SPY vs UNM: Correlation
SPDR S&P 500 ETF Trust (SPY) and Unum Group (UNM) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UNM?
Over the past 3 years, SPY and UNM moved with a correlation of 0.30, which is moderate. Recent behaviour matches the longer record: 0.25 over 1 year against 0.30 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 102.0 %².
By 3-year correlation, UNM places #2248 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with UNM ahead by 15.6 points (+20.6% versus +36.2%). Note the risk asymmetry: UNM runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 UNM: side by side
| SPY (SPDR S&P 500 ETF Trust) | UNM (Unum Group) | |
|---|---|---|
| 1-year return | +20.6% | +36.2% |
| 5-year return | +82.4% | +305.6% |
| Volatility (ann.) | 14.5% | 23.8% |
| Beta vs S&P 500 | 1.00 | 0.49 |
| Max drawdown (3Y) | -18.8% | -17.9% |
| Market cap | – | $14.6B |
| P/E (trailing) | – | 21.3 |
| Dividend yield | 1.01% | 2.06% |
| 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 | UNM |
|---|---|---|
| 2022 | -18.2% | +73.6% |
| 2023 | +26.2% | +13.7% |
| 2024 | +24.9% | +66.3% |
| 2025 | +17.7% | +8.6% |
| 2026 | +13.7% | +21.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UNM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UNM?
The SPY/UNM correlation stands at 0.30 on a 3-year window (1 year: 0.25, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is UNM a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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-unm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-unm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UNM correlations
