KRT vs SPY: Correlation
How closely do Karat Packaging Inc. (KRT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRT and SPY?
Over the past 3 years, KRT and SPY moved with a correlation of 0.39, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.39 over 3 years. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 227.5 %².
SPY is close to the least connected end of KRT's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with KRT ahead by 89.3 points (+109.9% versus +20.6%). One caveat on sizing: KRT is 2.8 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.
KRT vs SPY: side by side
| KRT (Karat Packaging Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +109.9% | +20.6% |
| 5-year return | +172.9% | +82.4% |
| Volatility (ann.) | 40.5% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -34.0% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 3.65% | 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 | KRT | SPY |
|---|---|---|
| 2022 | -27.1% | -18.2% |
| 2023 | +82.2% | +26.2% |
| 2024 | +28.8% | +24.9% |
| 2025 | -20.1% | +17.7% |
| 2026 | +130.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRT and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KRT and SPY?
The KRT/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.16, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KRT?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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: KRT correlations · SPY correlations
