SPY vs UTSI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and UTStarcom Holdings Corp (UTSI) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UTSI?
Across a 3-year window, the weekly returns of SPY and UTSI correlate at 0.22, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Stretching to 5 years gives 0.24, with an annualized covariance of 151.3 %².
Within SPY's tracked universe of 4755 assets, UTSI comes in at #3087 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 28.5 points (+20.6% versus -7.9%). Risk is not evenly split, since UTSI carries 3.3 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 UTSI: side by side
| SPY (SPDR S&P 500 ETF Trust) | UTSI (UTStarcom Holdings Corp) | |
|---|---|---|
| 1-year return | +20.6% | -7.9% |
| 5-year return | +82.4% | -54.7% |
| Volatility (ann.) | 14.5% | 48.3% |
| Beta vs S&P 500 | 1.00 | 0.72 |
| Max drawdown (3Y) | -18.8% | -48.1% |
| Market cap | – | – |
| 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 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 | UTSI |
|---|---|---|
| 2022 | -18.2% | +2.0% |
| 2023 | +26.2% | -3.1% |
| 2024 | +24.9% | -15.7% |
| 2025 | +17.7% | -12.4% |
| 2026 | +13.7% | -7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UTSI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and UTSI?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.18 over the last year and 0.24 over 5 years.
Is UTSI a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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-utsi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-utsi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UTSI correlations
