations
