SPY vs XMTR: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Xometry, Inc. (XMTR) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XMTR?
Over the past 3 years, SPY and XMTR moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 543.0 %².
Within SPY's tracked universe of 4755 assets, XMTR comes in at #753 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XMTR outperformed by 82.3 percentage points (+20.6% for SPY against +102.9% for XMTR). Risk is not evenly split, since XMTR carries 5.8 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 XMTR: side by side
| SPY (SPDR S&P 500 ETF Trust) | XMTR (Xometry, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +102.9% |
| 5-year return | +82.4% | +31.7% |
| Volatility (ann.) | 14.5% | 83.8% |
| Beta vs S&P 500 | 1.00 | 2.60 |
| Max drawdown (3Y) | -18.8% | -70.4% |
| Market cap | – | $5.5B |
| 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 | XMTR |
|---|---|---|
| 2022 | -18.2% | -37.1% |
| 2023 | +26.2% | +11.4% |
| 2024 | +24.9% | +18.8% |
| 2025 | +17.7% | +39.4% |
| 2026 | +13.7% | +61.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XMTR good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and XMTR?
As of 2026-08-27, the correlation of weekly returns between SPY and XMTR is 0.45 over 3 years, 0.37 over 1 year and 0.36 over 5 years.
Is XMTR a good diversifier for SPY?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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-xmtr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-xmtr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XMTR correlations
