KEEL vs SPY: Correlation
Measured on weekly returns over the past three years, Keel Infrastructure Corp. (KEEL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEEL and SPY?
Across a 3-year window, the weekly returns of KEEL and SPY correlate at 0.29, weak. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Stretching to 5 years gives 0.38, with an annualized covariance of 455.4 %².
Out of 11 assets tracked against KEEL, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with KEEL ahead by 141.3 points (+161.9% versus +20.6%). Risk is not evenly split, since KEEL carries 7.5 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.
KEEL vs SPY: side by side
| KEEL (Keel Infrastructure Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +161.9% | +20.6% |
| 5-year return | -41.1% | +82.4% |
| Volatility (ann.) | 108.4% | 14.5% |
| Beta vs S&P 500 | 2.18 | 1.00 |
| Max drawdown (3Y) | -81.1% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | – | – |
| 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 | KEEL | SPY |
|---|---|---|
| 2022 | -91.3% | -18.2% |
| 2023 | +561.4% | +26.2% |
| 2024 | -48.8% | +24.9% |
| 2025 | +57.7% | +17.7% |
| 2026 | +49.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEEL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KEEL and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.33 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for KEEL?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 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: KEEL correlations · SPY correlations
