SPY vs UTI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Universal Technical Institute Inc (UTI) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UTI?
Across a 3-year window, the weekly returns of SPY and UTI correlate at 0.17, weak. The past 12 months show a weaker link (0.03) than the 3-year average (0.17). Stretching to 5 years gives 0.23, with an annualized covariance of 134.0 %².
By 3-year correlation, UTI places #3572 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 40.8 percentage points (+20.6% for SPY against -20.2% for UTI). One caveat on sizing: UTI is 3.8 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 UTI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UTI (Universal Technical Institute Inc) | |
|---|---|---|
| 1-year return | +20.6% | -20.2% |
| 5-year return | +82.4% | +211.1% |
| Volatility (ann.) | 14.5% | 54.6% |
| Beta vs S&P 500 | 1.00 | 0.64 |
| Max drawdown (3Y) | -18.8% | -57.8% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 36.0 |
| Dividend yield | 1.01% | 0.00% |
| 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 | UTI |
|---|---|---|
| 2022 | -18.2% | -14.1% |
| 2023 | +26.2% | +86.3% |
| 2024 | +24.9% | +105.4% |
| 2025 | +17.7% | +1.6% |
| 2026 | +13.7% | -17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UTI good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and UTI?
The SPY/UTI correlation stands at 0.17 on a 3-year window (1 year: 0.03, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is UTI a good diversifier for SPY?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
A reading of 0.17 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-uti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-uti/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UTI correlations
