SPY vs XRN: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Chiron Real Estate Inc. (XRN) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XRN?
On 3 years of weekly data the SPY/XRN correlation comes out at 0.30, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.30 over 3 years. The 5-year figure is 0.46, and annualized covariance runs at 129.5 %².
Among the 4755 assets we track against SPY, XRN ranks #2261 by 3-year correlation. Over the last 12 months SPY came out ahead by 14.7 percentage points (+20.6% against +5.9%). Note the risk asymmetry: XRN runs 2.0 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 XRN: side by side
| SPY (SPDR S&P 500 ETF Trust) | XRN (Chiron Real Estate Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +5.9% |
| 5-year return | +82.4% | -27.0% |
| Volatility (ann.) | 14.5% | 29.5% |
| Beta vs S&P 500 | 1.00 | 0.62 |
| Max drawdown (3Y) | -18.8% | -39.2% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 10.1 |
| Dividend yield | 1.01% | 6.11% |
| 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 | XRN |
|---|---|---|
| 2022 | -18.2% | -42.4% |
| 2023 | +26.2% | +27.9% |
| 2024 | +24.9% | -23.6% |
| 2025 | +17.7% | -4.1% |
| 2026 | +13.7% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XRN good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and XRN?
As of 2026-08-27, the correlation of weekly returns between SPY and XRN is 0.30 over 3 years, 0.12 over 1 year and 0.46 over 5 years.
Is XRN a good diversifier for SPY?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-xrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xrn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XRN correlations
