SPY vs XPOF: Correlation
SPDR S&P 500 ETF Trust (SPY) and Xponential Fitness, Inc. (XPOF) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XPOF?
Across a 3-year window, the weekly returns of SPY and XPOF correlate at 0.21, weak. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.21). Stretching to 5 years gives 0.28, with an annualized covariance of 274.5 %².
Among the 4755 assets we track against SPY, XPOF ranks #3201 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 57.5 percentage points (+20.6% for SPY against -36.9% for XPOF). Note the risk asymmetry: XPOF runs 6.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XPOF: side by side
| SPY (SPDR S&P 500 ETF Trust) | XPOF (Xponential Fitness, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -36.9% |
| 5-year return | +82.4% | -52.9% |
| Volatility (ann.) | 14.5% | 88.8% |
| Beta vs S&P 500 | 1.00 | 1.31 |
| Max drawdown (3Y) | -18.8% | -81.1% |
| Market cap | – | $0.3B |
| 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 |
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 | XPOF |
|---|---|---|
| 2022 | -18.2% | +12.2% |
| 2023 | +26.2% | -43.8% |
| 2024 | +24.9% | +4.3% |
| 2025 | +17.7% | -38.8% |
| 2026 | +13.7% | -34.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XPOF good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and XPOF?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.02 over the last year and 0.28 over 5 years.
Is XPOF a good diversifier for SPY?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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-xpof.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xpof/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XPOF correlations
