KRNY vs SPY: Correlation
Measured on weekly returns over the past three years, Kearny Financial (KRNY) 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 KRNY and SPY?
Across a 3-year window, the weekly returns of KRNY and SPY correlate at 0.34, moderate. The past 12 months show a weaker link (0.07) than the 3-year average (0.34). Stretching to 5 years gives 0.35, with an annualized covariance of 164.7 %².
Out of 11 assets tracked against KRNY, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with KRNY ahead by 39.6 points (+60.2% versus +20.6%). Risk is not evenly split, since KRNY 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.
KRNY vs SPY: side by side
| KRNY (Kearny Financial) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.2% | +20.6% |
| 5-year return | +2.4% | +82.4% |
| Volatility (ann.) | 33.5% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -41.5% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 4.47% | 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 | KRNY | SPY |
|---|---|---|
| 2022 | -20.4% | -18.2% |
| 2023 | -6.7% | +26.2% |
| 2024 | -15.5% | +24.9% |
| 2025 | +12.0% | +17.7% |
| 2026 | +40.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRNY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KRNY and SPY?
As of 2026-08-27, the correlation of weekly returns between KRNY and SPY is 0.34 over 3 years, 0.07 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for KRNY?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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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Related comparisons
Hubs: KRNY correlations · SPY correlations
