KR vs SPY: Correlation
Measured on weekly returns over the past three years, Kroger (KR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.10, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KR and SPY?
Over the past 3 years, KR and SPY moved with a correlation of -0.10, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.31) runs below the 3-year figure (-0.10). Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is -33.7 %².
Among the 55 assets we track against KR, SPY ranks #22 by 3-year correlation. The last year tells two different stories: SPY led by 35.0 percentage points, -14.4% for KR against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between -0.32 and 0.39 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: KR is 1.6 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.
KR vs SPY: side by side
| KR (Kroger) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.4% | +20.6% |
| 5-year return | +37.3% | +82.4% |
| Volatility (ann.) | 23.4% | 14.5% |
| Beta vs S&P 500 | -0.16 | 1.00 |
| Max drawdown (3Y) | -26.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 33.3 | – |
| Dividend yield | 1.79% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | KR | SPY |
|---|---|---|
| 2022 | +0.4% | -18.2% |
| 2023 | +5.0% | +26.2% |
| 2024 | +36.9% | +24.9% |
| 2025 | +4.3% | +17.7% |
| 2026 | -7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
KR represents 0.05% of SPY's portfolio, so part of any move in SPY is KR itself, and the correlation between them is partly mechanical.
Are KR and SPY good diversifiers for each other?
Yes. With a correlation of -0.10, KR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KR and SPY?
The KR/SPY correlation stands at -0.10 on a 3-year window (1 year: -0.31, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KR?
Yes. With a correlation of -0.10, KR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.10 mean?
A reading of -0.10 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: KR correlations · SPY correlations
