SPY vs XP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and XP Inc. (XP) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XP?
Across a 3-year window, the weekly returns of SPY and XP correlate at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 246.1 %².
By 3-year correlation, XP places #1002 of the 4755 assets tracked against SPY. Over the last 12 months SPY came out ahead by 14.8 percentage points (+20.6% against +5.8%). One caveat on sizing: XP is 2.8 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 XP: side by side
| SPY (SPDR S&P 500 ETF Trust) | XP (XP Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +5.8% |
| 5-year return | +82.4% | -58.9% |
| Volatility (ann.) | 14.5% | 41.0% |
| Beta vs S&P 500 | 1.00 | 1.18 |
| Max drawdown (3Y) | -18.8% | -56.6% |
| Market cap | – | $9.0B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 1.01% | 11.39% |
| 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 | XP |
|---|---|---|
| 2022 | -18.2% | -46.6% |
| 2023 | +26.2% | +79.6% |
| 2024 | +24.9% | -52.2% |
| 2025 | +17.7% | +39.5% |
| 2026 | +13.7% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XP good diversifiers for each other?
Reasonably. At 0.42, SPY and XP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XP?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.39 over the last year and 0.36 over 5 years.
Is XP a good diversifier for SPY?
Reasonably. At 0.42, SPY and XP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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-xp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xp/)
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Related comparisons
Hubs: SPY correlations · XP correlations
