KOP vs SPY: Correlation
Koppers Holdings Inc. (KOP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KOP and SPY?
On 3 years of weekly data the KOP/SPY correlation comes out at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.38 over 3 years. The 5-year figure is 0.47, and annualized covariance runs at 186.4 %².
Among the 10 assets we track against KOP, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months KOP outperformed by 39.5 percentage points (+60.1% for KOP against +20.6% for SPY). Risk is not evenly split, since KOP carries 2.3 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.
KOP vs SPY: side by side
| KOP (Koppers Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.1% | +20.6% |
| 5-year return | +47.0% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -58.4% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.73% | 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 | KOP | SPY |
|---|---|---|
| 2022 | -9.2% | -18.2% |
| 2023 | +82.8% | +26.2% |
| 2024 | -36.3% | +24.9% |
| 2025 | -15.5% | +17.7% |
| 2026 | +71.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KOP and SPY good diversifiers for each other?
Reasonably. At 0.38, KOP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KOP and SPY?
As of 2026-08-27, the correlation of weekly returns between KOP and SPY is 0.38 over 3 years, 0.15 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for KOP?
Reasonably. At 0.38, KOP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: KOP correlations · SPY correlations
