SPY vs XYZ: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Block, Inc. (XYZ) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XYZ?
On 3 years of weekly data the SPY/XYZ correlation comes out at 0.52, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 375.2 %².
Among the 4755 assets we track against SPY, XYZ ranks #406 by 3-year correlation. Over the last 12 months SPY came out ahead by 13.7 percentage points (+20.6% against +6.9%). On a rolling one-year basis the correlation drifted between 0.41 and 0.78, a moderate band. Note the risk asymmetry: XYZ runs 3.5 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 XYZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | XYZ (Block, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +6.9% |
| 5-year return | +82.4% | -68.8% |
| Volatility (ann.) | 14.5% | 50.2% |
| Beta vs S&P 500 | 1.00 | 1.80 |
| Max drawdown (3Y) | -18.8% | -53.0% |
| Market cap | – | $51.0B |
| P/E (trailing) | – | 151.5 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | XYZ |
|---|---|---|
| 2022 | -18.2% | -61.1% |
| 2023 | +26.2% | +23.1% |
| 2024 | +24.9% | +9.9% |
| 2025 | +17.7% | -23.4% |
| 2026 | +13.7% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.07% of SPY is XYZ itself, so the fund partly moves with the stock by construction.
Are SPY and XYZ good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and XYZ?
As of 2026-08-27, the correlation of weekly returns between SPY and XYZ is 0.52 over 3 years, 0.43 over 1 year and 0.63 over 5 years.
Is XYZ a good diversifier for SPY?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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-xyz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-xyz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · XYZ correlations
