SPY vs XTNT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Xtant Medical Holdings, Inc. (XTNT) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XTNT?
On 3 years of weekly data the SPY/XTNT correlation comes out at 0.21, weak. The past 12 months show a weaker link (-0.04) than the 3-year average (0.21). The 5-year figure is 0.15, and annualized covariance runs at 195.2 %².
By 3-year correlation, XTNT places #3202 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 66.5 percentage points (+20.6% for SPY against -45.9% for XTNT). Note the risk asymmetry: XTNT runs 4.3 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 XTNT: side by side
| SPY (SPDR S&P 500 ETF Trust) | XTNT (Xtant Medical Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -45.9% |
| 5-year return | +82.4% | -73.6% |
| Volatility (ann.) | 14.5% | 62.9% |
| Beta vs S&P 500 | 1.00 | 0.93 |
| Max drawdown (3Y) | -18.8% | -77.7% |
| 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 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 | XTNT |
|---|---|---|
| 2022 | -18.2% | +17.9% |
| 2023 | +26.2% | +71.2% |
| 2024 | +24.9% | -61.1% |
| 2025 | +17.7% | +77.3% |
| 2026 | +13.7% | -57.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XTNT good diversifiers for each other?
Reasonably. At 0.21, SPY and XTNT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XTNT?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.04 over the last year and 0.15 over 5 years.
Is XTNT a good diversifier for SPY?
Reasonably. At 0.21, SPY and XTNT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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-xtnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xtnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XTNT correlations
