SPY vs UTMD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Utah Medical Products, Inc. (UTMD) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UTMD?
Over the past 3 years, SPY and UTMD moved with a correlation of 0.33, which is moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.33). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 103.8 %².
By 3-year correlation, UTMD places #1918 of the 4755 assets tracked against SPY. Twelve-month performance is nearly a tie, at +20.6% for SPY and +19.8% for UTMD. Risk is not evenly split, since UTMD carries 1.5 times the volatility of the other side.
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 UTMD: side by side
| SPY (SPDR S&P 500 ETF Trust) | UTMD (Utah Medical Products, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +19.8% |
| 5-year return | +82.4% | -11.0% |
| Volatility (ann.) | 14.5% | 22.1% |
| Beta vs S&P 500 | 1.00 | 0.50 |
| Max drawdown (3Y) | -18.8% | -42.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 21.6 |
| Dividend yield | 1.01% | 1.74% |
| 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 | UTMD |
|---|---|---|
| 2022 | -18.2% | +1.9% |
| 2023 | +26.2% | -15.1% |
| 2024 | +24.9% | -25.7% |
| 2025 | +17.7% | -7.0% |
| 2026 | +13.7% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UTMD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UTMD?
The SPY/UTMD correlation stands at 0.33 on a 3-year window (1 year: 0.16, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is UTMD a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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-utmd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-utmd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UTMD correlations
