SPY vs UCIB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and ETRACS UBS Bloomberg Constant Maturity Commodity Index (UCIB) 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 UCIB?
Across a 3-year window, the weekly returns of SPY and UCIB correlate at 0.23, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. Stretching to 5 years gives 0.22, with an annualized covariance of 58.5 %².
Among the 4755 assets we track against SPY, UCIB ranks #2988 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months UCIB outperformed by 17.9 percentage points (+20.6% for SPY against +38.5% for UCIB).
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 UCIB: side by side
| SPY (SPDR S&P 500 ETF Trust) | UCIB (ETRACS UBS Bloomberg Constant Maturity Commodity Index) | |
|---|---|---|
| 1-year return | +20.6% | +38.5% |
| 5-year return | +82.4% | +88.1% |
| Volatility (ann.) | 14.5% | 17.7% |
| Beta vs S&P 500 | 1.00 | 0.28 |
| Max drawdown (3Y) | -18.8% | -22.7% |
| Dividend yield | 1.01% | – |
| 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 | UCIB |
|---|---|---|
| 2022 | -18.2% | +18.2% |
| 2023 | +26.2% | -2.3% |
| 2024 | +24.9% | +6.6% |
| 2025 | +17.7% | +9.0% |
| 2026 | +13.7% | +32.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UCIB good diversifiers for each other?
Reasonably. At 0.23, SPY and UCIB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and UCIB?
The SPY/UCIB correlation stands at 0.23 on a 3-year window (1 year: 0.15, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is UCIB a good diversifier for SPY?
Reasonably. At 0.23, SPY and UCIB 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.
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Related comparisons
Hubs: SPY correlations · UCIB correlations
