SPY vs XEL: Correlation
SPDR S&P 500 ETF Trust (SPY) and Xcel Energy (XEL) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XEL?
On 3 years of weekly data the SPY/XEL correlation comes out at 0.06, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.02 over 1 year against 0.06 over 3. The 5-year figure is 0.25, and annualized covariance runs at 19.5 %².
Among the 4755 assets we track against SPY, XEL ranks #4357 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +9.2%, a 11.4-point spread. This link changes with the market regime, having swung between -0.22 and 0.45 on a rolling one-year basis.
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 XEL: side by side
| SPY (SPDR S&P 500 ETF Trust) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +20.6% | +9.2% |
| 5-year return | +82.4% | +31.1% |
| Volatility (ann.) | 14.5% | 20.7% |
| Beta vs S&P 500 | 1.00 | 0.09 |
| Max drawdown (3Y) | -18.8% | -24.0% |
| Market cap | – | $48.2B |
| P/E (trailing) | – | 21.3 |
| Dividend yield | 1.01% | 2.99% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Utilities |
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 | XEL |
|---|---|---|
| 2022 | -18.2% | +6.4% |
| 2023 | +26.2% | -8.7% |
| 2024 | +24.9% | +12.3% |
| 2025 | +17.7% | +13.9% |
| 2026 | +13.7% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds XEL at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and XEL good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and XEL?
As of 2026-08-27, the correlation of weekly returns between SPY and XEL is 0.06 over 3 years, -0.02 over 1 year and 0.25 over 5 years.
Is XEL a good diversifier for SPY?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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-xel.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · XEL correlations
