SPY vs ULCC: Correlation
SPDR S&P 500 ETF Trust (SPY) and Frontier Group Holdings, Inc. (ULCC) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ULCC?
On 3 years of weekly data the SPY/ULCC correlation comes out at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 429.5 %².
By 3-year correlation, ULCC places #1504 of the 4755 assets tracked against SPY. Twelve-month performance is nearly a tie, at +20.6% for SPY and +23.4% for ULCC. Risk is not evenly split, since ULCC carries 5.6 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 ULCC: side by side
| SPY (SPDR S&P 500 ETF Trust) | ULCC (Frontier Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +23.4% |
| 5-year return | +82.4% | -61.9% |
| Volatility (ann.) | 14.5% | 81.0% |
| Beta vs S&P 500 | 1.00 | 2.06 |
| Max drawdown (3Y) | -18.8% | -70.4% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | – |
| 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 | ULCC |
|---|---|---|
| 2022 | -18.2% | -24.3% |
| 2023 | +26.2% | -46.8% |
| 2024 | +24.9% | +30.2% |
| 2025 | +17.7% | -33.8% |
| 2026 | +13.7% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ULCC good diversifiers for each other?
Reasonably. At 0.37, SPY and ULCC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ULCC?
The SPY/ULCC correlation stands at 0.37 on a 3-year window (1 year: 0.41, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is ULCC a good diversifier for SPY?
Reasonably. At 0.37, SPY and ULCC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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-ulcc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-ulcc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · ULCC correlations
