SPY vs XFLT: Correlation
SPDR S&P 500 ETF Trust (SPY) and XAI Floating Rate & Alternative Income Trust (XFLT) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XFLT?
Over the past 3 years, SPY and XFLT moved with a correlation of 0.29, which is weak. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 75.0 %².
Among the 4755 assets we track against SPY, XFLT ranks #2374 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 37.1 percentage points (+20.6% for SPY against -16.5% for XFLT).
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 XFLT: side by side
| SPY (SPDR S&P 500 ETF Trust) | XFLT (XAI Floating Rate & Alternative Income Trust) | |
|---|---|---|
| 1-year return | +20.6% | -16.5% |
| 5-year return | +82.4% | -11.0% |
| Volatility (ann.) | 14.5% | 17.7% |
| Beta vs S&P 500 | 1.00 | 0.36 |
| Max drawdown (3Y) | -18.8% | -47.0% |
| Market cap | – | $0.3B |
| 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 | XFLT |
|---|---|---|
| 2022 | -18.2% | -20.3% |
| 2023 | +26.2% | +30.4% |
| 2024 | +24.9% | +7.4% |
| 2025 | +17.7% | -15.3% |
| 2026 | +13.7% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XFLT good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and XFLT?
As of 2026-08-27, the correlation of weekly returns between SPY and XFLT is 0.29 over 3 years, 0.27 over 1 year and 0.39 over 5 years.
Is XFLT a good diversifier for SPY?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 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-xflt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-xflt/)
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Related comparisons
Hubs: SPY correlations · XFLT correlations
