KEY vs SPY: Correlation
KeyCorp (KEY) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEY and SPY?
Across a 3-year window, the weekly returns of KEY and SPY correlate at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.56 over 3 years. Stretching to 5 years gives 0.53, with an annualized covariance of 261.2 %².
By 3-year correlation, SPY places #46 of the 59 assets tracked against KEY. Neither side won the trailing year by much: +18.4% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.78 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since KEY carries 2.2 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.
KEY vs SPY: side by side
| KEY (KeyCorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.4% | +20.6% |
| 5-year return | +38.0% | +82.4% |
| Volatility (ann.) | 32.1% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -32.2% | -18.8% |
| Market cap | $23.5B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 3.71% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | KEY | SPY |
|---|---|---|
| 2022 | -21.7% | -18.2% |
| 2023 | -11.5% | +26.2% |
| 2024 | +25.3% | +24.9% |
| 2025 | +26.2% | +17.7% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEY and SPY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KEY and SPY?
The KEY/SPY correlation stands at 0.56 on a 3-year window (1 year: 0.29, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KEY?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 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: KEY correlations · SPY correlations
