SPY vs UHT: Correlation
SPDR S&P 500 ETF Trust (SPY) and Universal Health Realty Income Trust (UHT) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UHT?
Over the past 3 years, SPY and UHT moved with a correlation of 0.23, which is weak. The past 12 months show a weaker link (-0.03) than the 3-year average (0.23). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 82.7 %².
Among the 4755 assets we track against SPY, UHT ranks #2989 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +9.4%, a 11.2-point spread. Note the risk asymmetry: UHT runs 1.8 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 UHT: side by side
| SPY (SPDR S&P 500 ETF Trust) | UHT (Universal Health Realty Income Trust) | |
|---|---|---|
| 1-year return | +20.6% | +9.4% |
| 5-year return | +82.4% | -3.5% |
| Volatility (ann.) | 14.5% | 25.4% |
| Beta vs S&P 500 | 1.00 | 0.40 |
| Max drawdown (3Y) | -18.8% | -27.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 30.2 |
| Dividend yield | 1.01% | 7.07% |
| 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 | UHT |
|---|---|---|
| 2022 | -18.2% | -15.3% |
| 2023 | +26.2% | -3.6% |
| 2024 | +24.9% | -7.4% |
| 2025 | +17.7% | +13.3% |
| 2026 | +13.7% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UHT good diversifiers for each other?
Reasonably. At 0.23, SPY and UHT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and UHT?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with -0.03 over the last year and 0.35 over 5 years.
Is UHT a good diversifier for SPY?
Reasonably. At 0.23, SPY and UHT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · UHT correlations
