SPY vs URI: Correlation
SPDR S&P 500 ETF Trust (SPY) and United Rentals (URI) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and URI?
Over the past 3 years, SPY and URI moved with a correlation of 0.52, which is moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.52). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 296.6 %².
By 3-year correlation, URI places #402 of the 4755 assets tracked against SPY. On 12-month performance SPY holds a 10.4-point edge, +20.6% against +10.2%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.16 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: URI runs 2.7 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 URI: side by side
| SPY (SPDR S&P 500 ETF Trust) | URI (United Rentals) | |
|---|---|---|
| 1-year return | +20.6% | +10.2% |
| 5-year return | +82.4% | +204.1% |
| Volatility (ann.) | 14.5% | 39.5% |
| Beta vs S&P 500 | 1.00 | 1.42 |
| Max drawdown (3Y) | -18.8% | -37.0% |
| Market cap | – | $64.6B |
| P/E (trailing) | – | 25.4 |
| Dividend yield | 1.01% | 0.71% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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 | URI |
|---|---|---|
| 2022 | -18.2% | +7.0% |
| 2023 | +26.2% | +63.6% |
| 2024 | +24.9% | +24.0% |
| 2025 | +17.7% | +15.9% |
| 2026 | +13.7% | +29.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds URI at a 0.1% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and URI good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and URI?
As of 2026-08-27, the correlation of weekly returns between SPY and URI is 0.52 over 3 years, 0.17 over 1 year and 0.58 over 5 years.
Is URI a good diversifier for SPY?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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-uri.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-uri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · URI correlations
