SPY vs UPBD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Upbound Group, Inc. (UPBD) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UPBD?
On 3 years of weekly data the SPY/UPBD correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 257.4 %².
By 3-year correlation, UPBD places #916 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 40.4 percentage points, +20.6% for SPY against -19.8% for UPBD. Note the risk asymmetry: UPBD runs 2.9 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 UPBD: side by side
| SPY (SPDR S&P 500 ETF Trust) | UPBD (Upbound Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -19.8% |
| 5-year return | +82.4% | -60.7% |
| Volatility (ann.) | 14.5% | 41.4% |
| Beta vs S&P 500 | 1.00 | 1.23 |
| Max drawdown (3Y) | -18.8% | -54.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 1.01% | 8.02% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | UPBD |
|---|---|---|
| 2022 | -18.2% | -49.9% |
| 2023 | +26.2% | +57.9% |
| 2024 | +24.9% | -10.1% |
| 2025 | +17.7% | -35.4% |
| 2026 | +13.7% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UPBD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UPBD?
As of 2026-08-27, the correlation of weekly returns between SPY and UPBD is 0.43 over 3 years, 0.34 over 1 year and 0.45 over 5 years.
Is UPBD a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-upbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-upbd/)
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Related comparisons
Hubs: SPY correlations · UPBD correlations
