SPY vs UAA: Correlation
SPDR S&P 500 ETF Trust (SPY) and Under Armour, Inc. (UAA) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UAA?
Across a 3-year window, the weekly returns of SPY and UAA correlate at 0.29, weak. Recent behaviour matches the longer record: 0.22 over 1 year against 0.29 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 206.9 %².
By 3-year correlation, UAA places #2366 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.0 points (+20.6% versus +0.6%). Note the risk asymmetry: UAA runs 3.4 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 UAA: side by side
| SPY (SPDR S&P 500 ETF Trust) | UAA (Under Armour, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +0.6% |
| 5-year return | +82.4% | -79.0% |
| Volatility (ann.) | 14.5% | 49.2% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -18.8% | -62.5% |
| Market cap | – | $2.2B |
| 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 | UAA |
|---|---|---|
| 2022 | -18.2% | -52.1% |
| 2023 | +26.2% | -13.5% |
| 2024 | +24.9% | -5.8% |
| 2025 | +17.7% | -40.0% |
| 2026 | +13.7% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UAA good diversifiers for each other?
Reasonably. At 0.29, SPY and UAA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and UAA?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.22 over the last year and 0.42 over 5 years.
Is UAA a good diversifier for SPY?
Reasonably. At 0.29, SPY and UAA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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-uaa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-uaa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · UAA correlations
