SPY vs UVV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Universal Corporation (UVV) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and UVV?
On 3 years of weekly data the SPY/UVV correlation comes out at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.16 versus 0.12 over 3 years. The 5-year figure is 0.19, and annualized covariance runs at 48.4 %².
Within SPY's tracked universe of 4755 assets, UVV comes in at #3971 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 32.2 points (+20.6% versus -11.6%). Risk is not evenly split, since UVV carries 1.9 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 UVV: side by side
| SPY (SPDR S&P 500 ETF Trust) | UVV (Universal Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -11.6% |
| 5-year return | +82.4% | +25.0% |
| Volatility (ann.) | 14.5% | 27.0% |
| Beta vs S&P 500 | 1.00 | 0.23 |
| Max drawdown (3Y) | -18.8% | -29.7% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 61.3 |
| Dividend yield | 1.01% | 7.05% |
| 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 | UVV |
|---|---|---|
| 2022 | -18.2% | +1.8% |
| 2023 | +26.2% | +35.8% |
| 2024 | +24.9% | -13.4% |
| 2025 | +17.7% | +2.3% |
| 2026 | +13.7% | -8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UVV good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and UVV?
The SPY/UVV correlation stands at 0.12 on a 3-year window (1 year: -0.16, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is UVV a good diversifier for SPY?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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-uvv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-uvv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UVV correlations
