SPY vs XAIR: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Beyond Air, Inc. (XAIR) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XAIR?
Across a 3-year window, the weekly returns of SPY and XAIR correlate at 0.05, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.02 over 1 year against 0.05 over 3. Stretching to 5 years gives 0.10, with an annualized covariance of 73.2 %².
By 3-year correlation, XAIR places #4400 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 108.1 points (+20.6% versus -87.5%). Risk is not evenly split, since XAIR carries 7.4 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.
SPY vs XAIR: side by side
| SPY (SPDR S&P 500 ETF Trust) | XAIR (Beyond Air, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -87.5% |
| 5-year return | +82.4% | -99.9% |
| Volatility (ann.) | 14.5% | 106.7% |
| Beta vs S&P 500 | 1.00 | 0.35 |
| Max drawdown (3Y) | -18.8% | -99.6% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 1.01% | 0.00% |
| 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 | XAIR |
|---|---|---|
| 2022 | -18.2% | -31.2% |
| 2023 | +26.2% | -69.8% |
| 2024 | +24.9% | -81.7% |
| 2025 | +17.7% | -89.9% |
| 2026 | +13.7% | -60.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XAIR good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and XAIR?
The SPY/XAIR correlation stands at 0.05 on a 3-year window (1 year: -0.02, 5 years: 0.10), computed from weekly returns as of 2026-08-27.
Is XAIR a good diversifier for SPY?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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-xair.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xair/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · XAIR correlations
