EXLS vs SPY: Correlation
How closely do ExlService Holdings, Inc. (EXLS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and SPY?
Over the past 3 years, EXLS and SPY moved with a correlation of 0.35, which is moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.35). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 160.3 %².
Among the 47 assets we track against EXLS, SPY sits near the bottom by co-movement, at rank #43. The last year tells two different stories: SPY led by 34.0 percentage points, -13.4% for EXLS against +20.6% for SPY. One caveat on sizing: EXLS is 2.2 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.
EXLS vs SPY: side by side
| EXLS (ExlService Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.4% | +20.6% |
| 5-year return | +55.2% | +82.4% |
| Volatility (ann.) | 31.7% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -51.3% | -18.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 23.7 | – |
| 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 | EXLS | SPY |
|---|---|---|
| 2022 | +17.0% | -18.2% |
| 2023 | -9.0% | +26.2% |
| 2024 | +43.9% | +24.9% |
| 2025 | -4.4% | +17.7% |
| 2026 | -10.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EXLS and SPY?
The EXLS/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.14, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EXLS?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exls-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exls-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXLS correlations · SPY correlations
