KRNT vs SPY: Correlation
How closely do Kornit Digital Ltd. (KRNT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRNT and SPY?
Across a 3-year window, the weekly returns of KRNT and SPY correlate at 0.56, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.56). Stretching to 5 years gives 0.58, with an annualized covariance of 430.3 %².
Within KRNT's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Over the last 12 months SPY came out ahead by 8.5 percentage points (+12.1% against +20.6%). One caveat on sizing: KRNT is 3.7 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.
KRNT vs SPY: side by side
| KRNT (Kornit Digital Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.1% | +20.6% |
| 5-year return | -87.2% | +82.4% |
| Volatility (ann.) | 53.2% | 14.5% |
| Beta vs S&P 500 | 2.06 | 1.00 |
| Max drawdown (3Y) | -62.6% | -18.8% |
| Market cap | $0.7B | – |
| 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 | KRNT | SPY |
|---|---|---|
| 2022 | -84.9% | -18.2% |
| 2023 | -16.6% | +26.2% |
| 2024 | +61.5% | +24.9% |
| 2025 | -53.5% | +17.7% |
| 2026 | +17.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRNT and SPY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KRNT and SPY?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.35 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for KRNT?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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: KRNT correlations · SPY correlations
