KMX vs SPY: Correlation
Measured on weekly returns over the past three years, CarMax Inc (KMX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KMX and SPY?
Across a 3-year window, the weekly returns of KMX and SPY correlate at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 196.6 %².
SPY is close to the least connected end of KMX's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 19.7 points (+0.9% versus +20.6%). Risk is not evenly split, since KMX carries 2.9 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.
KMX vs SPY: side by side
| KMX (CarMax Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.9% | +20.6% |
| 5-year return | -50.5% | +82.4% |
| Volatility (ann.) | 41.9% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -65.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 38.9 | – |
| 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 | KMX | SPY |
|---|---|---|
| 2022 | -53.2% | -18.2% |
| 2023 | +26.0% | +26.2% |
| 2024 | +6.5% | +24.9% |
| 2025 | -52.7% | +17.7% |
| 2026 | +62.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KMX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KMX and SPY?
As of 2026-08-27, the correlation of weekly returns between KMX and SPY is 0.32 over 3 years, 0.23 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for KMX?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kmx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kmx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KMX correlations · SPY correlations
