GXO vs SPYV: Correlation
GXO Logistics, Inc. (GXO) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GXO and SPYV?
Over the past 3 years, GXO and SPYV moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 258.1 %².
Within GXO's tracked universe of 16 assets, SPYV comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPYV outperformed by 28.6 percentage points (-10.1% for GXO against +18.5% for SPYV). Note the risk asymmetry: GXO runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPYV: side by side
| GXO (GXO Logistics, Inc.) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -10.1% | +18.5% |
| 5-year return | -43.5% | +73.5% |
| Volatility (ann.) | 37.5% | 12.1% |
| Beta vs S&P 500 | 1.06 | 0.70 |
| Max drawdown (3Y) | -51.6% | -17.5% |
| Market cap | $5.5B | – |
| P/E (trailing) | 42.5 | – |
| Dividend yield | 0.00% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | GXO | SPYV |
|---|---|---|
| 2022 | -53.0% | -5.3% |
| 2023 | +43.3% | +22.2% |
| 2024 | -28.9% | +12.2% |
| 2025 | +21.0% | +13.2% |
| 2026 | -8.9% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GXO and SPYV good diversifiers for each other?
Only partially. A correlation of 0.57 means GXO and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GXO and SPYV?
As of 2026-08-27, the correlation of weekly returns between GXO and SPYV is 0.57 over 3 years, 0.50 over 1 year and 0.60 over 5 years.
Is SPYV a good diversifier for GXO?
Only partially. A correlation of 0.57 means GXO and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gxo-vs-spyv/)
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Related comparisons
Hubs: GXO correlations · SPYV correlations
