KBDC vs SPY: Correlation
Kayne Anderson BDC, Inc. (KBDC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KBDC and SPY?
Across a 3-year window, the weekly returns of KBDC and SPY correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 81.7 %².
Within KBDC's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.7 percentage points (+0.9% for KBDC against +20.6% for SPY).
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.
KBDC vs SPY: side by side
| KBDC (Kayne Anderson BDC, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 15.7% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -19.6% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.4 | – |
| 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 | KBDC | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -2.4% | +17.7% |
| 2026 | -0.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KBDC and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KBDC and SPY?
The KBDC/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.42, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KBDC?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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: KBDC correlations · SPY correlations
