SPY vs UGI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and UGI Corporation (UGI) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UGI?
On 3 years of weekly data the SPY/UGI correlation comes out at 0.07, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.23) than the 3-year average (0.07). The 5-year figure is 0.32, and annualized covariance runs at 29.0 %².
Among the 4755 assets we track against SPY, UGI ranks #4298 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +13.8%, a 6.8-point spread. Risk is not evenly split, since UGI carries 1.9 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 UGI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UGI (UGI Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +13.8% |
| 5-year return | +82.4% | +3.7% |
| Volatility (ann.) | 14.5% | 28.1% |
| Beta vs S&P 500 | 1.00 | 0.14 |
| Max drawdown (3Y) | -18.8% | -19.6% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 1.01% | 3.90% |
| 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 | UGI |
|---|---|---|
| 2022 | -18.2% | -16.1% |
| 2023 | +26.2% | -29.8% |
| 2024 | +24.9% | +21.9% |
| 2025 | +17.7% | +38.3% |
| 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 UGI good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and UGI?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with -0.23 over the last year and 0.32 over 5 years.
Is UGI a good diversifier for SPY?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
A reading of 0.07 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-ugi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ugi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · UGI correlations
