SPY vs UDR: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and UDR, Inc. (UDR) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UDR?
On 3 years of weekly data the SPY/UDR correlation comes out at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.01 versus 0.37 over 3 years. The 5-year figure is 0.52, and annualized covariance runs at 113.3 %².
By 3-year correlation, UDR places #1501 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 21.2 percentage points, +20.6% for SPY against -0.6% for UDR. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.01 to 0.70.
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 UDR: side by side
| SPY (SPDR S&P 500 ETF Trust) | UDR (UDR, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -0.6% |
| 5-year return | +82.4% | -15.5% |
| Volatility (ann.) | 14.5% | 21.1% |
| Beta vs S&P 500 | 1.00 | 0.54 |
| Max drawdown (3Y) | -18.8% | -24.9% |
| Market cap | – | $13.6B |
| P/E (trailing) | – | 23.9 |
| Dividend yield | 1.01% | 4.56% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Real Estate |
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 | UDR |
|---|---|---|
| 2022 | -18.2% | -33.4% |
| 2023 | +26.2% | +3.1% |
| 2024 | +24.9% | +18.3% |
| 2025 | +17.7% | -11.8% |
| 2026 | +13.7% | +4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UDR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UDR?
The SPY/UDR correlation stands at 0.37 on a 3-year window (1 year: -0.01, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is UDR a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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-udr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-udr/)
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Related comparisons
Hubs: SPY correlations · UDR correlations
