EXPE vs SPY: Correlation
Expedia Group (EXPE) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXPE and SPY?
Over the past 3 years, EXPE and SPY moved with a correlation of 0.45, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.17 versus 0.45 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 277.8 %².
Among the 33 assets we track against EXPE, SPY ranks #20 by 3-year correlation. The last year tells two different stories: EXPE led by 30.9 percentage points, +51.5% for EXPE against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.16 and 0.75 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since EXPE carries 2.9 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.
EXPE vs SPY: side by side
| EXPE (Expedia Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.5% | +20.6% |
| 5-year return | +123.9% | +82.4% |
| Volatility (ann.) | 42.7% | 14.5% |
| Beta vs S&P 500 | 1.33 | 1.00 |
| Max drawdown (3Y) | -37.4% | -18.8% |
| Market cap | $38.3B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.53% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | EXPE | SPY |
|---|---|---|
| 2022 | -51.5% | -18.2% |
| 2023 | +73.3% | +26.2% |
| 2024 | +22.8% | +24.9% |
| 2025 | +53.3% | +17.7% |
| 2026 | +13.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of SPY is EXPE itself, so the fund partly moves with the stock by construction.
Are EXPE and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EXPE and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.17 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for EXPE?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: EXPE correlations · SPY correlations
