SPY vs XPEL: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and XPEL, Inc. (XPEL) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XPEL?
Over the past 3 years, SPY and XPEL moved with a correlation of 0.28, which is weak. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.28). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 216.1 %².
By 3-year correlation, XPEL places #2489 of the 4755 assets tracked against SPY. The trailing year gives XPEL the advantage: +20.6% versus +35.2%, a 14.6-point spread. Risk is not evenly split, since XPEL carries 3.6 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 XPEL: side by side
| SPY (SPDR S&P 500 ETF Trust) | XPEL (XPEL, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +35.2% |
| 5-year return | +82.4% | -32.6% |
| Volatility (ann.) | 14.5% | 52.7% |
| Beta vs S&P 500 | 1.00 | 1.03 |
| Max drawdown (3Y) | -18.8% | -70.7% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 25.6 |
| 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 | XPEL |
|---|---|---|
| 2022 | -18.2% | -12.0% |
| 2023 | +26.2% | -10.3% |
| 2024 | +24.9% | -25.8% |
| 2025 | +17.7% | +25.0% |
| 2026 | +13.7% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XPEL good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and XPEL?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.12 over the last year and 0.35 over 5 years.
Is XPEL a good diversifier for SPY?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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-xpel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-xpel/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XPEL correlations
