KD vs SPY: Correlation
How closely do Kyndryl Holdings, Inc. (KD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KD and SPY?
Across a 3-year window, the weekly returns of KD and SPY correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 331.4 %².
Among the 27 assets we track against KD, SPY ranks #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 78.6 percentage points (-58.0% for KD against +20.6% for SPY). Note the risk asymmetry: KD runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
KD vs SPY: side by side
| KD (Kyndryl Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -58.0% | +20.6% |
| 5-year return | -67.5% | +82.4% |
| Volatility (ann.) | 53.4% | 14.5% |
| Beta vs S&P 500 | 1.59 | 1.00 |
| Max drawdown (3Y) | -75.6% | -18.8% |
| Market cap | $2.9B | – |
| P/E (trailing) | 34.0 | – |
| 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 | KD | SPY |
|---|---|---|
| 2022 | -38.6% | -18.2% |
| 2023 | +86.9% | +26.2% |
| 2024 | +66.5% | +24.9% |
| 2025 | -23.2% | +17.7% |
| 2026 | -50.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KD and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KD and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.36 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for KD?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: KD correlations · SPY correlations
