KMB vs SPY: Correlation
How closely do Kimberly-Clark (KMB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KMB and SPY?
Over the past 3 years, KMB and SPY moved with a correlation of 0.11, which is weak. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 31.1 %².
Among the 27 assets we track against KMB, SPY ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 32.0 points (-11.4% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.00 to 0.44.
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.
KMB vs SPY: side by side
| KMB (Kimberly-Clark) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.4% | +20.6% |
| 5-year return | -2.6% | +82.4% |
| Volatility (ann.) | 19.3% | 14.5% |
| Beta vs S&P 500 | 0.15 | 1.00 |
| Max drawdown (3Y) | -34.1% | -18.8% |
| Market cap | $36.6B | – |
| P/E (trailing) | 21.7 | – |
| Dividend yield | 4.60% | 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 | KMB | SPY |
|---|---|---|
| 2022 | -1.6% | -18.2% |
| 2023 | -7.1% | +26.2% |
| 2024 | +11.8% | +24.9% |
| 2025 | -19.9% | +17.7% |
| 2026 | +11.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
KMB represents 0.06% of SPY's portfolio, so part of any move in SPY is KMB itself, and the correlation between them is partly mechanical.
Are KMB and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, KMB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KMB and SPY?
The KMB/SPY correlation stands at 0.11 on a 3-year window (1 year: 0.13, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KMB?
Yes. With a correlation of 0.11, KMB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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: KMB correlations · SPY correlations
