SPYV vs UNP: Correlation
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) and Union Pacific Corporation (UNP) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and UNP?
Over the past 3 years, SPYV and UNP moved with a correlation of 0.60, which is strong. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.60). Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 150.0 %².
Among the 148 assets we track against SPYV, UNP ranks #78 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UNP ahead by 23.9 points (+18.5% versus +42.4%). The rolling one-year correlation moved between 0.32 and 0.76 over the past three years, a moderate range. Note the risk asymmetry: UNP runs 1.7 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.
SPYV vs UNP: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +18.5% | +42.4% |
| 5-year return | +73.5% | +56.5% |
| Volatility (ann.) | 12.1% | 20.6% |
| Beta vs S&P 500 | 0.70 | 0.56 |
| Max drawdown (3Y) | -17.5% | -17.8% |
| Market cap | – | $182.8B |
| P/E (trailing) | – | 25.1 |
| Dividend yield | 1.69% | 1.78% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | Industrials |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | SPYV | UNP |
|---|---|---|
| 2022 | -5.3% | -15.9% |
| 2023 | +22.2% | +21.6% |
| 2024 | +12.2% | -5.1% |
| 2025 | +13.2% | +3.9% |
| 2026 | +12.7% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds UNP at a 0.61% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPYV and UNP good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPYV and UNP?
The SPYV/UNP correlation stands at 0.60 on a 3-year window (1 year: 0.29, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is UNP a good diversifier for SPYV?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 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/spyv-vs-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spyv-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPYV correlations · UNP correlations
