EXPD vs SPY: Correlation
Expeditors International (EXPD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXPD and SPY?
On 3 years of weekly data the EXPD/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.39). The 5-year figure is 0.54, and annualized covariance runs at 135.9 %².
By 3-year correlation, SPY places #20 of the 33 assets tracked against EXPD. The last year tells two different stories: EXPD led by 36.9 percentage points, +57.5% for EXPD against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.20 and 0.73 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since EXPD carries 1.7 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.
EXPD vs SPY: side by side
| EXPD (Expeditors International) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.5% | +20.6% |
| 5-year return | +60.9% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -21.3% | -18.8% |
| Market cap | $24.8B | – |
| P/E (trailing) | 27.7 | – |
| Dividend yield | 0.83% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | EXPD | SPY |
|---|---|---|
| 2022 | -21.7% | -18.2% |
| 2023 | +23.9% | +26.2% |
| 2024 | -11.9% | +24.9% |
| 2025 | +36.2% | +17.7% |
| 2026 | +28.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXPD and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EXPD and SPY?
As of 2026-08-27, the correlation of weekly returns between EXPD and SPY is 0.39 over 3 years, 0.25 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for EXPD?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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: EXPD correlations · SPY correlations
