SPY vs XPRO: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Expro Ltd (XPRO) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XPRO?
On 3 years of weekly data the SPY/XPRO correlation comes out at 0.25, weak. The link has loosened recently: the 1-year correlation (-0.06) runs below the 3-year figure (0.25). The 5-year figure is 0.33, and annualized covariance runs at 173.4 %².
Within SPY's tracked universe of 4755 assets, XPRO comes in at #2785 by 3-year correlation. The last year tells two different stories: XPRO led by 25.0 percentage points, +20.6% for SPY against +45.6% for XPRO. One caveat on sizing: XPRO is 3.3 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 XPRO: side by side
| SPY (SPDR S&P 500 ETF Trust) | XPRO (Expro Ltd) | |
|---|---|---|
| 1-year return | +20.6% | +45.6% |
| 5-year return | +82.4% | +6.0% |
| Volatility (ann.) | 14.5% | 48.4% |
| Beta vs S&P 500 | 1.00 | 0.83 |
| Max drawdown (3Y) | -18.8% | -72.2% |
| Market cap | – | $2.0B |
| P/E (trailing) | – | 100.4 |
| 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 | XPRO |
|---|---|---|
| 2022 | -18.2% | +26.3% |
| 2023 | +26.2% | -12.2% |
| 2024 | +24.9% | -21.7% |
| 2025 | +17.7% | +7.1% |
| 2026 | +13.7% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XPRO good diversifiers for each other?
Reasonably. At 0.25, SPY and XPRO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XPRO?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with -0.06 over the last year and 0.33 over 5 years.
Is XPRO a good diversifier for SPY?
Reasonably. At 0.25, SPY and XPRO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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-xpro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-xpro/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XPRO correlations
