SPY vs YUMC: Correlation
SPDR S&P 500 ETF Trust (SPY) and Yum China Holdings, Inc. (YUMC) show a weak relationship: their 3-year correlation of weekly returns is 0.10.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and YUMC?
Over the past 3 years, SPY and YUMC moved with a correlation of 0.10, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.04 versus 0.10 over 3 years. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 52.7 %².
Within SPY's tracked universe of 4755 assets, YUMC comes in at #4123 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.7 points (+20.6% versus +1.9%). Note the risk asymmetry: YUMC runs 2.6 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 YUMC: side by side
| SPY (SPDR S&P 500 ETF Trust) | YUMC (Yum China Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +1.9% |
| 5-year return | +82.4% | -21.2% |
| Volatility (ann.) | 14.5% | 37.2% |
| Beta vs S&P 500 | 1.00 | 0.25 |
| Max drawdown (3Y) | -18.8% | -49.0% |
| Market cap | – | $15.3B |
| P/E (trailing) | – | 16.5 |
| Dividend yield | 1.01% | 2.26% |
| 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 | YUMC |
|---|---|---|
| 2022 | -18.2% | +10.8% |
| 2023 | +26.2% | -21.6% |
| 2024 | +24.9% | +15.4% |
| 2025 | +17.7% | +0.1% |
| 2026 | +13.7% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and YUMC good diversifiers for each other?
Yes. With a correlation of 0.10, SPY and YUMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and YUMC?
As of 2026-08-27, the correlation of weekly returns between SPY and YUMC is 0.10 over 3 years, -0.04 over 1 year and 0.19 over 5 years.
Is YUMC a good diversifier for SPY?
Yes. With a correlation of 0.10, SPY and YUMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 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-yumc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-yumc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · YUMC correlations
