SPY vs XELB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Xcel Brands, Inc (XELB) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XELB?
Across a 3-year window, the weekly returns of SPY and XELB correlate at 0.22, weak. Recent behaviour matches the longer record: 0.27 over 1 year against 0.22 over 3. Stretching to 5 years gives 0.22, with an annualized covariance of 277.3 %².
Among the 4755 assets we track against SPY, XELB ranks #3093 by 3-year correlation. The last year tells two different stories: SPY led by 51.1 percentage points, +20.6% for SPY against -30.5% for XELB. One caveat on sizing: XELB is 5.9 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 XELB: side by side
| SPY (SPDR S&P 500 ETF Trust) | XELB (Xcel Brands, Inc) | |
|---|---|---|
| 1-year return | +20.6% | -30.5% |
| 5-year return | +82.4% | -94.9% |
| Volatility (ann.) | 14.5% | 86.2% |
| Beta vs S&P 500 | 1.00 | 1.33 |
| Max drawdown (3Y) | -18.8% | -95.5% |
| 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 | XELB |
|---|---|---|
| 2022 | -18.2% | -35.8% |
| 2023 | +26.2% | +84.2% |
| 2024 | +24.9% | -60.1% |
| 2025 | +17.7% | -79.0% |
| 2026 | +13.7% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XELB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and XELB?
The SPY/XELB correlation stands at 0.22 on a 3-year window (1 year: 0.27, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is XELB a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-xelb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xelb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XELB correlations
