SPY vs UNP: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Union Pacific Corporation (UNP) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UNP?
Across a 3-year window, the weekly returns of SPY and UNP correlate at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.39 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 116.3 %².
By 3-year correlation, UNP places #1289 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with UNP ahead by 21.8 points (+20.6% versus +42.4%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.00 and 0.69 over the past three years, so this pair behaves very differently depending on the market environment.
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 UNP: side by side
| SPY (SPDR S&P 500 ETF Trust) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +42.4% |
| 5-year return | +82.4% | +56.5% |
| Volatility (ann.) | 14.5% | 20.6% |
| Beta vs S&P 500 | 1.00 | 0.56 |
| Max drawdown (3Y) | -18.8% | -17.8% |
| Market cap | – | $182.8B |
| P/E (trailing) | – | 25.1 |
| Dividend yield | 1.01% | 1.78% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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 | UNP |
|---|---|---|
| 2022 | -18.2% | -15.9% |
| 2023 | +26.2% | +21.6% |
| 2024 | +24.9% | -5.1% |
| 2025 | +17.7% | +3.9% |
| 2026 | +13.7% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds UNP at a 0.28% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and UNP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UNP?
The SPY/UNP correlation stands at 0.39 on a 3-year window (1 year: -0.03, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is UNP a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UNP correlations
