KAI vs SPY: Correlation
Measured on weekly returns over the past three years, Kadant Inc (KAI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KAI and SPY?
On 3 years of weekly data the KAI/SPY correlation comes out at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.52 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 280.4 %².
Among the 14 assets we track against KAI, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 29.4 percentage points (-8.8% for KAI against +20.6% for SPY). Risk is not evenly split, since KAI carries 2.6 times the volatility of the other side.
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.
KAI vs SPY: side by side
| KAI (Kadant Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.8% | +20.6% |
| 5-year return | +49.3% | +82.4% |
| Volatility (ann.) | 37.1% | 14.5% |
| Beta vs S&P 500 | 1.34 | 1.00 |
| Max drawdown (3Y) | -41.2% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 32.9 | – |
| Dividend yield | 0.46% | 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 | KAI | SPY |
|---|---|---|
| 2022 | -22.5% | -18.2% |
| 2023 | +58.7% | +26.2% |
| 2024 | +23.6% | +24.9% |
| 2025 | -17.0% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KAI and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means KAI and SPY 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 KAI and SPY?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.38 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for KAI?
Only partially. A correlation of 0.52 means KAI and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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: KAI correlations · SPY correlations
