SPY vs UFPT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and UFP Technologies, Inc. (UFPT) 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 UFPT?
Over the past 3 years, SPY and UFPT moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 279.3 %².
Among the 4755 assets we track against SPY, UFPT ranks #1502 by 3-year correlation. The last year tells two different stories: UFPT led by 19.2 percentage points, +20.6% for SPY against +39.8% for UFPT. Risk is not evenly split, since UFPT carries 3.6 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 UFPT: side by side
| SPY (SPDR S&P 500 ETF Trust) | UFPT (UFP Technologies, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +39.8% |
| 5-year return | +82.4% | +340.3% |
| Volatility (ann.) | 14.5% | 51.7% |
| Beta vs S&P 500 | 1.00 | 1.34 |
| Max drawdown (3Y) | -18.8% | -48.3% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 32.9 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | UFPT |
|---|---|---|
| 2022 | -18.2% | +67.8% |
| 2023 | +26.2% | +45.9% |
| 2024 | +24.9% | +42.1% |
| 2025 | +17.7% | -9.2% |
| 2026 | +13.7% | +35.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UFPT good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and UFPT?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.28 over the last year and 0.38 over 5 years.
Is UFPT a good diversifier for SPY?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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-ufpt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ufpt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UFPT correlations
