KALU vs SPY: Correlation
Measured on weekly returns over the past three years, Kaiser Aluminum Corporation (KALU) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALU and SPY?
Over the past 3 years, KALU and SPY moved with a correlation of 0.53, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.53 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 359.0 %².
Within KALU's tracked universe of 17 assets, SPY comes in at #8 by 3-year correlation. The last year tells two different stories: KALU led by 83.2 percentage points, +103.8% for KALU against +20.6% for SPY. Risk is not evenly split, since KALU carries 3.2 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.
KALU vs SPY: side by side
| KALU (Kaiser Aluminum Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +103.8% | +20.6% |
| 5-year return | +51.7% | +82.4% |
| Volatility (ann.) | 46.6% | 14.5% |
| Beta vs S&P 500 | 1.72 | 1.00 |
| Max drawdown (3Y) | -48.9% | -18.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.98% | 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 | KALU | SPY |
|---|---|---|
| 2022 | -16.2% | -18.2% |
| 2023 | -2.1% | +26.2% |
| 2024 | +2.7% | +24.9% |
| 2025 | +70.1% | +17.7% |
| 2026 | +38.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALU and SPY good diversifiers for each other?
Only partially. A correlation of 0.53 means KALU 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 KALU and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.33 over the last year and 0.54 over 5 years.
Is SPY a good diversifier for KALU?
Only partially. A correlation of 0.53 means KALU 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 0.53 mean?
On the −1 to +1 scale, 0.53 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: KALU correlations · SPY correlations
