UNP vs UPS: Correlation
Measured on weekly returns over the past three years, Union Pacific Corporation (UNP) and United Parcel Service (UPS) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UNP and UPS?
On 3 years of weekly data the UNP/UPS correlation comes out at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 301.9 %².
By 3-year correlation, UPS places #20 of the 33 assets tracked against UNP. On 12-month performance UNP holds a 14.2-point edge, +42.4% against +28.2%. On a rolling one-year basis the correlation drifted between 0.24 and 0.66, a moderate band.
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.
UNP vs UPS: side by side
| UNP (Union Pacific Corporation) | UPS (United Parcel Service) | |
|---|---|---|
| 1-year return | +42.4% | +28.2% |
| 5-year return | +56.5% | -31.0% |
| Volatility (ann.) | 20.6% | 29.4% |
| Beta vs S&P 500 | 0.56 | 0.81 |
| Max drawdown (3Y) | -17.8% | -46.5% |
| Market cap | $182.8B | $89.9B |
| P/E (trailing) | 25.1 | 19.6 |
| Dividend yield | 1.78% | 6.21% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | UNP | UPS |
|---|---|---|
| 2022 | -15.9% | -16.2% |
| 2023 | +21.6% | -6.0% |
| 2024 | -5.1% | -15.9% |
| 2025 | +3.9% | -15.9% |
| 2026 | +34.4% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UNP and UPS good diversifiers for each other?
Only partially. A correlation of 0.50 means UNP and UPS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between UNP and UPS?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.47 over the last year and 0.54 over 5 years.
Is UPS a good diversifier for UNP?
Only partially. A correlation of 0.50 means UNP and UPS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 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/unp-vs-ups.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/unp-vs-ups/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UNP correlations · UPS correlations
