SPY vs XOM: Correlation
SPDR S&P 500 ETF Trust (SPY) and ExxonMobil (XOM) show a near-zero relationship: their 3-year correlation of weekly returns is 0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XOM?
On 3 years of weekly data the SPY/XOM correlation comes out at 0.01, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.45) than the 3-year average (0.01). The 5-year figure is 0.16, and annualized covariance runs at 3.0 %².
By 3-year correlation, XOM places #4579 of the 4755 assets tracked against SPY. The last year tells two different stories: XOM led by 22.2 percentage points, +20.6% for SPY against +42.8% for XOM. The relationship is regime-dependent: the rolling one-year correlation swung between -0.45 and 0.41 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: XOM is 1.7 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 XOM: side by side
| SPY (SPDR S&P 500 ETF Trust) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +20.6% | +42.8% |
| 5-year return | +82.4% | +237.9% |
| Volatility (ann.) | 14.5% | 24.3% |
| Beta vs S&P 500 | 1.00 | 0.01 |
| Max drawdown (3Y) | -18.8% | -20.1% |
| Market cap | – | $643.3B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 1.01% | 2.58% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Energy |
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 | XOM |
|---|---|---|
| 2022 | -18.2% | +87.4% |
| 2023 | +26.2% | -6.3% |
| 2024 | +24.9% | +11.3% |
| 2025 | +17.7% | +16.0% |
| 2026 | +13.7% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.99% of SPY is XOM itself, so the fund partly moves with the stock by construction.
Are SPY and XOM good diversifiers for each other?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and XOM?
The SPY/XOM correlation stands at 0.01 on a 3-year window (1 year: -0.45, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is XOM a good diversifier for SPY?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
What does a correlation of 0.01 mean?
On the −1 to +1 scale, 0.01 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-xom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-xom/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · XOM correlations
