SPY vs UZX: Correlation
SPDR S&P 500 ETF Trust (SPY) and Linkage Global Inc - Class A (UZX) 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 UZX?
Across a 3-year window, the weekly returns of SPY and UZX correlate at 0.01, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.10 over 1 year against 0.01 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 18.0 %².
Among the 4755 assets we track against SPY, UZX ranks #4578 by 3-year correlation. The last year tells two different stories: SPY led by 115.2 percentage points, +20.6% for SPY against -94.6% for UZX. Note the risk asymmetry: UZX runs 9.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 UZX: side by side
| SPY (SPDR S&P 500 ETF Trust) | UZX (Linkage Global Inc - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -94.6% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 137.7% |
| Beta vs S&P 500 | 1.00 | 0.09 |
| Max drawdown (3Y) | -18.8% | -99.8% |
| 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 | UZX |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -71.7% |
| 2025 | +17.7% | -58.8% |
| 2026 | +13.7% | -93.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and UZX good diversifiers for each other?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and UZX?
Using weekly returns as of 2026-08-27: 0.01 over 3 years, with 0.10 over the last year and n/a over 5 years.
Is UZX a good diversifier for SPY?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.01 mean?
A reading of 0.01 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-uzx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-uzx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · UZX correlations
