KF vs SPY: Correlation
Measured on weekly returns over the past three years, Korea Fund, Inc. (The) New (KF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KF and SPY?
Over the past 3 years, KF and SPY moved with a correlation of 0.51, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 247.3 %².
By 3-year correlation, SPY places #9 of the 17 assets tracked against KF. The last year tells two different stories: KF led by 123.8 percentage points, +144.4% for KF against +20.6% for SPY. One caveat on sizing: KF 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.
KF vs SPY: side by side
| KF (Korea Fund, Inc. (The) New) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +144.4% | +20.6% |
| 5-year return | +138.0% | +82.4% |
| Volatility (ann.) | 33.8% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -35.2% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.9 | – |
| Dividend yield | 2.17% | 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 | KF | SPY |
|---|---|---|
| 2022 | -30.0% | -18.2% |
| 2023 | +12.3% | +26.2% |
| 2024 | -19.3% | +24.9% |
| 2025 | +104.8% | +17.7% |
| 2026 | +78.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KF and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between KF and SPY?
As of 2026-08-27, the correlation of weekly returns between KF and SPY is 0.51 over 3 years, 0.57 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for KF?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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: KF correlations · SPY correlations
