SPY vs XWEL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and XWELL, Inc. (XWEL) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XWEL?
Across a 3-year window, the weekly returns of SPY and XWEL correlate at 0.03, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.05 lands near the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 86.7 %².
Within SPY's tracked universe of 4755 assets, XWEL comes in at #4508 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.1 percentage points (+20.6% for SPY against -7.5% for XWEL). Risk is not evenly split, since XWEL carries 13.0 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 XWEL: side by side
| SPY (SPDR S&P 500 ETF Trust) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -7.5% |
| 5-year return | +82.4% | -97.2% |
| Volatility (ann.) | 14.5% | 188.4% |
| Beta vs S&P 500 | 1.00 | 0.41 |
| Max drawdown (3Y) | -18.8% | -92.8% |
| 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 | XWEL |
|---|---|---|
| 2022 | -18.2% | -82.2% |
| 2023 | +26.2% | -75.8% |
| 2024 | +24.9% | -13.2% |
| 2025 | +17.7% | -69.5% |
| 2026 | +13.7% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XWEL good diversifiers for each other?
Yes: at 0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and XWEL?
As of 2026-08-27, the correlation of weekly returns between SPY and XWEL is 0.03 over 3 years, -0.05 over 1 year and 0.08 over 5 years.
Is XWEL a good diversifier for SPY?
Yes: at 0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.03 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-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · XWEL correlations
