KNDI vs SPY: Correlation
How closely do Kandi Technologies Group, Inc. (KNDI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KNDI and SPY?
On 3 years of weekly data the KNDI/SPY correlation comes out at 0.14, weak. The link has tightened recently: the 1-year correlation (0.32) runs above the 3-year figure (0.14). The 5-year figure is 0.26, and annualized covariance runs at 116.1 %².
SPY is close to the least connected end of KNDI's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 77.2 percentage points (-56.6% for KNDI against +20.6% for SPY). One caveat on sizing: KNDI is 3.9 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.
KNDI vs SPY: side by side
| KNDI (Kandi Technologies Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -56.6% | +20.6% |
| 5-year return | -87.2% | +82.4% |
| Volatility (ann.) | 56.6% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -83.3% | -18.8% |
| Market cap | $0.1B | – |
| 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 | KNDI | SPY |
|---|---|---|
| 2022 | -28.3% | -18.2% |
| 2023 | +21.7% | +26.2% |
| 2024 | -57.1% | +24.9% |
| 2025 | -34.2% | +17.7% |
| 2026 | -19.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KNDI and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, KNDI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KNDI and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.32 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for KNDI?
Yes. With a correlation of 0.14, KNDI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: KNDI correlations · SPY correlations
