SPY vs XBIO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Xenetic Biosciences, Inc. (XBIO) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XBIO?
Across a 3-year window, the weekly returns of SPY and XBIO correlate at 0.07, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.07) than the 3-year average (0.07). Stretching to 5 years gives 0.17, with an annualized covariance of 95.4 %².
Among the 4755 assets we track against SPY, XBIO ranks #4303 by 3-year correlation. The last year tells two different stories: XBIO led by 19.2 percentage points, +20.6% for SPY against +39.8% for XBIO. Note the risk asymmetry: XBIO runs 6.2 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 XBIO: side by side
| SPY (SPDR S&P 500 ETF Trust) | XBIO (Xenetic Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +39.8% |
| 5-year return | +82.4% | -86.8% |
| Volatility (ann.) | 14.5% | 90.1% |
| Beta vs S&P 500 | 1.00 | 0.46 |
| Max drawdown (3Y) | -18.8% | -80.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | XBIO |
|---|---|---|
| 2022 | -18.2% | -77.9% |
| 2023 | +26.2% | +21.1% |
| 2024 | +24.9% | +15.7% |
| 2025 | +17.7% | -45.6% |
| 2026 | +13.7% | +82.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XBIO good diversifiers for each other?
Yes. With a correlation of 0.07, SPY and XBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and XBIO?
As of 2026-08-27, the correlation of weekly returns between SPY and XBIO is 0.07 over 3 years, -0.07 over 1 year and 0.17 over 5 years.
Is XBIO a good diversifier for SPY?
Yes. With a correlation of 0.07, SPY and XBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.07 mean?
A reading of 0.07 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: SPY correlations · XBIO correlations
