KKR vs SPY: Correlation
KKR & Co. (KKR) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KKR and SPY?
Across a 3-year window, the weekly returns of KKR and SPY correlate at 0.67, strong. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.67). Stretching to 5 years gives 0.72, with an annualized covariance of 367.6 %².
By 3-year correlation, SPY places #18 of the 37 assets tracked against KKR. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.2 points (-21.6% versus +20.6%). The rolling one-year correlation moved between 0.42 and 0.83 over the past three years, a moderate range. One caveat on sizing: KKR is 2.6 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.
KKR vs SPY: side by side
| KKR (KKR & Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.6% | +20.6% |
| 5-year return | +77.3% | +82.4% |
| Volatility (ann.) | 37.8% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -49.4% | -18.8% |
| Market cap | $101.0B | – |
| P/E (trailing) | 34.7 | – |
| Dividend yield | 0.70% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | KKR | SPY |
|---|---|---|
| 2022 | -37.0% | -18.2% |
| 2023 | +80.5% | +26.2% |
| 2024 | +79.6% | +24.9% |
| 2025 | -13.3% | +17.7% |
| 2026 | -13.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds KKR at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are KKR and SPY good diversifiers for each other?
Only partially. A correlation of 0.67 means KKR and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between KKR and SPY?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.41 over the last year and 0.72 over 5 years.
Is SPY a good diversifier for KKR?
Only partially. A correlation of 0.67 means KKR and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
A reading of 0.67 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: KKR correlations · SPY correlations
