SPY vs UNF: Correlation
SPDR S&P 500 ETF Trust (SPY) and Unifirst Corporation (UNF) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UNF?
Over the past 3 years, SPY and UNF moved with a correlation of 0.22, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.22 over 3 years. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 108.2 %².
Within SPY's tracked universe of 4755 assets, UNF comes in at #3086 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UNF ahead by 41.7 points (+20.6% versus +62.3%). Risk is not evenly split, since UNF carries 2.3 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 UNF: side by side
| SPY (SPDR S&P 500 ETF Trust) | UNF (Unifirst Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +62.3% |
| 5-year return | +82.4% | +28.9% |
| Volatility (ann.) | 14.5% | 33.8% |
| Beta vs S&P 500 | 1.00 | 0.52 |
| Max drawdown (3Y) | -18.8% | -34.6% |
| Market cap | – | $5.2B |
| P/E (trailing) | – | 45.4 |
| Dividend yield | 1.01% | 0.50% |
| 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 | UNF |
|---|---|---|
| 2022 | -18.2% | -7.6% |
| 2023 | +26.2% | -4.6% |
| 2024 | +24.9% | -5.7% |
| 2025 | +17.7% | +13.6% |
| 2026 | +13.7% | +48.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UNF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UNF?
The SPY/UNF correlation stands at 0.22 on a 3-year window (1 year: 0.03, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is UNF a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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-unf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-unf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UNF correlations
