SPY vs URGN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and UroGen Pharma Ltd. (URGN) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and URGN?
On 3 years of weekly data the SPY/URGN correlation comes out at 0.21, weak. The past 12 months show a tighter link (0.42) than the 3-year average (0.21). The 5-year figure is 0.13, and annualized covariance runs at 269.7 %².
Within SPY's tracked universe of 4755 assets, URGN comes in at #3190 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months URGN outperformed by 112.3 percentage points (+20.6% for SPY against +132.9% for URGN). Risk is not evenly split, since URGN carries 6.1 times the volatility of the other side.
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 URGN: side by side
| SPY (SPDR S&P 500 ETF Trust) | URGN (UroGen Pharma Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | +132.9% |
| 5-year return | +82.4% | +157.5% |
| Volatility (ann.) | 14.5% | 88.1% |
| Beta vs S&P 500 | 1.00 | 1.29 |
| Max drawdown (3Y) | -18.8% | -79.7% |
| Market cap | – | $2.2B |
| 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 |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | URGN |
|---|---|---|
| 2022 | -18.2% | -6.7% |
| 2023 | +26.2% | +69.1% |
| 2024 | +24.9% | -29.0% |
| 2025 | +17.7% | +119.9% |
| 2026 | +13.7% | +94.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and URGN good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and URGN?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.42 over the last year and 0.13 over 5 years.
Is URGN a good diversifier for SPY?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-urgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-urgn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · URGN correlations
