SPY vs UTZ: Correlation
SPDR S&P 500 ETF Trust (SPY) and Utz Brands Inc (UTZ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UTZ?
On 3 years of weekly data the SPY/UTZ correlation comes out at 0.01, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.02 lands near the 3-year figure. The 5-year figure is 0.13, and annualized covariance runs at 13.7 %².
Within SPY's tracked universe of 4755 assets, UTZ comes in at #4577 by 3-year correlation. Over the last 12 months SPY came out ahead by 12.3 percentage points (+20.6% against +8.3%). One caveat on sizing: UTZ is 4.5 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 UTZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | UTZ (Utz Brands Inc) | |
|---|---|---|
| 1-year return | +20.6% | +8.3% |
| 5-year return | +82.4% | -16.7% |
| Volatility (ann.) | 14.5% | 65.9% |
| Beta vs S&P 500 | 1.00 | 0.07 |
| Max drawdown (3Y) | -18.8% | -63.8% |
| Market cap | – | $2.0B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 2.62% |
| 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 | UTZ |
|---|---|---|
| 2022 | -18.2% | +0.9% |
| 2023 | +26.2% | +3.9% |
| 2024 | +24.9% | -2.1% |
| 2025 | +17.7% | -32.3% |
| 2026 | +13.7% | +39.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UTZ good diversifiers for each other?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and UTZ?
As of 2026-08-27, the correlation of weekly returns between SPY and UTZ is 0.01 over 3 years, 0.02 over 1 year and 0.13 over 5 years.
Is UTZ a good diversifier for SPY?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
What does a correlation of 0.01 mean?
On the −1 to +1 scale, 0.01 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-utz.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: SPY correlations · UTZ correlations
