KNF vs SPY: Correlation
Measured on weekly returns over the past three years, Knife Riv Holding Co. (KNF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KNF and SPY?
On 3 years of weekly data the KNF/SPY correlation comes out at 0.38, moderate. The past 12 months show a weaker link (0.05) than the 3-year average (0.38). The 5-year figure is n/a, and annualized covariance runs at 221.7 %².
Among the 11 assets we track against KNF, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 40.2 percentage points, -19.6% for KNF against +20.6% for SPY. Risk is not evenly split, since KNF carries 2.8 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.
KNF vs SPY: side by side
| KNF (Knife Riv Holding Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -44.2% | -18.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | 27.2 | – |
| 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 | KNF | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +53.6% | +24.9% |
| 2025 | -30.8% | +17.7% |
| 2026 | -5.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KNF and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KNF and SPY?
The KNF/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.05, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KNF?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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: KNF correlations · SPY correlations
