KELYB vs SPY: Correlation
Kelly Services, Inc. (KELYB) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KELYB and SPY?
Over the past 3 years, KELYB and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 83.0 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against KELYB. Their recent paths diverged sharply: over the last 12 months KELYB outperformed by 42.2 percentage points (+62.8% for KELYB against +20.6% for SPY). Note the risk asymmetry: KELYB runs 4.2 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.
KELYB vs SPY: side by side
| KELYB (Kelly Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.8% | +20.6% |
| 5-year return | +26.3% | +82.4% |
| Volatility (ann.) | 60.8% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -66.9% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.38% | 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 | KELYB | SPY |
|---|---|---|
| 2022 | +3.1% | -18.2% |
| 2023 | +27.5% | +26.2% |
| 2024 | -34.7% | +24.9% |
| 2025 | -35.9% | +17.7% |
| 2026 | +170.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KELYB and SPY good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KELYB and SPY?
The KELYB/SPY correlation stands at 0.09 on a 3-year window (1 year: 0.15, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KELYB?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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: KELYB correlations · SPY correlations
