SPY vs UVE: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and UNIVERSAL INSURANCE HOLDINGS INC (UVE) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UVE?
On 3 years of weekly data the SPY/UVE correlation comes out at 0.16, weak. Little has changed lately, as the 1-year reading of 0.06 lands near the 3-year figure. The 5-year figure is 0.18, and annualized covariance runs at 75.4 %².
Among the 4755 assets we track against SPY, UVE ranks #3652 by 3-year correlation. The last year tells two different stories: UVE led by 59.7 percentage points, +20.6% for SPY against +80.3% for UVE. One caveat on sizing: UVE is 2.3 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 UVE: side by side
| SPY (SPDR S&P 500 ETF Trust) | UVE (UNIVERSAL INSURANCE HOLDINGS INC) | |
|---|---|---|
| 1-year return | +20.6% | +80.3% |
| 5-year return | +82.4% | +277.8% |
| Volatility (ann.) | 14.5% | 33.5% |
| Beta vs S&P 500 | 1.00 | 0.36 |
| Max drawdown (3Y) | -18.8% | -25.7% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 5.7 |
| Dividend yield | 1.01% | 1.46% |
| 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 | UVE |
|---|---|---|
| 2022 | -18.2% | -33.5% |
| 2023 | +26.2% | +58.1% |
| 2024 | +24.9% | +36.8% |
| 2025 | +17.7% | +65.3% |
| 2026 | +13.7% | +29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UVE good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and UVE?
As of 2026-08-27, the correlation of weekly returns between SPY and UVE is 0.16 over 3 years, 0.06 over 1 year and 0.18 over 5 years.
Is UVE a good diversifier for SPY?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-uve.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-uve/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · UVE correlations
