SPY vs XENE: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Xenon Pharmaceuticals Inc. (XENE) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XENE?
Across a 3-year window, the weekly returns of SPY and XENE correlate at 0.27, weak. The past 12 months show a weaker link (0.06) than the 3-year average (0.27). Stretching to 5 years gives 0.17, with an annualized covariance of 173.0 %².
Within SPY's tracked universe of 4755 assets, XENE comes in at #2592 by 3-year correlation. The last year tells two different stories: XENE led by 38.7 percentage points, +20.6% for SPY against +59.3% for XENE. One caveat on sizing: XENE is 3.0 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 XENE: side by side
| SPY (SPDR S&P 500 ETF Trust) | XENE (Xenon Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +59.3% |
| 5-year return | +82.4% | +266.2% |
| Volatility (ann.) | 14.5% | 44.0% |
| Beta vs S&P 500 | 1.00 | 0.83 |
| Max drawdown (3Y) | -18.8% | -43.6% |
| Market cap | – | $6.0B |
| 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 | XENE |
|---|---|---|
| 2022 | -18.2% | +26.2% |
| 2023 | +26.2% | +16.8% |
| 2024 | +24.9% | -14.9% |
| 2025 | +17.7% | +14.3% |
| 2026 | +13.7% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XENE good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and XENE?
As of 2026-08-27, the correlation of weekly returns between SPY and XENE is 0.27 over 3 years, 0.06 over 1 year and 0.17 over 5 years.
Is XENE a good diversifier for SPY?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
A reading of 0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-xene.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xene/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XENE correlations
