SPY vs XPON: Correlation
SPDR S&P 500 ETF Trust (SPY) and Expion360 Inc. (XPON) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XPON?
Across a 3-year window, the weekly returns of SPY and XPON correlate at 0.14, weak. Recent behaviour matches the longer record: 0.21 over 1 year against 0.14 over 3. Stretching to 5 years gives 0.15, with an annualized covariance of 285.4 %².
Within SPY's tracked universe of 4755 assets, XPON comes in at #3825 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 80.6 percentage points (+20.6% for SPY against -60.0% for XPON). Note the risk asymmetry: XPON runs 9.9 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 XPON: side by side
| SPY (SPDR S&P 500 ETF Trust) | XPON (Expion360 Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -60.0% |
| 5-year return | +82.4% | -99.9% |
| Volatility (ann.) | 14.5% | 144.0% |
| Beta vs S&P 500 | 1.00 | 1.37 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| 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 | XPON |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | +134.3% |
| 2024 | +24.9% | -99.6% |
| 2025 | +17.7% | -71.6% |
| 2026 | +13.7% | -2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XPON good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and XPON?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.21 over the last year and 0.15 over 5 years.
Is XPON a good diversifier for SPY?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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-xpon.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-xpon/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XPON correlations
