GXO vs SPY: Correlation
Measured on weekly returns over the past three years, GXO Logistics, Inc. (GXO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GXO and SPY?
On 3 years of weekly data the GXO/SPY correlation comes out at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 221.6 %².
By 3-year correlation, SPY places #9 of the 16 assets tracked against GXO. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.7 percentage points (-10.1% for GXO against +20.6% for SPY). Risk is not evenly split, since GXO carries 2.6 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.
GXO vs SPY: side by side
| GXO (GXO Logistics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.1% | +20.6% |
| 5-year return | -43.5% | +82.4% |
| Volatility (ann.) | 37.5% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -51.6% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 42.5 | – |
| 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 | GXO | SPY |
|---|---|---|
| 2022 | -53.0% | -18.2% |
| 2023 | +43.3% | +26.2% |
| 2024 | -28.9% | +24.9% |
| 2025 | +21.0% | +17.7% |
| 2026 | -8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GXO and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GXO and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.33 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for GXO?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gxo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gxo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GXO correlations · SPY correlations
