SPY vs XBP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and XBP Global Holdings, Inc. (XBP) carry a correlation of -0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XBP?
Across a 3-year window, the weekly returns of SPY and XBP correlate at -0.03, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.08) than the 3-year average (-0.03). Stretching to 5 years gives -0.03, with an annualized covariance of -67.4 %².
By 3-year correlation, XBP places #4667 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 72.8 percentage points, +20.6% for SPY against -52.2% for XBP. Note the risk asymmetry: XBP runs 10.0 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 XBP: side by side
| SPY (SPDR S&P 500 ETF Trust) | XBP (XBP Global Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -52.2% |
| 5-year return | +82.4% | -97.1% |
| Volatility (ann.) | 14.5% | 145.1% |
| Beta vs S&P 500 | 1.00 | -0.32 |
| Max drawdown (3Y) | -18.8% | -99.5% |
| 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 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 | SPY | XBP |
|---|---|---|
| 2022 | -18.2% | +4.3% |
| 2023 | +26.2% | -49.1% |
| 2024 | +24.9% | -79.4% |
| 2025 | +17.7% | -37.5% |
| 2026 | +13.7% | -57.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XBP good diversifiers for each other?
Yes. With a correlation of -0.03, SPY and XBP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and XBP?
The SPY/XBP correlation stands at -0.03 on a 3-year window (1 year: 0.08, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is XBP a good diversifier for SPY?
Yes. With a correlation of -0.03, SPY and XBP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.03 mean?
On the −1 to +1 scale, -0.03 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
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Related comparisons
Hubs: SPY correlations · XBP correlations
