FSK vs SPY: Correlation
FS KKR Capital Corp. (FSK) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSK and SPY?
Across a 3-year window, the weekly returns of FSK and SPY correlate at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 131.3 %².
SPY is close to the least connected end of FSK's tracked universe, ranking #13 of 17. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 39.7 percentage points (-19.1% for FSK against +20.6% for SPY). One caveat on sizing: FSK is 1.8 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.
FSK vs SPY: side by side
| FSK (FS KKR Capital Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.1% | +20.6% |
| 5-year return | +10.8% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -51.0% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 17.68% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
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 | FSK | SPY |
|---|---|---|
| 2022 | -4.7% | -18.2% |
| 2023 | +33.0% | +26.2% |
| 2024 | +25.7% | +24.9% |
| 2025 | -20.4% | +17.7% |
| 2026 | -9.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSK and SPY good diversifiers for each other?
Reasonably. At 0.34, FSK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FSK and SPY?
As of 2026-08-27, the correlation of weekly returns between FSK and SPY is 0.34 over 3 years, 0.35 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for FSK?
Reasonably. At 0.34, FSK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FSK correlations · SPY correlations
