FOXX vs SPY: Correlation
Foxx Development Holdings Inc. (FOXX) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOXX and SPY?
Across a 3-year window, the weekly returns of FOXX and SPY correlate at -0.09, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.13 over 1 year against -0.09 over 3. Stretching to 5 years gives -0.07, with an annualized covariance of -145.2 %².
Among the 25 assets we track against FOXX, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 74.9 percentage points (-54.3% for FOXX against +20.6% for SPY). One caveat on sizing: FOXX is 7.5 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.
FOXX vs SPY: side by side
| FOXX (Foxx Development Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -54.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 108.9% | 14.5% |
| Beta vs S&P 500 | -0.69 | 1.00 |
| Max drawdown (3Y) | -87.3% | -18.8% |
| Market cap | – | – |
| 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 | FOXX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +8.2% | +26.2% |
| 2024 | -48.4% | +24.9% |
| 2025 | -18.7% | +17.7% |
| 2026 | -40.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FOXX and SPY good diversifiers for each other?
Yes: at -0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FOXX and SPY?
The FOXX/SPY correlation stands at -0.09 on a 3-year window (1 year: -0.13, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FOXX?
Yes: at -0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.09 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: FOXX correlations · SPY correlations
