SPY vs UPXI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Upexi, Inc. (UPXI) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UPXI?
Over the past 3 years, SPY and UPXI moved with a correlation of 0.20, which is weak. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 1067.6 %².
Within SPY's tracked universe of 4755 assets, UPXI comes in at #3295 by 3-year correlation. The last year tells two different stories: SPY led by 106.5 percentage points, +20.6% for SPY against -85.9% for UPXI. Note the risk asymmetry: UPXI runs 25.1 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 UPXI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UPXI (Upexi, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -85.9% |
| 5-year return | +82.4% | -98.9% |
| Volatility (ann.) | 14.5% | 364.4% |
| Beta vs S&P 500 | 1.00 | 5.11 |
| Max drawdown (3Y) | -18.8% | -98.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 2.0 |
| 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 $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | UPXI |
|---|---|---|
| 2022 | -18.2% | -25.4% |
| 2023 | +26.2% | -61.3% |
| 2024 | +24.9% | -84.9% |
| 2025 | +17.7% | -52.1% |
| 2026 | +13.7% | -31.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UPXI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UPXI?
The SPY/UPXI correlation stands at 0.20 on a 3-year window (1 year: 0.25, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is UPXI a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-upxi.json
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Related comparisons
Hubs: SPY correlations · UPXI correlations
