SPY vs XRX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Xerox Holdings Corporation (XRX) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XRX?
Across a 3-year window, the weekly returns of SPY and XRX correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 443.5 %².
Among the 4755 assets we track against SPY, XRX ranks #1196 by 3-year correlation. The last year tells two different stories: SPY led by 40.6 percentage points, +20.6% for SPY against -20.0% for XRX. Risk is not evenly split, since XRX carries 5.3 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 XRX: side by side
| SPY (SPDR S&P 500 ETF Trust) | XRX (Xerox Holdings Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -20.0% |
| 5-year return | +82.4% | -81.9% |
| Volatility (ann.) | 14.5% | 77.4% |
| Beta vs S&P 500 | 1.00 | 2.12 |
| Max drawdown (3Y) | -18.8% | -92.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 3.36% |
| 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 | XRX |
|---|---|---|
| 2022 | -18.2% | -31.3% |
| 2023 | +26.2% | +33.8% |
| 2024 | +24.9% | -49.8% |
| 2025 | +17.7% | -70.6% |
| 2026 | +13.7% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XRX good diversifiers for each other?
Reasonably. At 0.40, SPY and XRX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XRX?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.32 over the last year and 0.41 over 5 years.
Is XRX a good diversifier for SPY?
Reasonably. At 0.40, SPY and XRX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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