KEX vs SPY: Correlation
Kirby Corporation (KEX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEX and SPY?
Over the past 3 years, KEX and SPY moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.46). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 225.6 %².
Among the 10 assets we track against KEX, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with KEX ahead by 21.7 points (+42.3% versus +20.6%). One caveat on sizing: KEX is 2.3 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.
KEX vs SPY: side by side
| KEX (Kirby Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.3% | +20.6% |
| 5-year return | +160.1% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -38.8% | -18.8% |
| Market cap | $7.4B | – |
| P/E (trailing) | 21.5 | – |
| 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 | KEX | SPY |
|---|---|---|
| 2022 | +8.3% | -18.2% |
| 2023 | +22.0% | +26.2% |
| 2024 | +34.8% | +24.9% |
| 2025 | +4.1% | +17.7% |
| 2026 | +26.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEX and SPY good diversifiers for each other?
Reasonably. At 0.46, KEX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KEX and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.09 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for KEX?
Reasonably. At 0.46, KEX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: KEX correlations · SPY correlations
