SPY vs UFPI: Correlation
SPDR S&P 500 ETF Trust (SPY) and UFP Industries, Inc. (UFPI) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UFPI?
Over the past 3 years, SPY and UFPI moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.40 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 172.0 %².
By 3-year correlation, UFPI places #1187 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 36.7 percentage points, +20.6% for SPY against -16.1% for UFPI. Note the risk asymmetry: UFPI runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 UFPI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UFPI (UFP Industries, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -16.1% |
| 5-year return | +82.4% | +16.0% |
| Volatility (ann.) | 14.5% | 29.4% |
| Beta vs S&P 500 | 1.00 | 0.82 |
| Max drawdown (3Y) | -18.8% | -41.9% |
| Market cap | – | $4.7B |
| P/E (trailing) | – | 19.7 |
| Dividend yield | 1.01% | 1.64% |
| 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 | UFPI |
|---|---|---|
| 2022 | -18.2% | -12.9% |
| 2023 | +26.2% | +60.3% |
| 2024 | +24.9% | -9.3% |
| 2025 | +17.7% | -18.0% |
| 2026 | +13.7% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UFPI good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and UFPI?
As of 2026-08-27, the correlation of weekly returns between SPY and UFPI is 0.40 over 3 years, 0.15 over 1 year and 0.51 over 5 years.
Is UFPI a good diversifier for SPY?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 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-ufpi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ufpi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UFPI correlations
