SPY vs UA: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Under Armour, Inc. (UA) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UA?
Across a 3-year window, the weekly returns of SPY and UA correlate at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 206.9 %².
Within SPY's tracked universe of 4755 assets, UA comes in at #2129 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.4 points (+20.6% versus +0.2%). Note the risk asymmetry: UA runs 3.2 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 UA: side by side
| SPY (SPDR S&P 500 ETF Trust) | UA (Under Armour, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +0.2% |
| 5-year return | +82.4% | -76.2% |
| Volatility (ann.) | 14.5% | 46.7% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -18.8% | -60.2% |
| Market cap | – | $2.1B |
| 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 | UA |
|---|---|---|
| 2022 | -18.2% | -50.6% |
| 2023 | +26.2% | -6.4% |
| 2024 | +24.9% | -10.7% |
| 2025 | +17.7% | -35.7% |
| 2026 | +13.7% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UA good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and UA?
As of 2026-08-27, the correlation of weekly returns between SPY and UA is 0.31 over 3 years, 0.23 over 1 year and 0.44 over 5 years.
Is UA a good diversifier for SPY?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
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Related comparisons
Hubs: SPY correlations · UA correlations
