KGC vs SPY: Correlation
Measured on weekly returns over the past three years, Kinross Gold Corporation (KGC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KGC and SPY?
Over the past 3 years, KGC and SPY moved with a correlation of 0.30, which is moderate. The link has tightened recently: the 1-year correlation (0.40) runs above the 3-year figure (0.30). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 202.6 %².
Among the 21 assets we track against KGC, SPY sits near the bottom by co-movement, at rank #17. Correlation aside, the last 12 months split them widely, with KGC ahead by 40.9 points (+61.5% versus +20.6%). One caveat on sizing: KGC is 3.3 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.
KGC vs SPY: side by side
| KGC (Kinross Gold Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +61.5% | +20.6% |
| 5-year return | +495.9% | +82.4% |
| Volatility (ann.) | 47.3% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -40.7% | -18.8% |
| Market cap | $38.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 0.48% | 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 | KGC | SPY |
|---|---|---|
| 2022 | -27.6% | -18.2% |
| 2023 | +51.8% | +26.2% |
| 2024 | +55.6% | +24.9% |
| 2025 | +205.7% | +17.7% |
| 2026 | +15.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KGC and SPY good diversifiers for each other?
Reasonably. At 0.30, KGC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KGC and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.40 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for KGC?
Reasonably. At 0.30, KGC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: KGC correlations · SPY correlations
