KDP vs SPY: Correlation
Measured on weekly returns over the past three years, Keurig Dr Pepper (KDP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KDP and SPY?
Over the past 3 years, KDP and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.01) sits close to the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 30.0 %².
Among the 30 assets we track against KDP, SPY ranks #17 by 3-year correlation. The trailing year gives SPY the advantage: +10.9% versus +20.6%, a 9.7-point spread. The rolling one-year correlation moved between 0.02 and 0.41 over the past three years, a moderate range. One caveat on sizing: KDP is 1.6 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.
KDP vs SPY: side by side
| KDP (Keurig Dr Pepper) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.9% | +20.6% |
| 5-year return | +3.1% | +82.4% |
| Volatility (ann.) | 23.6% | 14.5% |
| Beta vs S&P 500 | 0.14 | 1.00 |
| Max drawdown (3Y) | -31.0% | -18.8% |
| Market cap | $43.4B | – |
| P/E (trailing) | 32.5 | – |
| Dividend yield | 2.86% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | KDP | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | -4.2% | +26.2% |
| 2024 | -1.1% | +24.9% |
| 2025 | -10.1% | +17.7% |
| 2026 | +16.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds KDP at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are KDP and SPY good diversifiers for each other?
Yes. With a correlation of 0.09, KDP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KDP and SPY?
The KDP/SPY correlation stands at 0.09 on a 3-year window (1 year: -0.01, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KDP?
Yes. With a correlation of 0.09, KDP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 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: KDP correlations · SPY correlations
