SPY vs ULH: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Universal Logistics Holdings, Inc. (ULH) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ULH?
On 3 years of weekly data the SPY/ULH correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.31). The 5-year figure is 0.32, and annualized covariance runs at 305.6 %².
Among the 4755 assets we track against SPY, ULH ranks #2130 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 46.6 percentage points (+20.6% for SPY against -26.0% for ULH). One caveat on sizing: ULH is 4.7 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 ULH: side by side
| SPY (SPDR S&P 500 ETF Trust) | ULH (Universal Logistics Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -26.0% |
| 5-year return | +82.4% | -5.6% |
| Volatility (ann.) | 14.5% | 68.3% |
| Beta vs S&P 500 | 1.00 | 1.46 |
| Max drawdown (3Y) | -18.8% | -76.1% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 2.19% |
| 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 | ULH |
|---|---|---|
| 2022 | -18.2% | +79.9% |
| 2023 | +26.2% | -14.9% |
| 2024 | +24.9% | +65.6% |
| 2025 | +17.7% | -66.3% |
| 2026 | +13.7% | +26.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ULH good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ULH?
The SPY/ULH correlation stands at 0.31 on a 3-year window (1 year: 0.08, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is ULH a good diversifier for SPY?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 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-ulh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ulh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · ULH correlations
