KODK vs SPY: Correlation
Measured on weekly returns over the past three years, Eastman Kodak Company Common New (KODK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KODK and SPY?
On 3 years of weekly data the KODK/SPY correlation comes out at 0.34, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.34 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 331.7 %².
Among the 12 assets we track against KODK, SPY ranks #7 by 3-year correlation. The last year tells two different stories: KODK led by 41.0 percentage points, +61.6% for KODK against +20.6% for SPY. Note the risk asymmetry: KODK runs 4.7 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.
KODK vs SPY: side by side
| KODK (Eastman Kodak Company Common New) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +61.6% | +20.6% |
| 5-year return | +31.0% | +82.4% |
| Volatility (ann.) | 68.0% | 14.5% |
| Beta vs S&P 500 | 1.59 | 1.00 |
| Max drawdown (3Y) | -47.2% | -18.8% |
| Market cap | $0.9B | – |
| 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 | KODK | SPY |
|---|---|---|
| 2022 | -34.8% | -18.2% |
| 2023 | +27.9% | +26.2% |
| 2024 | +68.5% | +24.9% |
| 2025 | +28.8% | +17.7% |
| 2026 | +11.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KODK and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KODK and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.14 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for KODK?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: KODK correlations · SPY correlations
