SPY vs USAR: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and USA Rare Earth, Inc. (USAR) carry a correlation of -0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USAR?
On 3 years of weekly data the SPY/USAR correlation comes out at -0.02, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.32) runs above the 3-year figure (-0.02). The 5-year figure is n/a, and annualized covariance runs at -28.3 %².
Among the 4755 assets we track against SPY, USAR ranks #4645 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +22.7% for USAR. One caveat on sizing: USAR is 6.8 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 USAR: side by side
| SPY (SPDR S&P 500 ETF Trust) | USAR (USA Rare Earth, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +22.7% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 98.3% |
| Beta vs S&P 500 | 1.00 | -0.14 |
| Max drawdown (3Y) | -18.8% | -69.2% |
| Market cap | – | $4.7B |
| 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, 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 | USAR |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | +11.1% |
| 2025 | +17.7% | +3.7% |
| 2026 | +13.7% | +61.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and USAR good diversifiers for each other?
By historical standards, yes. A correlation of -0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and USAR?
Using weekly returns as of 2026-08-27: -0.02 over 3 years, with 0.32 over the last year and n/a over 5 years.
Is USAR a good diversifier for SPY?
By historical standards, yes. A correlation of -0.02 means the two rarely move for the same reasons.
What does a correlation of -0.02 mean?
On the −1 to +1 scale, -0.02 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-usar.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-usar/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · USAR correlations
