SPY vs UNB: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Union Bankshares, Inc. (UNB) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UNB?
Across a 3-year window, the weekly returns of SPY and UNB correlate at 0.24, weak. The link has loosened recently: the 1-year correlation (0.03) runs below the 3-year figure (0.24). Stretching to 5 years gives 0.25, with an annualized covariance of 119.5 %².
Among the 4755 assets we track against SPY, UNB ranks #2891 by 3-year correlation. The last year tells two different stories: SPY led by 26.1 percentage points, +20.6% for SPY against -5.5% for UNB. One caveat on sizing: UNB is 2.4 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 UNB: side by side
| SPY (SPDR S&P 500 ETF Trust) | UNB (Union Bankshares, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -5.5% |
| 5-year return | +82.4% | -7.4% |
| Volatility (ann.) | 14.5% | 34.7% |
| Beta vs S&P 500 | 1.00 | 0.57 |
| Max drawdown (3Y) | -18.8% | -40.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 9.1 |
| Dividend yield | 1.01% | 6.13% |
| 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 | UNB |
|---|---|---|
| 2022 | -18.2% | -15.4% |
| 2023 | +26.2% | +35.3% |
| 2024 | +24.9% | -0.7% |
| 2025 | +17.7% | -13.8% |
| 2026 | +13.7% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UNB good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and UNB?
The SPY/UNB correlation stands at 0.24 on a 3-year window (1 year: 0.03, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is UNB a good diversifier for SPY?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-unb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-unb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UNB correlations
