SPY vs UHAL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and U-Haul Holding Company (UHAL) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UHAL?
Over the past 3 years, SPY and UHAL moved with a correlation of 0.41, which is moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.41). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 169.0 %².
Among the 4755 assets we track against SPY, UHAL ranks #1093 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +19.1% for UHAL. Risk is not evenly split, since UHAL carries 2.0 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 UHAL: side by side
| SPY (SPDR S&P 500 ETF Trust) | UHAL (U-Haul Holding Company) | |
|---|---|---|
| 1-year return | +20.6% | +19.1% |
| 5-year return | +82.4% | +2.2% |
| Volatility (ann.) | 14.5% | 28.6% |
| Beta vs S&P 500 | 1.00 | 0.81 |
| Max drawdown (3Y) | -18.8% | -46.2% |
| Market cap | – | $13.4B |
| P/E (trailing) | – | 488.6 |
| 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 | UHAL |
|---|---|---|
| 2022 | -18.2% | -17.0% |
| 2023 | +26.2% | +19.3% |
| 2024 | +24.9% | -3.8% |
| 2025 | +17.7% | -27.0% |
| 2026 | +13.7% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UHAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UHAL?
The SPY/UHAL correlation stands at 0.41 on a 3-year window (1 year: 0.30, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is UHAL a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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-uhal.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-uhal/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UHAL correlations
