SPY vs UFI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Unifi, Inc. New (UFI) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UFI?
Over the past 3 years, SPY and UFI moved with a correlation of 0.13, which is weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.13 over 3. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 92.1 %².
By 3-year correlation, UFI places #3897 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months UFI outperformed by 49.1 percentage points (+20.6% for SPY against +69.7% for UFI). Risk is not evenly split, since UFI carries 3.3 times the volatility of the other side.
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 UFI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UFI (Unifi, Inc. New) | |
|---|---|---|
| 1-year return | +20.6% | +69.7% |
| 5-year return | +82.4% | -65.5% |
| Volatility (ann.) | 14.5% | 47.6% |
| Beta vs S&P 500 | 1.00 | 0.44 |
| Max drawdown (3Y) | -18.8% | -61.5% |
| 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 | UFI |
|---|---|---|
| 2022 | -18.2% | -62.8% |
| 2023 | +26.2% | -22.6% |
| 2024 | +24.9% | -6.2% |
| 2025 | +17.7% | -44.0% |
| 2026 | +13.7% | +115.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UFI good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and UFI?
The SPY/UFI correlation stands at 0.13 on a 3-year window (1 year: 0.14, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is UFI a good diversifier for SPY?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 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-ufi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ufi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UFI correlations
