KFRC vs SPY: Correlation
Measured on weekly returns over the past three years, Kforce, Inc. (KFRC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KFRC and SPY?
Across a 3-year window, the weekly returns of KFRC and SPY correlate at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.23 over 3 years. Stretching to 5 years gives 0.31, with an annualized covariance of 142.7 %².
Out of 13 assets tracked against KFRC, SPY lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months KFRC outperformed by 65.5 percentage points (+86.1% for KFRC against +20.6% for SPY). Note the risk asymmetry: KFRC runs 2.9 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.
KFRC vs SPY: side by side
| KFRC (Kforce, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +86.1% | +20.6% |
| 5-year return | +15.1% | +82.4% |
| Volatility (ann.) | 42.4% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -64.7% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 26.9 | – |
| Dividend yield | 2.77% | 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 | KFRC | SPY |
|---|---|---|
| 2022 | -25.7% | -18.2% |
| 2023 | +26.1% | +26.2% |
| 2024 | -14.0% | +24.9% |
| 2025 | -43.1% | +17.7% |
| 2026 | +91.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KFRC and SPY good diversifiers for each other?
Reasonably. At 0.23, KFRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KFRC and SPY?
As of 2026-08-27, the correlation of weekly returns between KFRC and SPY is 0.23 over 3 years, 0.07 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for KFRC?
Reasonably. At 0.23, KFRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 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: KFRC correlations · SPY correlations
