SPY vs UTG: Correlation
SPDR S&P 500 ETF Trust (SPY) and Reaves Utility Income Fund (UTG) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UTG?
Across a 3-year window, the weekly returns of SPY and UTG correlate at 0.50, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.50). Stretching to 5 years gives 0.58, with an annualized covariance of 139.2 %².
By 3-year correlation, UTG places #471 of the 4755 assets tracked against SPY. Over the last 12 months SPY came out ahead by 13.8 percentage points (+20.6% against +6.8%).
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 UTG: side by side
| SPY (SPDR S&P 500 ETF Trust) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | +20.6% | +6.8% |
| 5-year return | +82.4% | +53.5% |
| Volatility (ann.) | 14.5% | 19.1% |
| Beta vs S&P 500 | 1.00 | 0.67 |
| Max drawdown (3Y) | -18.8% | -14.9% |
| Market cap | – | $3.5B |
| P/E (trailing) | – | 2.8 |
| Dividend yield | 1.01% | 6.17% |
| 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 | UTG |
|---|---|---|
| 2022 | -18.2% | -13.4% |
| 2023 | +26.2% | +2.8% |
| 2024 | +24.9% | +28.1% |
| 2025 | +17.7% | +23.2% |
| 2026 | +13.7% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UTG good diversifiers for each other?
Only partially. A correlation of 0.50 means SPY and UTG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and UTG?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.35 over the last year and 0.58 over 5 years.
Is UTG a good diversifier for SPY?
Only partially. A correlation of 0.50 means SPY and UTG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 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-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UTG correlations
