SPY vs UBS: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and UBS Group AG Registered (UBS) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UBS?
On 3 years of weekly data the SPY/UBS correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 267.0 %².
By 3-year correlation, UBS places #120 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months UBS outperformed by 18.3 percentage points (+20.6% for SPY against +38.9% for UBS). One caveat on sizing: UBS is 1.9 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 UBS: side by side
| SPY (SPDR S&P 500 ETF Trust) | UBS (UBS Group AG Registered) | |
|---|---|---|
| 1-year return | +20.6% | +38.9% |
| 5-year return | +82.4% | +273.9% |
| Volatility (ann.) | 14.5% | 27.9% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -18.8% | -27.0% |
| Market cap | – | $166.4B |
| P/E (trailing) | – | 18.6 |
| Dividend yield | 1.01% | 2.02% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | UBS |
|---|---|---|
| 2022 | -18.2% | +7.4% |
| 2023 | +26.2% | +69.9% |
| 2024 | +24.9% | +0.7% |
| 2025 | +17.7% | +57.7% |
| 2026 | +13.7% | +20.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UBS good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and UBS?
As of 2026-08-27, the correlation of weekly returns between SPY and UBS is 0.66 over 3 years, 0.60 over 1 year and 0.63 over 5 years.
Is UBS a good diversifier for SPY?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 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-ubs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-ubs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UBS correlations
