SPY vs XMAX: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and XMAX, Inc. (XMAX) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XMAX?
On 3 years of weekly data the SPY/XMAX correlation comes out at 0.05, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.02 lands near the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 123.5 %².
Among the 4755 assets we track against SPY, XMAX ranks #4401 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XMAX ahead by 343.5 points (+20.6% versus +364.1%). One caveat on sizing: XMAX is 11.1 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 XMAX: side by side
| SPY (SPDR S&P 500 ETF Trust) | XMAX (XMAX, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +364.1% |
| 5-year return | +82.4% | -21.0% |
| Volatility (ann.) | 14.5% | 161.3% |
| Beta vs S&P 500 | 1.00 | 0.59 |
| Max drawdown (3Y) | -18.8% | -91.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 18.5 |
| 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 | XMAX |
|---|---|---|
| 2022 | -18.2% | -77.0% |
| 2023 | +26.2% | +75.3% |
| 2024 | +24.9% | -82.2% |
| 2025 | +17.7% | +795.5% |
| 2026 | +13.7% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XMAX good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and XMAX?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.02 over the last year and 0.09 over 5 years.
Is XMAX a good diversifier for SPY?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
A reading of 0.05 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · XMAX correlations
