SPY vs UAVS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and AgEagle Aerial Systems, Inc. (UAVS) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UAVS?
Over the past 3 years, SPY and UAVS moved with a correlation of 0.23, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.49 versus 0.23 over 3 years. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 489.1 %².
By 3-year correlation, UAVS places #2987 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 62.9 points (+20.6% versus -42.3%). One caveat on sizing: UAVS is 10.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 UAVS: side by side
| SPY (SPDR S&P 500 ETF Trust) | UAVS (AgEagle Aerial Systems, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -42.3% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 145.0% |
| Beta vs S&P 500 | 1.00 | 2.34 |
| Max drawdown (3Y) | -18.8% | -99.7% |
| Market cap | – | $0.1B |
| 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 | UAVS |
|---|---|---|
| 2022 | -18.2% | -77.7% |
| 2023 | +26.2% | -71.4% |
| 2024 | +24.9% | -96.5% |
| 2025 | +17.7% | -76.7% |
| 2026 | +13.7% | +38.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UAVS good diversifiers for each other?
Reasonably. At 0.23, SPY and UAVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and UAVS?
As of 2026-08-27, the correlation of weekly returns between SPY and UAVS is 0.23 over 3 years, 0.49 over 1 year and 0.31 over 5 years.
Is UAVS a good diversifier for SPY?
Reasonably. At 0.23, SPY and UAVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-uavs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-uavs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · UAVS correlations
