SPY vs XNCR: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Xencor, Inc. (XNCR) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XNCR?
On 3 years of weekly data the SPY/XNCR correlation comes out at 0.33, moderate. The link has loosened recently: the 1-year correlation (-0.00) runs below the 3-year figure (0.33). The 5-year figure is 0.33, and annualized covariance runs at 287.2 %².
Within SPY's tracked universe of 4755 assets, XNCR comes in at #1924 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XNCR ahead by 239.5 points (+20.6% versus +260.1%). One caveat on sizing: XNCR is 4.2 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 XNCR: side by side
| SPY (SPDR S&P 500 ETF Trust) | XNCR (Xencor, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +260.1% |
| 5-year return | +82.4% | -14.8% |
| Volatility (ann.) | 14.5% | 60.9% |
| Beta vs S&P 500 | 1.00 | 1.37 |
| Max drawdown (3Y) | -18.8% | -73.9% |
| Market cap | – | $2.1B |
| 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 |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | XNCR |
|---|---|---|
| 2022 | -18.2% | -35.1% |
| 2023 | +26.2% | -18.5% |
| 2024 | +24.9% | +8.2% |
| 2025 | +17.7% | -33.4% |
| 2026 | +13.7% | +88.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XNCR good diversifiers for each other?
Reasonably. At 0.33, SPY and XNCR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XNCR?
As of 2026-08-27, the correlation of weekly returns between SPY and XNCR is 0.33 over 3 years, -0.00 over 1 year and 0.33 over 5 years.
Is XNCR a good diversifier for SPY?
Reasonably. At 0.33, SPY and XNCR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SPY correlations · XNCR correlations
