SPY vs UNH: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and UnitedHealth Group (UNH) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UNH?
Across a 3-year window, the weekly returns of SPY and UNH correlate at 0.06, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.25) than the 3-year average (0.06). Stretching to 5 years gives 0.16, with an annualized covariance of 36.3 %².
By 3-year correlation, UNH places #4355 of the 4755 assets tracked against SPY. The trailing year gives UNH the advantage: +20.6% versus +33.5%, a 12.9-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.26 to 0.40. One caveat on sizing: UNH is 2.7 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 UNH: side by side
| SPY (SPDR S&P 500 ETF Trust) | UNH (UnitedHealth Group) | |
|---|---|---|
| 1-year return | +20.6% | +33.5% |
| 5-year return | +82.4% | +3.1% |
| Volatility (ann.) | 14.5% | 39.8% |
| Beta vs S&P 500 | 1.00 | 0.17 |
| Max drawdown (3Y) | -18.8% | -61.4% |
| Market cap | – | $354.6B |
| P/E (trailing) | – | 25.8 |
| Dividend yield | 1.01% | 2.23% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | UNH |
|---|---|---|
| 2022 | -18.2% | +6.9% |
| 2023 | +26.2% | +0.8% |
| 2024 | +24.9% | -2.4% |
| 2025 | +17.7% | -33.1% |
| 2026 | +13.7% | +21.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.55% of SPY is UNH itself, so the fund partly moves with the stock by construction.
Are SPY and UNH good diversifiers for each other?
Yes. With a correlation of 0.06, SPY and UNH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and UNH?
As of 2026-08-27, the correlation of weekly returns between SPY and UNH is 0.06 over 3 years, 0.25 over 1 year and 0.16 over 5 years.
Is UNH a good diversifier for SPY?
Yes. With a correlation of 0.06, SPY and UNH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 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-unh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-unh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UNH correlations
