SPY vs UPLD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Upland Software, Inc. (UPLD) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UPLD?
On 3 years of weekly data the SPY/UPLD correlation comes out at 0.35, moderate. The link has tightened recently: the 1-year correlation (0.46) runs above the 3-year figure (0.35). The 5-year figure is 0.35, and annualized covariance runs at 488.8 %².
Among the 4755 assets we track against SPY, UPLD ranks #1709 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 104.1 points (+20.6% versus -83.5%). One caveat on sizing: UPLD is 6.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 UPLD: side by side
| SPY (SPDR S&P 500 ETF Trust) | UPLD (Upland Software, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -83.5% |
| 5-year return | +82.4% | -98.8% |
| Volatility (ann.) | 14.5% | 95.6% |
| Beta vs S&P 500 | 1.00 | 2.34 |
| Max drawdown (3Y) | -18.8% | -92.4% |
| 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 |
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 | UPLD |
|---|---|---|
| 2022 | -18.2% | -60.3% |
| 2023 | +26.2% | -40.7% |
| 2024 | +24.9% | +2.6% |
| 2025 | +17.7% | -67.1% |
| 2026 | +13.7% | -67.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UPLD good diversifiers for each other?
Reasonably. At 0.35, SPY and UPLD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and UPLD?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.46 over the last year and 0.35 over 5 years.
Is UPLD a good diversifier for SPY?
Reasonably. At 0.35, SPY and UPLD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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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Related comparisons
Hubs: SPY correlations · UPLD correlations
