QXO vs SPY: Correlation
Measured on weekly returns over the past three years, QXO, Inc. (QXO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QXO and SPY?
Over the past 3 years, QXO and SPY moved with a correlation of 0.11, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.42 versus 0.11 over 3 years. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 218.4 %².
SPY is close to the least connected end of QXO's tracked universe, ranking #8 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.3 points (-33.7% versus +20.6%). Note the risk asymmetry: QXO runs 9.1 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.
QXO vs SPY: side by side
| QXO (QXO, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.7% | +20.6% |
| 5-year return | -70.0% | +82.4% |
| Volatility (ann.) | 132.0% | 14.5% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -95.4% | -18.8% |
| Market cap | $14.4B | – |
| 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 | QXO | SPY |
|---|---|---|
| 2022 | -33.8% | -18.2% |
| 2023 | +508.5% | +26.2% |
| 2024 | -86.1% | +24.9% |
| 2025 | +21.3% | +17.7% |
| 2026 | -28.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QXO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between QXO and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.42 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for QXO?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
A reading of 0.11 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QXO correlations · SPY correlations
