SPY vs UMBF: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and UMB Financial Corporation (UMBF) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UMBF?
On 3 years of weekly data the SPY/UMBF correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.52). The 5-year figure is 0.45, and annualized covariance runs at 211.8 %².
Among the 4755 assets we track against SPY, UMBF ranks #401 by 3-year correlation. Their 12-month results are close: +20.6% for SPY against +19.2% for UMBF. One caveat on sizing: UMBF is 2.0 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 UMBF: side by side
| SPY (SPDR S&P 500 ETF Trust) | UMBF (UMB Financial Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +19.2% |
| 5-year return | +82.4% | +73.4% |
| Volatility (ann.) | 14.5% | 28.4% |
| Beta vs S&P 500 | 1.00 | 1.01 |
| Max drawdown (3Y) | -18.8% | -31.8% |
| Market cap | – | $11.0B |
| P/E (trailing) | – | 11.9 |
| Dividend yield | 1.01% | 1.18% |
| 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 | UMBF |
|---|---|---|
| 2022 | -18.2% | -20.0% |
| 2023 | +26.2% | +2.2% |
| 2024 | +24.9% | +37.3% |
| 2025 | +17.7% | +3.4% |
| 2026 | +13.7% | +26.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UMBF good diversifiers for each other?
Only partially. A correlation of 0.52 means SPY and UMBF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and UMBF?
As of 2026-08-27, the correlation of weekly returns between SPY and UMBF is 0.52 over 3 years, 0.28 over 1 year and 0.45 over 5 years.
Is UMBF a good diversifier for SPY?
Only partially. A correlation of 0.52 means SPY and UMBF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-umbf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-umbf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · UMBF correlations
