SPY vs UROY: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Uranium Royalty Corp. (UROY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UROY?
Across a 3-year window, the weekly returns of SPY and UROY correlate at 0.34, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.34 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 292.9 %².
Within SPY's tracked universe of 4755 assets, UROY comes in at #1813 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UROY ahead by 22.3 points (+20.6% versus +42.9%). One caveat on sizing: UROY is 4.1 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 UROY: side by side
| SPY (SPDR S&P 500 ETF Trust) | UROY (Uranium Royalty Corp.) | |
|---|---|---|
| 1-year return | +20.6% | +42.9% |
| 5-year return | +82.4% | +56.3% |
| Volatility (ann.) | 14.5% | 59.9% |
| Beta vs S&P 500 | 1.00 | 1.40 |
| Max drawdown (3Y) | -18.8% | -59.7% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 14.4 |
| 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 | UROY |
|---|---|---|
| 2022 | -18.2% | -35.1% |
| 2023 | +26.2% | +13.9% |
| 2024 | +24.9% | -18.9% |
| 2025 | +17.7% | +61.6% |
| 2026 | +13.7% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UROY good diversifiers for each other?
Reasonably. At 0.34, SPY and UROY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and UROY?
As of 2026-08-27, the correlation of weekly returns between SPY and UROY is 0.34 over 3 years, 0.39 over 1 year and 0.39 over 5 years.
Is UROY a good diversifier for SPY?
Reasonably. At 0.34, SPY and UROY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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-uroy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-uroy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UROY correlations
