NXL vs SPY: Correlation
How closely do Nexalin Technology, Inc. (NXL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXL and SPY?
Over the past 3 years, NXL and SPY moved with a correlation of 0.13, which is weak. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 323.5 %².
Out of 10 assets tracked against NXL, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 88.9 points (-68.3% versus +20.6%). Risk is not evenly split, since NXL carries 12.3 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.
NXL vs SPY: side by side
| NXL (Nexalin Technology, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -68.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 178.5% | 14.5% |
| Beta vs S&P 500 | 1.55 | 1.00 |
| Max drawdown (3Y) | -94.2% | -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 | NXL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -45.9% | +26.2% |
| 2024 | +581.5% | +24.9% |
| 2025 | -79.8% | +17.7% |
| 2026 | -54.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXL and SPY good diversifiers for each other?
Yes. With a correlation of 0.13, NXL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NXL and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.23 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for NXL?
Yes. With a correlation of 0.13, NXL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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/nxl-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nxl-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NXL correlations · SPY correlations
