KEN vs SPY: Correlation
How closely do Kenon Holdings Ltd. (KEN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEN and SPY?
Over the past 3 years, KEN and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.13) than the 3-year average (0.28). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 150.8 %².
Out of 11 assets tracked against KEN, SPY lands near the bottom at #7. The last year tells two different stories: KEN led by 38.4 percentage points, +59.0% for KEN against +20.6% for SPY. Risk is not evenly split, since KEN carries 2.6 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.
KEN vs SPY: side by side
| KEN (Kenon Holdings Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.0% | +20.6% |
| 5-year return | +294.3% | +82.4% |
| Volatility (ann.) | 37.7% | 14.5% |
| Beta vs S&P 500 | 0.72 | 1.00 |
| Max drawdown (3Y) | -33.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 43.0 | – |
| 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 | KEN | SPY |
|---|---|---|
| 2022 | -11.7% | -18.2% |
| 2023 | -18.2% | +26.2% |
| 2024 | +67.6% | +24.9% |
| 2025 | +126.2% | +17.7% |
| 2026 | +8.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEN and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KEN and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.13 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for KEN?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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: KEN correlations · SPY correlations
