SPY vs XOS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Xos, Inc. (XOS) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XOS?
Over the past 3 years, SPY and XOS moved with a correlation of 0.10, which is weak. The past 12 months show a weaker link (-0.07) than the 3-year average (0.10). Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 181.1 %².
Within SPY's tracked universe of 4755 assets, XOS comes in at #4122 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +18.1% for XOS. Risk is not evenly split, since XOS carries 8.4 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 XOS: side by side
| SPY (SPDR S&P 500 ETF Trust) | XOS (Xos, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +18.1% |
| 5-year return | +82.4% | -98.2% |
| Volatility (ann.) | 14.5% | 122.0% |
| Beta vs S&P 500 | 1.00 | 0.87 |
| Max drawdown (3Y) | -18.8% | -88.1% |
| Market cap | – | $0.1B |
| 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 | XOS |
|---|---|---|
| 2022 | -18.2% | -85.9% |
| 2023 | +26.2% | -40.0% |
| 2024 | +24.9% | -59.4% |
| 2025 | +17.7% | -44.1% |
| 2026 | +13.7% | +95.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XOS good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and XOS?
The SPY/XOS correlation stands at 0.10 on a 3-year window (1 year: -0.07, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is XOS a good diversifier for SPY?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-xos.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xos/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · XOS correlations
