SPY vs ULS: Correlation
SPDR S&P 500 ETF Trust (SPY) and UL Solutions Inc. (ULS) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ULS?
Across a 3-year window, the weekly returns of SPY and ULS correlate at 0.19, weak. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 98.7 %².
Within SPY's tracked universe of 4755 assets, ULS comes in at #3398 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +20.3%. Risk is not evenly split, since ULS carries 2.4 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 ULS: side by side
| SPY (SPDR S&P 500 ETF Trust) | ULS (UL Solutions Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +20.3% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 35.3% |
| Beta vs S&P 500 | 1.00 | 0.47 |
| Max drawdown (3Y) | -18.8% | -29.4% |
| Market cap | – | $15.3B |
| P/E (trailing) | – | 30.3 |
| Dividend yield | 1.01% | 0.73% |
| 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 | ULS |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | +59.3% |
| 2026 | +13.7% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ULS good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and ULS?
As of 2026-08-27, the correlation of weekly returns between SPY and ULS is 0.19 over 3 years, 0.09 over 1 year and n/a over 5 years.
Is ULS a good diversifier for SPY?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
A reading of 0.19 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 · ULS correlations
