KALA vs SPY: Correlation
Measured on weekly returns over the past three years, KALA BIO, Inc. (KALA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALA and SPY?
Over the past 3 years, KALA and SPY moved with a correlation of 0.21, which is weak. Little has changed lately, as the 1-year reading of 0.24 lands near the 3-year figure. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is 360.7 %².
Out of 11 assets tracked against KALA, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 120.4 points (-99.8% versus +20.6%). One caveat on sizing: KALA is 8.2 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.
KALA vs SPY: side by side
| KALA (KALA BIO, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -99.8% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 119.6% | 14.5% |
| Beta vs S&P 500 | 1.73 | 1.00 |
| Max drawdown (3Y) | -99.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | KALA | SPY |
|---|---|---|
| 2022 | -36.9% | -18.2% |
| 2023 | -81.7% | +26.2% |
| 2024 | -0.9% | +24.9% |
| 2025 | -92.0% | +17.7% |
| 2026 | -97.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALA and SPY good diversifiers for each other?
Reasonably. At 0.21, KALA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KALA and SPY?
The KALA/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.24, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KALA?
Reasonably. At 0.21, KALA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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.
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Related comparisons
Hubs: KALA correlations · SPY correlations
