SPY vs UI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Ubiquiti Inc. (UI) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UI?
On 3 years of weekly data the SPY/UI correlation comes out at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 283.9 %².
By 3-year correlation, UI places #1503 of the 4755 assets tracked against SPY. Over the last 12 months SPY came out ahead by 6.9 percentage points (+20.6% against +13.7%). One caveat on sizing: UI is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 UI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UI (Ubiquiti Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +13.7% |
| 5-year return | +82.4% | +84.4% |
| Volatility (ann.) | 14.5% | 53.4% |
| Beta vs S&P 500 | 1.00 | 1.36 |
| Max drawdown (3Y) | -18.8% | -51.7% |
| Market cap | – | $35.9B |
| P/E (trailing) | – | 37.6 |
| Dividend yield | 1.01% | 0.57% |
| 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 | UI |
|---|---|---|
| 2022 | -18.2% | -10.0% |
| 2023 | +26.2% | -48.2% |
| 2024 | +24.9% | +141.2% |
| 2025 | +17.7% | +67.7% |
| 2026 | +13.7% | +7.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UI?
As of 2026-08-27, the correlation of weekly returns between SPY and UI is 0.37 over 3 years, 0.35 over 1 year and 0.39 over 5 years.
Is UI a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
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.
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Hubs: SPY correlations · UI correlations
