SPXC vs SPY: Correlation
Measured on weekly returns over the past three years, SPX Technologies, Inc. (SPXC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPXC and SPY?
Over the past 3 years, SPXC and SPY moved with a correlation of 0.52, which is moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.52). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 251.6 %².
By 3-year correlation, SPY places #10 of the 16 assets tracked against SPXC. Over the last 12 months SPY came out ahead by 13.9 percentage points (+6.7% against +20.6%). One caveat on sizing: SPXC is 2.3 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.
SPXC vs SPY: side by side
| SPXC (SPX Technologies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.7% | +20.6% |
| 5-year return | +226.0% | +82.4% |
| Volatility (ann.) | 33.7% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -33.5% | -18.8% |
| Market cap | $10.3B | – |
| P/E (trailing) | 36.1 | – |
| 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 | SPXC | SPY |
|---|---|---|
| 2022 | +10.0% | -18.2% |
| 2023 | +53.9% | +26.2% |
| 2024 | +44.1% | +24.9% |
| 2025 | +37.5% | +17.7% |
| 2026 | +2.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPXC and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means SPXC and SPY 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 SPXC and SPY?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.26 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for SPXC?
Only partially. A correlation of 0.52 means SPXC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/spxc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spxc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPXC correlations · SPY correlations
