SPY vs XCUR: Correlation
SPDR S&P 500 ETF Trust (SPY) and Exicure, Inc. (XCUR) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XCUR?
Across a 3-year window, the weekly returns of SPY and XCUR correlate at 0.04, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.24 versus 0.04 over 3 years. Stretching to 5 years gives 0.07, with an annualized covariance of 191.2 %².
Among the 4755 assets we track against SPY, XCUR ranks #4460 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 95.9 points (+20.6% versus -75.3%). One caveat on sizing: XCUR is 23.5 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.
SPY vs XCUR: side by side
| SPY (SPDR S&P 500 ETF Trust) | XCUR (Exicure, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -75.3% |
| 5-year return | +82.4% | -99.3% |
| Volatility (ann.) | 14.5% | 341.3% |
| Beta vs S&P 500 | 1.00 | 0.92 |
| Max drawdown (3Y) | -18.8% | -96.4% |
| 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 | XCUR |
|---|---|---|
| 2022 | -18.2% | -81.0% |
| 2023 | +26.2% | -49.6% |
| 2024 | +24.9% | +371.4% |
| 2025 | +17.7% | -60.4% |
| 2026 | +13.7% | -74.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XCUR good diversifiers for each other?
Yes. With a correlation of 0.04, SPY and XCUR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and XCUR?
As of 2026-08-27, the correlation of weekly returns between SPY and XCUR is 0.04 over 3 years, -0.24 over 1 year and 0.07 over 5 years.
Is XCUR a good diversifier for SPY?
Yes. With a correlation of 0.04, SPY and XCUR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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.
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Related comparisons
Hubs: SPY correlations · XCUR correlations
