KLXE vs SPY: Correlation
KLX Energy Services Holdings, Inc. (KLXE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KLXE and SPY?
On 3 years of weekly data the KLXE/SPY correlation comes out at 0.15, weak. The link has loosened recently: the 1-year correlation (-0.09) runs below the 3-year figure (0.15). The 5-year figure is 0.14, and annualized covariance runs at 186.2 %².
Among the 11 assets we track against KLXE, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.9 points (-22.3% versus +20.6%). One caveat on sizing: KLXE is 5.9 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.
KLXE vs SPY: side by side
| KLXE (KLX Energy Services Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -22.3% | +20.6% |
| 5-year return | -76.5% | +82.4% |
| Volatility (ann.) | 84.9% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -88.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | KLXE | SPY |
|---|---|---|
| 2022 | +458.4% | -18.2% |
| 2023 | -35.0% | +26.2% |
| 2024 | -55.8% | +24.9% |
| 2025 | -62.0% | +17.7% |
| 2026 | -20.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KLXE and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, KLXE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KLXE and SPY?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with -0.09 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for KLXE?
Yes. With a correlation of 0.15, KLXE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
A reading of 0.15 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: KLXE correlations · SPY correlations
