SPY vs UPST: Correlation
SPDR S&P 500 ETF Trust (SPY) and Upstart Holdings, Inc. (UPST) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UPST?
Over the past 3 years, SPY and UPST moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 732.3 %².
By 3-year correlation, UPST places #264 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 76.8 points (+20.6% versus -56.2%). Note the risk asymmetry: UPST runs 6.3 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 UPST: side by side
| SPY (SPDR S&P 500 ETF Trust) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -56.2% |
| 5-year return | +82.4% | -85.9% |
| Volatility (ann.) | 14.5% | 91.0% |
| Beta vs S&P 500 | 1.00 | 3.51 |
| Max drawdown (3Y) | -18.8% | -72.7% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 58.6 |
| 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 | UPST |
|---|---|---|
| 2022 | -18.2% | -91.3% |
| 2023 | +26.2% | +209.1% |
| 2024 | +24.9% | +50.7% |
| 2025 | +17.7% | -29.0% |
| 2026 | +13.7% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UPST good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and UPST?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.57 over the last year and 0.52 over 5 years.
Is UPST a good diversifier for SPY?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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-upst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-upst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · UPST correlations
