KIM vs SPY: Correlation
Measured on weekly returns over the past three years, Kimco Realty (KIM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KIM and SPY?
Across a 3-year window, the weekly returns of KIM and SPY correlate at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.40 over 3 years. Stretching to 5 years gives 0.55, with an annualized covariance of 131.2 %².
Within KIM's tracked universe of 45 assets, SPY comes in at #32 by 3-year correlation. On 12-month performance SPY holds a 9.2-point edge, +11.4% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.03 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: KIM is 1.6 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.
KIM vs SPY: side by side
| KIM (Kimco Realty) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.4% | +20.6% |
| 5-year return | +35.9% | +82.4% |
| Volatility (ann.) | 22.9% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -25.9% | -18.8% |
| Market cap | $16.0B | – |
| P/E (trailing) | 28.0 | – |
| Dividend yield | 4.29% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | KIM | SPY |
|---|---|---|
| 2022 | -10.8% | -18.2% |
| 2023 | +6.1% | +26.2% |
| 2024 | +15.0% | +24.9% |
| 2025 | -9.3% | +17.7% |
| 2026 | +20.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KIM and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KIM and SPY?
The KIM/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.04, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KIM?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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: KIM correlations · SPY correlations
