SPY vs UPWK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Upwork Inc. (UPWK) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UPWK?
Across a 3-year window, the weekly returns of SPY and UPWK correlate at 0.38, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.38). Stretching to 5 years gives 0.40, with an annualized covariance of 280.1 %².
By 3-year correlation, UPWK places #1402 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 60.3 percentage points (+20.6% for SPY against -39.7% for UPWK). One caveat on sizing: UPWK is 3.5 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 UPWK: side by side
| SPY (SPDR S&P 500 ETF Trust) | UPWK (Upwork Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -39.7% |
| 5-year return | +82.4% | -79.8% |
| Volatility (ann.) | 14.5% | 51.1% |
| Beta vs S&P 500 | 1.00 | 1.34 |
| Max drawdown (3Y) | -18.8% | -64.5% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 11.2 |
| 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 | UPWK |
|---|---|---|
| 2022 | -18.2% | -69.4% |
| 2023 | +26.2% | +42.4% |
| 2024 | +24.9% | +10.0% |
| 2025 | +17.7% | +21.2% |
| 2026 | +13.7% | -55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UPWK good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and UPWK?
As of 2026-08-27, the correlation of weekly returns between SPY and UPWK is 0.38 over 3 years, 0.17 over 1 year and 0.40 over 5 years.
Is UPWK a good diversifier for SPY?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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-upwk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-upwk/)
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Related comparisons
Hubs: SPY correlations · UPWK correlations
