KNX vs SPY: Correlation
How closely do Knight-Swift Transportation Holdings Inc. (KNX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KNX and SPY?
Across a 3-year window, the weekly returns of KNX and SPY correlate at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.46). Stretching to 5 years gives 0.49, with an annualized covariance of 209.4 %².
By 3-year correlation, SPY places #12 of the 17 assets tracked against KNX. Their recent paths diverged sharply: over the last 12 months KNX outperformed by 37.3 percentage points (+57.9% for KNX against +20.6% for SPY). One caveat on sizing: KNX is 2.2 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.
KNX vs SPY: side by side
| KNX (Knight-Swift Transportation Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.9% | +20.6% |
| 5-year return | +37.4% | +82.4% |
| Volatility (ann.) | 31.7% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -35.7% | -18.8% |
| Market cap | $11.2B | – |
| P/E (trailing) | 255.2 | – |
| Dividend yield | 1.09% | 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 | KNX | SPY |
|---|---|---|
| 2022 | -13.2% | -18.2% |
| 2023 | +11.1% | +26.2% |
| 2024 | -6.9% | +24.9% |
| 2025 | +0.1% | +17.7% |
| 2026 | +32.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KNX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KNX and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.16 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for KNX?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: KNX correlations · SPY correlations
