KLAC vs SPY: Correlation
Measured on weekly returns over the past three years, KLA Corporation (KLAC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KLAC and SPY?
Across a 3-year window, the weekly returns of KLAC and SPY correlate at 0.58, moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.58). Stretching to 5 years gives 0.64, with an annualized covariance of 384.1 %².
Within KLAC's tracked universe of 40 assets, SPY comes in at #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KLAC ahead by 87.3 points (+107.9% versus +20.6%). The rolling one-year correlation moved between 0.38 and 0.78 over the past three years, a moderate range. Risk is not evenly split, since KLAC carries 3.1 times the volatility of the other side.
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.
KLAC vs SPY: side by side
| KLAC (KLA Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +107.9% | +20.6% |
| 5-year return | +463.9% | +82.4% |
| Volatility (ann.) | 45.6% | 14.5% |
| Beta vs S&P 500 | 1.84 | 1.00 |
| Max drawdown (3Y) | -43.6% | -18.8% |
| Market cap | $240.1B | – |
| P/E (trailing) | 50.2 | – |
| Dividend yield | 0.44% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | KLAC | SPY |
|---|---|---|
| 2022 | -11.2% | -18.2% |
| 2023 | +56.0% | +26.2% |
| 2024 | +9.4% | +24.9% |
| 2025 | +94.5% | +17.7% |
| 2026 | +51.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
KLAC represents 0.36% of SPY's portfolio, so part of any move in SPY is KLAC itself, and the correlation between them is partly mechanical.
Are KLAC and SPY good diversifiers for each other?
Only partially. A correlation of 0.58 means KLAC 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 KLAC and SPY?
As of 2026-08-27, the correlation of weekly returns between KLAC and SPY is 0.58 over 3 years, 0.42 over 1 year and 0.64 over 5 years.
Is SPY a good diversifier for KLAC?
Only partially. A correlation of 0.58 means KLAC 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 0.58 mean?
On the −1 to +1 scale, 0.58 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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Hubs: KLAC correlations · SPY correlations
