SPY vs UTF: Correlation
SPDR S&P 500 ETF Trust (SPY) and Cohen & Steers Infrastructure Fund, Inc (UTF) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UTF?
On 3 years of weekly data the SPY/UTF correlation comes out at 0.30, moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.30). The 5-year figure is 0.50, and annualized covariance runs at 75.9 %².
Within SPY's tracked universe of 4755 assets, UTF comes in at #2251 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +10.5%, a 10.1-point spread.
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 UTF: side by side
| SPY (SPDR S&P 500 ETF Trust) | UTF (Cohen & Steers Infrastructure Fund, Inc) | |
|---|---|---|
| 1-year return | +20.6% | +10.5% |
| 5-year return | +82.4% | +35.3% |
| Volatility (ann.) | 14.5% | 17.3% |
| Beta vs S&P 500 | 1.00 | 0.36 |
| Max drawdown (3Y) | -18.8% | -15.0% |
| Market cap | – | – |
| P/E (trailing) | – | 6.9 |
| Dividend yield | 1.01% | 6.81% |
| 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 | UTF |
|---|---|---|
| 2022 | -18.2% | -9.7% |
| 2023 | +26.2% | -4.0% |
| 2024 | +24.9% | +22.2% |
| 2025 | +17.7% | +8.0% |
| 2026 | +13.7% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UTF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UTF?
The SPY/UTF correlation stands at 0.30 on a 3-year window (1 year: 0.13, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is UTF a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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.
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Related comparisons
Hubs: SPY correlations · UTF correlations
