KNSL vs SPY: Correlation
How closely do Kinsale Capital Group, Inc. (KNSL) 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 KNSL and SPY?
Across a 3-year window, the weekly returns of KNSL and SPY correlate at 0.14, weak. Little has changed lately, as the 1-year reading of 0.13 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 76.2 %².
Among the 15 assets we track against KNSL, SPY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.5 points (-15.9% versus +20.6%). Note the risk asymmetry: KNSL runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
KNSL vs SPY: side by side
| KNSL (Kinsale Capital Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.9% | +20.6% |
| 5-year return | +110.8% | +82.4% |
| Volatility (ann.) | 37.5% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -46.8% | -18.8% |
| Market cap | $8.7B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 0.22% | 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 | KNSL | SPY |
|---|---|---|
| 2022 | +10.2% | -18.2% |
| 2023 | +28.3% | +26.2% |
| 2024 | +39.1% | +24.9% |
| 2025 | -15.8% | +17.7% |
| 2026 | -2.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KNSL and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, KNSL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KNSL and SPY?
The KNSL/SPY correlation stands at 0.14 on a 3-year window (1 year: 0.13, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KNSL?
Yes. With a correlation of 0.14, KNSL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
A reading of 0.14 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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Hubs: KNSL correlations · SPY correlations
