SPY vs UP: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Wheels Up Experience Inc. (UP) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UP?
Over the past 3 years, SPY and UP moved with a correlation of 0.17, which is weak. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 353.5 %².
By 3-year correlation, UP places #3571 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 112.1 percentage points, +20.6% for SPY against -91.5% for UP. Risk is not evenly split, since UP carries 9.8 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 UP: side by side
| SPY (SPDR S&P 500 ETF Trust) | UP (Wheels Up Experience Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -91.5% |
| 5-year return | +82.4% | -99.6% |
| Volatility (ann.) | 14.5% | 142.6% |
| Beta vs S&P 500 | 1.00 | 1.69 |
| Max drawdown (3Y) | -18.8% | -95.8% |
| Market cap | – | $0.2B |
| 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 | UP |
|---|---|---|
| 2022 | -18.2% | -77.8% |
| 2023 | +26.2% | -66.7% |
| 2024 | +24.9% | -51.9% |
| 2025 | +17.7% | -60.2% |
| 2026 | +13.7% | -62.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UP good diversifiers for each other?
Yes. With a correlation of 0.17, SPY and UP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and UP?
As of 2026-08-27, the correlation of weekly returns between SPY and UP is 0.17 over 3 years, 0.11 over 1 year and 0.23 over 5 years.
Is UP a good diversifier for SPY?
Yes. With a correlation of 0.17, SPY and UP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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.
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Hubs: SPY correlations · UP correlations
