KEYS vs SPY: Correlation
Measured on weekly returns over the past three years, Keysight Technologies (KEYS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEYS and SPY?
Over the past 3 years, KEYS and SPY moved with a correlation of 0.62, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.62 over 3 years. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 330.7 %².
Among the 43 assets we track against KEYS, SPY ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KEYS ahead by 76.8 points (+97.4% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.43 and 0.80, a moderate band. Note the risk asymmetry: KEYS runs 2.5 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.
KEYS vs SPY: side by side
| KEYS (Keysight Technologies) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +97.4% | +20.6% |
| 5-year return | +81.9% | +82.4% |
| Volatility (ann.) | 36.8% | 14.5% |
| Beta vs S&P 500 | 1.58 | 1.00 |
| Max drawdown (3Y) | -31.4% | -18.8% |
| Market cap | $55.5B | – |
| P/E (trailing) | 43.5 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | KEYS | SPY |
|---|---|---|
| 2022 | -17.2% | -18.2% |
| 2023 | -7.0% | +26.2% |
| 2024 | +1.0% | +24.9% |
| 2025 | +26.5% | +17.7% |
| 2026 | +60.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.08% of SPY is KEYS itself, so the fund partly moves with the stock by construction.
Are KEYS and SPY good diversifiers for each other?
Only partially. A correlation of 0.62 means KEYS and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between KEYS and SPY?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.46 over the last year and 0.64 over 5 years.
Is SPY a good diversifier for KEYS?
Only partially. A correlation of 0.62 means KEYS and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/keys-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/keys-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KEYS correlations · SPY correlations
