SPY vs SXI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Standex International Corporation (SXI) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SXI?
Across a 3-year window, the weekly returns of SPY and SXI correlate at 0.45, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.45). Stretching to 5 years gives 0.49, with an annualized covariance of 217.1 %².
Within SPY's tracked universe of 4755 assets, SXI comes in at #744 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SXI outperformed by 23.9 percentage points (+20.6% for SPY against +44.5% for SXI). Note the risk asymmetry: SXI runs 2.3 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.
SPY vs SXI: side by side
| SPY (SPDR S&P 500 ETF Trust) | SXI (Standex International Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +44.5% |
| 5-year return | +82.4% | +218.6% |
| Volatility (ann.) | 14.5% | 33.0% |
| Beta vs S&P 500 | 1.00 | 1.04 |
| Max drawdown (3Y) | -18.8% | -38.0% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 35.2 |
| Dividend yield | 1.01% | 0.44% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SXI |
|---|---|---|
| 2022 | -18.2% | -6.5% |
| 2023 | +26.2% | +56.0% |
| 2024 | +24.9% | +18.9% |
| 2025 | +17.7% | +17.0% |
| 2026 | +13.7% | +40.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SXI good diversifiers for each other?
Reasonably. At 0.45, SPY and SXI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SXI?
The SPY/SXI correlation stands at 0.45 on a 3-year window (1 year: 0.32, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SXI a good diversifier for SPY?
Reasonably. At 0.45, SPY and SXI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/spy-vs-sxi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-sxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SXI correlations
