KRC vs SPY: Correlation
Kilroy Realty Corporation (KRC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRC and SPY?
Across a 3-year window, the weekly returns of KRC and SPY correlate at 0.42, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.42). Stretching to 5 years gives 0.49, with an annualized covariance of 213.2 %².
Out of 16 assets tracked against KRC, SPY lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 25.9 percentage points (-5.3% for KRC against +20.6% for SPY). Note the risk asymmetry: KRC runs 2.4 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.
KRC vs SPY: side by side
| KRC (Kilroy Realty Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.3% | +20.6% |
| 5-year return | -26.0% | +82.4% |
| Volatility (ann.) | 35.5% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -35.3% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 5.86% | 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 | KRC | SPY |
|---|---|---|
| 2022 | -39.2% | -18.2% |
| 2023 | +10.1% | +26.2% |
| 2024 | +7.8% | +24.9% |
| 2025 | -2.0% | +17.7% |
| 2026 | +1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KRC and SPY?
The KRC/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.31, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KRC?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: KRC correlations · SPY correlations
