SPY vs XERS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Xeris Biopharma Holdings, Inc. (XERS) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XERS?
On 3 years of weekly data the SPY/XERS correlation comes out at 0.32, moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.32 over 3. The 5-year figure is 0.29, and annualized covariance runs at 270.2 %².
Among the 4755 assets we track against SPY, XERS ranks #2021 by 3-year correlation. Over the last 12 months SPY came out ahead by 13.0 percentage points (+20.6% against +7.6%). Risk is not evenly split, since XERS carries 4.0 times the volatility of the other side.
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 XERS: side by side
| SPY (SPDR S&P 500 ETF Trust) | XERS (Xeris Biopharma Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +7.6% |
| 5-year return | +82.4% | +212.7% |
| Volatility (ann.) | 14.5% | 58.5% |
| Beta vs S&P 500 | 1.00 | 1.29 |
| Max drawdown (3Y) | -18.8% | -47.2% |
| Market cap | – | $1.6B |
| 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 | XERS |
|---|---|---|
| 2022 | -18.2% | -54.6% |
| 2023 | +26.2% | +76.7% |
| 2024 | +24.9% | +44.3% |
| 2025 | +17.7% | +131.6% |
| 2026 | +13.7% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XERS good diversifiers for each other?
Reasonably. At 0.32, SPY and XERS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XERS?
The SPY/XERS correlation stands at 0.32 on a 3-year window (1 year: 0.33, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is XERS a good diversifier for SPY?
Reasonably. At 0.32, SPY and XERS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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-xers.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xers/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XERS correlations
