SPYV vs UPS: Correlation
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and United Parcel Service (UPS) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and UPS?
Over the past 3 years, SPYV and UPS moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 191.9 %².
By 3-year correlation, UPS places #107 of the 148 assets tracked against SPYV. Over the last 12 months UPS came out ahead by 9.7 percentage points (+18.5% against +28.2%). Across three years, the rolling one-year figure varied moderately, from 0.27 to 0.72. One caveat on sizing: UPS is 2.4 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.
SPYV vs UPS: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | UPS (United Parcel Service) | |
|---|---|---|
| 1-year return | +18.5% | +28.2% |
| 5-year return | +73.5% | -31.0% |
| Volatility (ann.) | 12.1% | 29.4% |
| Beta vs S&P 500 | 0.70 | 0.81 |
| Max drawdown (3Y) | -17.5% | -46.5% |
| Market cap | – | $89.9B |
| P/E (trailing) | – | 19.6 |
| Dividend yield | 1.69% | 6.21% |
| 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 | UPS |
|---|---|---|
| 2022 | -5.3% | -16.2% |
| 2023 | +22.2% | -6.0% |
| 2024 | +12.2% | -15.9% |
| 2025 | +13.2% | -15.9% |
| 2026 | +12.7% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.26% of SPYV is UPS itself, so the fund partly moves with the stock by construction.
Are SPYV and UPS good diversifiers for each other?
To a limited degree. At 0.54 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 UPS?
As of 2026-08-27, the correlation of weekly returns between SPYV and UPS is 0.54 over 3 years, 0.52 over 1 year and 0.58 over 5 years.
Is UPS a good diversifier for SPYV?
To a limited degree. At 0.54 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 0.54 mean?
On the −1 to +1 scale, 0.54 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/spyv-vs-ups.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spyv-vs-ups/)
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Related comparisons
Hubs: SPYV correlations · UPS correlations
