KHC vs SPY: Correlation
Kraft Heinz (KHC) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KHC and SPY?
On 3 years of weekly data the KHC/SPY correlation comes out at 0.08, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.12) sits close to the 3-year figure. The 5-year figure is 0.14, and annualized covariance runs at 25.7 %².
Among the 36 assets we track against KHC, SPY ranks #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.5 points (-3.9% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from -0.17 to 0.32.
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.
KHC vs SPY: side by side
| KHC (Kraft Heinz) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.9% | +20.6% |
| 5-year return | -10.9% | +82.4% |
| Volatility (ann.) | 21.7% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -38.7% | -18.8% |
| Market cap | $29.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.45% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | KHC | SPY |
|---|---|---|
| 2022 | +18.2% | -18.2% |
| 2023 | -5.0% | +26.2% |
| 2024 | -13.0% | +24.9% |
| 2025 | -16.3% | +17.7% |
| 2026 | +7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KHC and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KHC and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with 0.12 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for KHC?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: KHC correlations · SPY correlations
