KARO vs VOO: Correlation
Measured on weekly returns over the past three years, Karooooo Ltd. (KARO) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KARO and VOO?
On 3 years of weekly data the KARO/VOO correlation comes out at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.41). The 5-year figure is 0.42, and annualized covariance runs at 230.1 %².
Within KARO's tracked universe of 10 assets, VOO comes in at #5 by 3-year correlation. Over the last 12 months KARO came out ahead by 12.4 percentage points (+33.0% against +20.6%). One caveat on sizing: KARO is 2.7 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.
KARO vs VOO: side by side
| KARO (Karooooo Ltd.) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +33.0% | +20.6% |
| 5-year return | +131.7% | +83.0% |
| Volatility (ann.) | 39.0% | 14.4% |
| Beta vs S&P 500 | 1.10 | 0.99 |
| Max drawdown (3Y) | -32.3% | -18.7% |
| Market cap | $2.1B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 33.69% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | KARO | VOO |
|---|---|---|
| 2022 | -41.5% | -18.2% |
| 2023 | +8.0% | +26.3% |
| 2024 | +91.5% | +25.0% |
| 2025 | +3.5% | +17.8% |
| 2026 | +50.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KARO and VOO good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KARO and VOO?
As of 2026-08-27, the correlation of weekly returns between KARO and VOO is 0.41 over 3 years, 0.22 over 1 year and 0.42 over 5 years.
Is VOO a good diversifier for KARO?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: KARO correlations · VOO correlations
