SPY vs UONEK: Correlation
SPDR S&P 500 ETF Trust (SPY) and Urban One, Inc. (UONEK) show a weak relationship: their 3-year correlation of weekly returns is 0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UONEK?
On 3 years of weekly data the SPY/UONEK correlation comes out at 0.13, weak. The link has loosened recently: the 1-year correlation (-0.04) runs below the 3-year figure (0.13). The 5-year figure is 0.16, and annualized covariance runs at 151.5 %².
By 3-year correlation, UONEK places #3898 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 67.4 percentage points, +20.6% for SPY against -46.8% for UONEK. Note the risk asymmetry: UONEK runs 5.7 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 UONEK: side by side
| SPY (SPDR S&P 500 ETF Trust) | UONEK (Urban One, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -46.8% |
| 5-year return | +82.4% | -93.7% |
| Volatility (ann.) | 14.5% | 82.3% |
| Beta vs S&P 500 | 1.00 | 0.73 |
| Max drawdown (3Y) | -18.8% | -93.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | UONEK |
|---|---|---|
| 2022 | -18.2% | +10.9% |
| 2023 | +26.2% | -6.1% |
| 2024 | +24.9% | -71.7% |
| 2025 | +17.7% | -14.0% |
| 2026 | +13.7% | -49.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UONEK good diversifiers for each other?
Yes. With a correlation of 0.13, SPY and UONEK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and UONEK?
As of 2026-08-27, the correlation of weekly returns between SPY and UONEK is 0.13 over 3 years, -0.04 over 1 year and 0.16 over 5 years.
Is UONEK a good diversifier for SPY?
Yes. With a correlation of 0.13, SPY and UONEK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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-uonek.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-uonek/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UONEK correlations
